China/Hong Kong

Herbert Smith Freehills and Freshfields Bruckhaus Deringer are advising on a proposed share sale by Hong Kong–listed China Petroleum & Chemical Corp., better known as Sinopec. The Chinese state-owned oil company plans to sell 2.85 billion shares at $1.09 apiece. Goldman Sachs is serving as placing agent for the shares. The transaction is expected to close February 14. Herbert Smith Freehills Hong Kong partner Kevin Roy and Beijing partner Tom Chau are acting for Sinopec on the sale. Freshfields Hong Kong partners Ken Martin and Tereso Ko and Beijing partner Richard Wang are representing Goldman Sachs. [Read full story]
King & Wood Mallesons is advising German auto giant Daimler AG on its $820 million acquisition of a 12 percent stake in Chinese state-owned carmaker BAIC Motor Corp. Ltd., its longtime joint venture partner. The deal is expected to close toward the end of this year or early next, ahead of a planned initial public offering by BAIC on the Hong Kong Stock Exchange. Beijing partner Xu Ping is leading a King & Wood Mallesons team on the deal that also includes Beijing partner Liu Cheng and Hong Kong partner Candy Chan. Clifford Chance Beijing partner Tim Wang is representing BAIC, with Hylands Law Firm acting as Chinese counsel. [Read full story]
Sidley Austin partner Matthew Sheridan has advised Guangdong property development company Country Garden Holdings Co. Ltd. on a $750 million debt issue in Hong Kong. Sidley acted as U.S. counsel while Lu, Lai & Li and Beijing-based Jingtian & Gongcheng acted as Hong Kong and Chinese law advisers, respectively. The issuer also turned to Conyers Dill & Pearman as Cayman Islands and British Virgin Islands counsel. The initial purchasers—Goldman Sachs, J.P. Morgan, BOC International, and ICBC International Securities Ltd.—were represented by Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Alec Tracy and Beijing’s Commerce & Finance Law Offices.
Sidley Austin represented Shenzhen-based real estate investment holding company Kaisa Group Holdings Ltd. on a $500 million senior notes offering on the Hong Kong Stock Exchange. The notes carry a 10.25 percent interest rate per annum and are due in 2020. Proceeds from the issue will be used to refinance existing debt and for general corporate purposes. Sidley Hong Kong partners Matthew Sheridan and Janney Chong advised on U.S. law. King & Wood Mallesons and Harney Westwood & Riegels advised the issuer on Chinese and Cayman Islands law, respectively. The initial purchasers—Citigroup, Credit Suisse, UBS AG., and J.P. Morgan—were represented by Shearman & Sterling and Beijing firm Haiwen & Partners.
Eversheds has advised Hong Kong property developer New World China Land on a $481 million bond issue on the Hong Kong Stock Exchange. Eversheds partners Kingsley Ong and Stephen Mok in Hong Kong led their firm’s work for the issuer, while Maples and Calder partner Christine Chang acted as Cayman Islands counsel. Clifford Chance Hong Kong partner Connie Heng acted for underwriters BOC International and The Hongkong and Shanghai Banking Corp. Ltd.
Baker & McKenzie and Fangda & Partners have advised Taiwan’s Innolux Corp., one of the world’s largest LCD panel manufacturers, on a $454 million global depositary shares offering on the Luxembourg Stock Exchange. Baker & McKenzie Taiwan partners Wen-Yen Kang and James Hsiao advised the issuer on Taiwan law, while Beijing-based Fangda acted as Chinese legal adviser. Davis Polk & Wardwell partners James Lin in Hong Kong and John Paton in London advised Credit Suisse (Hong Kong) Ltd. and Morgan Stanley Services Pty Ltd. as joint lead managers on the transaction.
Simpson Thacher & Bartlett and Slaughter and May have represented Chinalco Mining Corp. International, an overseas unit of Aluminum Corp. of China, on a $400 million initial public offering on the Hong Kong Stock Exchange. Chinalco Mining acts as Chinalco’s core platform for the acquisition, investment, development, and operation of mineral resources sites overseas. Simpson Thacher Hong Kong partner Leiming Chen and New York partner Robert Holo advised the issuer on U.S. law, while Slaughter and May Hong Kong partner Benita Yu acted as Hong Kong counsel. Offshore firm Maples and Calder partner Jenny Nip advised on Cayman Islands law. Paul Hastings Hong Kong partners Raymond Li, Sammy Li, David Grimm, and Zhaoyu Ren advised underwriters Morgan Stanley, BNP Paribas, China International Capital Corporation Ltd. Co., Standard Chartered Bank, Hongkong and Shanghai Banking Corp. Ltd., and CCB International Capital Ltd.
Chinese property developer Greentown China Holdings Ltd. has issued $400 million worth of senior notes on the Hong Kong Stock Exchange. The issuer turned to White & Case for U.S. and Hong Kong law advice. Shanghai-based T&C Law Firm and Maples and Calder also advised Greentown on China and Cayman Islands law, respectively. Davis Polk & Wardwell Hong Kong partner William Barron and Beijing-based Jingtian & Gongcheng advised Deutsche Bank AG, BOCI Asia Ltd., Goldman Sachs (Asia), Hongkong and Shanghai Banking Corp. Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Standard Chartered Bank, and UBS AG as underwriters on the deal.
Sidley Austin has advised luxury watch retailer Hengdeli Holdings Ltd. on a $350 million senior notes offering on the Hong Kong Stock Exchange. Proceeds of the issue will be used to refinance debt and fund general corporate needs. The Sidley team, which advised the issuer on U.S. and Hong Kong law, was led by partners Matthew Sheridan and Sherlyn Lau in Hong Kong. Kangda Law Firm advised on Chinese law while Travers Thorp Alberga advised the issuer on Cayman Islands law. Shearman & Sterling and Jingtian & Gongcheng advised initial purchasers Deutsche Bank Ltd., Standard Chartered Bank, J.P. Morgan, and Hongkong and Shanghai Banking Corp. Ltd.
Paul Hastings acted for China SCE Property Holdings Ltd. on a $150 million senior notes issue. The latest issue will be consolidated with an earlier $200 million senior notes due offering by the company last November. Net proceeds will be used to finance new and existing projects and for general corporate purposes. The Paul Hastings team was led by Hong Kong partners Raymond Li, Vivian Lam, and David Grimm. Davis Polk & Wardwell Hong Kong partner William Barron advised underwriters Deutsche Bank, Hongkong and Shanghai Banking Corp. Ltd., and ICBC International.


Rajah & Tann is advising engineering and construction company United Engineers Ltd. on its $889 million bid to acquire Singapore’s WBL Corp. Ltd., an investment holding company that develops luxury real estate and also operated dealerships selling Bentley and Bugatti cars. United Engineers is already a major shareholder in WBL and is seeking to buy the 61.7 percent of the company it does not already control. Rajah & Tann partners Goh Kian Hwee, Serene Yeo, Lawrence Tan, Cynthia Goh and Soh Chai Lih are acting for United Engineers.
Singapore-based medical equipment maker Biosensors International Group, Ltd. has established a $647 million multicurrency medium term note program with an initial issue worth $243 million. The debt program establishment allows the company from time to time to issue notes to fund new business opportunities, refinance existing borrowings, and finance investments and working capital. Singapore firm WongPartnership and offshore firm Conyers Dill & Pearman advised the issuer. Allen & Gledhill partners Au Huey Ling, Ong Kangxin, and Glenn Foo acted for Credit Suisse (Singapore) Ltd. and Standard Chartered Bank as arrangers and the issuing and paying agent, and the Bank of New York Mellon as agent and trustee.
Singapore law firm Stamford Law Corp. is advising on the $320 million acquisition of China-focused property developer ChiwayLand Group (Singapore) Pte. Ltd. by Singapore-listed oil services firm R H Energy Ltd. The transaction is intended as a reverse merger, with R H Energy selling its existing business to its controlling shareholder for up to $20 million. The Stamford Law team advising RH Energy is being led by partners Bernard Lui, Lim Swee Yong, and Low Wee Siong. Jingtian & Gongcheng is advising the acquirer on Chinese law.


Amarchand & Mangaldas & Suresh A. Shroff & Co. has advised India’s Axis Bank Ltd. on a $1.04 billion share sale. The private-sector bank raised about $888 million through a placement of shares with institutional investors, according to a company statement, with the remaining $152 million raised by sales to certain promoters. The bank is traded on both the Bombay Stock Exchange and the National Stock Exchange of India. Amarchand Mumbai partner Yash Ashar led the team acting for Axis Bank. Allen & Overy Hong Kong partners Andrew Harrow and Jim Grandolfo and Delhi’s Luthra & Luthra Law Offices served as counsel to lead bookrunners. [Read full story]
South Africa–based drugmaker Adcock Ingram has the pharmaceutical marketing and distribution business of Goa-based Cosme Farma Laboratories for $105 million. The acquisition includes more than 200 brands, marketing and manufacturing know-how, manufacturing distribution contracts, and 1,000 employees. Amarchand & Mangaldas & Suresh A. Shroff & Co. advised Adcock with a team led by Mumbai partner Ashish Jejurkar that also included Delhi partner Ranjan Negi, Bangalore partner Rashmi Pradeep, and Mumbai-based partner Nisha Kaur Uberoi. Mumbai-based Desai & Diwanji advised Cosme Farma with a team led by partners Apurva Diwanji and Anoj Menon.


Skadden, Arps, Slate, Meagher & Flom Washington, D.C., partner Lance Brasher and the New York–based senior counsel and Korea practice head H. Young Shin have advised Samchully Asset Management Co. Ltd., a special purpose vehicle owned by Korean pension funds, on its $170 million acquisition of a 34 percent interest in Neptune Gas Processing Plant, a wholly owned subsidiary of Houston-based Marathon Oil Corp. Baker Botts advised the seller on the deal.
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