Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
Simpson Thacher & Bartlett Hong Kong partner Celia Lam and Beijing partner Yang Wang represented Ant Small and Micro Financial Services Group Co. Ltd. on a $14 billion funding round. The Hangzhou-based company said it would use the proceeds to globalize Alipay, a third-party online payment system. King & Wood Mallesons was co-counsel to Ant Financial. Clifford Chance Hong Kong partner Fang Liu and Beijing partner Terence Foo advised The Carlyle Group as one of the investors. Weil, Gotshal & Manges Hong Kong partner Henry Ong acted for New York-based private equity firm General Atlantic. Other investors included Singaporean sovereign wealth funds GIC Pte. Ltd. and Temasek Holdings Ltd. and U.S. private equity firm Warburg Pincus. Sullivan & Cromwell represented Deutsche Bank, Citi, China International Capital Corp., CITIC Securities, J.P. Morgan and Morgan Stanley as financial advisers.
Simpson Thacher & Bartlett‘s Hong Kong-based Asia head of banking and credit Makiko Harunari represented China National Chemical Corp., or ChemChina, on its $5.5 billion syndicated refinancing, which was used to refinance the $12.7 billion syndicated loan entered in connection with ChemChina’s $43 billion acquisition of Swiss seed giant Syngenta.* The refinancing was underwritten by 15 financial institutions, including Bank of America, Barclays Bank plc and Credit Suisse AG. Clifford Chance Hong Kong partner Edith Leung acted for the underwriters.
King & Wood Mallesons partners Su Zheng and Jiao Fugang in Beijing, Zhou Rui, Hu Guangjian and Tian Weina in Shenzhen, and Simon Yung in Hong Kong, represented Taiwanese computer manufacturer Foxconn Industrial Internet Co. Ltd. on a $4.3 billion initial public offering on the Shanghai Stock Exchange. The deal was the largest listing in China’s domestic securities market in the past three years. Foxconn, best known for making Apple Inc.’s iPhones and other electronic products, will use the proceeds to fund projects related to smart manufacturing, cloud computing services and 5G solutions. Fangda Partners was counsel to lead underwriter China International Capital Corp. Ltd.
Linklaters Hong Kong partner James McLaren advised a consortium of 11 lenders, including BNP Paribas, DBS Bank Ltd. and Société Générale and Danish export credit agency EKF, on a $626 million project financing of Formosa 1, Taiwan’s first commercial offshore wind farm project. Taipei-based Tsar & Tsai Law Firm acted for the lenders on Taiwanese law. Clifford Chance Singapore partners Nicholas Wong and Matthew Buchanan represented Danish utility and offshore wind farm developer Ørsted A/S as project sponsor. Lee and Li served as Taiwanese counsel to Ørsted.
Sidley Austin Hong Kong partner Sherlyn Lau advised Hong Kong-listed Chinese property developer Ronshine China Holdings Ltd. on a $140 million share sale to its parent Dingxin Co. Ltd. The Shanghai-based developer will use the proceeds to fund new development and as working capital. Davis Polk & Wardwell Hong Kong partner Paul Chow advised UBS AG as placing agent.
Linklaters Hong Kong partner Davide Mencacci and Tokyo counsel Zenya Onishi advised Sumitomo Mitsui Banking Corp., MUFG Bank Ltd. and Mizuho Bank Ltd. on $5.5 billion financing facilities to a consortium led by Bain Capital on an $18 billion acquisition of Toshiba Corp.’s memory chip manufacturing unit. Ropes & Gray Tokyo partner Tsuyoshi Imai advised Bain Capital on the transaction while Nagashima Ohno & Tsunematsu Tokyo partners Ryo Okubo and Rintaro Hirano acted for the private equity firm on Japanese law.
*Correction 6/14: A previous version of this story mistakenly stated that Makiko Harunari was a partner at Simpson Thacher’s Hong Kong office. She is in fact the firm’s Asia head of banking credit but not a partner. The second paragraph has been modified to reflect that. We regret the error.