Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
• Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao and Jonathan Stone and Shanghai partner Haiping Li represented Chinese mobile chat app Momo Inc. on a $650 million convertible senior notes offer. The proceeds will fund Momo’s $800 million acquisition of Tinder-like competitor Tantan Ltd. in February. The offer was announced days after short seller Spruce Point Capital Management accused Momo of concealing Chinese regulatory challenges it might face for live video product. Davis Polk & Wardwell Hong Kong partner James Lin advised the underwriters on the senior notes.
• Clifford Chance Beijing partner Tim Wang, Hong Kong partner Amy Lo and Singapore partner Jean Thio have represented Chinese commercial lender Bank of Jiujiang Co. Ltd. on a $486 million initial public offering on the Hong Kong Stock Exchange. Proceeds will be used as working capital, according to a prospectus. JunHe Beijing partner Li Zhi advised Bank of Jiujiang on Chinese law. Sidley Austin Hong Kong partner Mengyu Lu and Beijing partner Kefei Li acted for ABCI Capital Ltd. and China Securities Corporate Finance Co. Ltd. as joint sponsors. Haiwen & Partners Beijing partner Liu Su and Shanghai partner Wang Jianyong were Chinese counsel to the sponsors.
• Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Geoffrey Chan has advised Hong Kong-based venture capital firm Unicorn Capital Partners on raising a $250 million China-focused fund. Founded in 2015, Unicorn Capital Partners invests in other venture capital funds that invest in the technology, media, entertainment and health care sectors.
• French firm Gide Loyrette Nouel Beijing partner Guo Min has advised state-owned Aluminium Corp. of China, or Chalco, on a $164 million investment in aluminum mining projects in the Republic of Guinea. The deal was part of China’s $20 billion investment plan into the Western Africa country announced last year. Orrick, Herrington & Sutcliffe Paris partner Pascal Agboyibor represented the Republic of Guinea.
• Freshfields Bruckhaus Deringer Hong Kong partners Robert Ashworth and Richard Blair and London partner Peter Clements advised InterContinental Hotels Group on a 51 percent stake acquisition in luxury brand Regent Hotels and Resorts for $39 million. IHG said it would have the right to buy the remaining stake in a phased manner from 2026. Freshfields Hong Kong partner Alastair Mordaunt and Berlin partner Frank Röhling also advised IHG on the antitrust aspect of the deal. Proskauer Rose Hong Kong partner Yuval Tal and New York partner Jeffrey Horwitz advised Regent Hotels. Maples and Calder Hong Kong partner Lorraine Pao was Cayman Islands counsel to Regent Hotels.
• Paul Hastings Seoul partner Daniel Kim is advising South Korean logistics company CJ Logistics on a proposed acquisition of a majority stake in Illinois-based logistics and supply chain management company DSC Logistics for $216 million. Sidley Austin San Francisco partner Sharon Flanagan and Washington, D.C., partner James Mendenhall are advising DSC Logistics. Subject to regulatory approvals, the transaction is expected to close in the third quarter of 2018.
• Allen & Gledhill Singapore partners Yeo Wico and Jeanne Ong advised Astrea IV Pte. Ltd., a subsidiary of sovereign investor Temasek Holdings, on an $89 million retail bond offer. The 10-year note with a 4.35 percent yield is the first private equity bond in which retail investors in Singapore will be able to invest. The instrument is considered less risky and volatile. Linklaters Singapore partner Jonathan Horan and Hong Kong partner Victor Wan advised underwriters including Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Standard Chartered Bank.