Hong Kong/China
Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao, Christopher Betts, Paloma Wang and Shu Du have advised JD Health on a $3.5 billion Hong Kong initial public offering, the largest healthcare sector IPO in Asia. JD Health, which provides online healthcare services in China, is a subsidiary of Chinese e-commerce giant JD.com, which itself raised $4.4 billion in a secondary listing in Hong Kong earlier this year. The issuer made $1.3 billion in revenue in the first half of 2020 and recorded an average of over 120,000 daily consultations, compared to half that number before the COVID-19 pandemic. Beijing-based Shihui & Partners and Maples and Calder advised the issuer on Chinese and Cayman Islands law, respectively. All three firms also advised on JD.com’s Hong Kong IPO in June. The underwriters, which included Bank of America Corp., Haitong International and UBS Group A.G. as joint sponsors, were advised by Cleary Gottlieb Steen & Hamilton and Han Kun Law Offices.
Clifford Chance Hong Kong partner Amy Lo, alongside partner Fang Liu and Singapore partner Jean Thio, advised China Resources Mixc Lifestyle Services Ltd., a subsidiary of the Chinese property developer, on a $1.6 billion spinoff listing in Hong Kong. Shenzhen-based CR Mixc Lifestyle operates the popular “MIXC” and “MIXCONE” shopping mall brands in the mainland. Clifford Chance previously advised on the Hong Kong listings of parent company China Resources and that of several of its subsidiaries. Jingtian & Gongcheng and Maples and Calder advised the issuer on Chinese and Cayman Islands law, respectively. Freshfields Bruckhaus Deringer Beijing partner Jason Xu and Hong Kong partner Calvin Lai represented underwriters including CCB International Securities Ltd., China International Capital Corp., Citigroup Inc., and Goldman Sachs Group Inc. DeHeng Law Offices and Han Kun Law Offices served as Chinese counsel to the banks.
Skadden Hong Kong partner Julie Gao has advised Nasdaq-listed Chinese on-demand delivery and retail company Dada Nexus Ltd. on a $450 million follow-on share offer. Dada, which launched its IPO in June and was then also advised by Skadden, will use the proceeds to implement its marketing initiatives and grow its user base, and invest in technology and research and development. Kirkland & Ellis Hong Kong partners David Zhang and Steve Lin advised the underwriters, which included Goldman Sachs (Asia), BofA Securities, Jefferies, Haitong International Securities and KeyBanc Capital Markets.
Skadden Hong Kong partner Julie Gao and Shanghai partner Haiping Li have advised Chinese education technology company 17 Education & Technology Group Inc. on a $288 million Nasdaq. Beijing-based 17 Education provides smart in-school classroom solutions to Chinese schools covering more than half of the country’s primary and middle schools this year. Kirkland & Ellis’ Hong Kong partners David Zhang and Steve Lin represented the underwriters which included Morgan Stanley, Goldman Sachs (Asia), BofA Securities, China Renaissance and Tiger Brokers.
Skadden Hong Kong partners Julie Gao, Christopher Betts and Paloma Wang advised Shanghai-based Harbour BioMed, a clinical stage biopharmaceutical company with operations across China, the U.S. and Netherlands, on a $220 million initial public offering on the Hong Kong Stock Exchange. Jingtian & Gongcheng advised on Chinese law and Travers Thorp Alberga on Cayman Islands law. Clifford Chance Hong Kong partners Liu Fang and Christine Xu represented the underwriters—Morgan Stanley, Bank of America Securities, CLSA, CICC and Credit Suisse.
Skadden Hong Kong partners Julie Gao and Christopher Betts represented China’s second-largest mobile phone manufacturer Xiaomi Corp. on a $3.1 billion share placement on the Hong Kong Stock Exchange, the largest ever top up placement in Hong Kong.
