Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.

China/Hong Kong

Freshfields Bruckhaus Deringer Hong Kong partner Teresa Ko and Beijing partners Richard Wang and Yan Chen are representing Chinese oil company Sinochem Energy Co. Ltd., a unit of state-owned Sinochem Group, on a proposed $2 billion initial public offering in Hong Kong. The issuer plans to use the proceeds to grow production capacity of its Quanzhou refinery. Tian Yuan Law Firm is serving as Chinese counsel to Sinochem Energy. Clifford Chance is acting for Morgan Stanley, CLSA and BOC International as joint sponsors. Fangda Partners is advising the banks on Chinese law. [Read Full Story]

• Freshfields Hong Kong partners Andrew Heathcote and Calvin Lai represented S.F. Holding Investment Ltd., a subsidiary of Chinese logistics giant S.F. Holding Co., on a $500 million note issuance on the Hong Kong Stock Exchange. The five-year bonds carry a 4.125 percent yield. Allen & Overy Hong Kong partner Agnes Tsang advised Credit Suisse, HSBC and Morgan Stanley as the joint bookrunners.

Latham & Watkins Hong Kong partners Simon Cooke and Terris Tang advised HKBN Ltd., the second-largest residential broadband internet provider in Hong Kong, on its $1.3 billion offer to acquire local telecommunications rival WTT Holding Corp. Clifford Chance partner Andrew Whan in Hong Kong and antitrust partner Dave Poddar in Sydney are advising WTT. The deal is expected to close in the first quarter of 2019. [Read Full Story]

• Clifford Chance‘s Whan also advised Luxembourg-based private equity firm CVC Capital Partners on a $255 million investment in Chinese toll road operator RKE International Holdings Ltd. Fangda Partners was Chinese counsel to CVC. Reed Smith Richards Butler Hong Kong partner Delpha Ho advised RKE.

Skadden, Arps, Slate, Meagher & Flom represented Nasdaq-listed Chinese cancer drug maker BeiGene Ltd. on a $903 million Hong Kong dual-primary listing, where the listed company is subject to rules in both jurisdictions it is listed. BeiGene is the first dual-primary listing of an overseas-listed Chinese company under the Hong Kong Stock Exchange’s new listing rules in April. Hong Kong partner Christopher Betts and New York partner Andrea Nicolas led the team on the deal, and were assisted by Hong Kong partner Julie Gao. New York partner Pamela Lawrence Endreny advised on tax matters. Fangda Partners served as Chinese counsel to the issuer. BeiGene will use the proceeds primarily for the preparation of clinical trials and launch of cancer drugs in the United States and China. *Davis Polk & Wardwell Menlo Park partner Bruce Dallas and Hong Kong partners Paul Chow and Bonnie Chan advised joint sponsors Morgan Stanley and Goldman Sachs. New York partner David Bauer advised on intellectual property and technology matters. JunHe advised the banks on Chinese law.

Sidley Austin Hong Kong partner Mengyu Lu and Beijing partner Kefei Li represented Chinese biotech firm Ascletis Pharma Inc. on a $400 million IPO in Hong Kong, the first pre-revenue biotechnology company to float under the HKSE’s new listing rules. Tian Yuan Law Firm was Chinese counsel to the issuer. Ascletis will use the majority of the proceeds for the research, development and commercialization of hepatitis drugs. Paul Hastings Beijing partner Nan Li and Hong Kong partner Steven Winegar advised Morgan Stanley, Goldman Sachs and China Merchants Securities as joint sponsors. Commerce & Finance Law Offices served as Chinese counsel to the banks.

• Davis Polk Hong Kong partners Bonnie Chan and Li He advised Hope Education Group Co. Ltd. on a $390 million IPO in Hong Kong. Tian Yuan Law Firm was Chinese counsel to the issuer. Hope Education will use the majority of the proceeds for the acquisition and construction of schools. Skadden Hong Kong partners Christopher Betts and Edward Lam advised Citigroup Global Markets and China Merchants Securities as joint sponsors and underwriters. Jingtian & Gongcheng advised the banks on Chinese law.

Singapore

• Latham Singapore partners Timothy Hia and Michael Sturrock, London partner Sanjev Warna-kula-suriya, Los Angeles partner Vicki Marmorstein and New York partner Loren Finegold represented Clifford Capital, a project financing firm backed by Singapore sovereign investor Temasek Holdings Pte. Ltd., on a $458 million securitization issue. This is the first infrastructure project finance securitization in Asia. Allen & Gledhill served as Singapore counsel to the issuer. Linklaters advised the underwriters, which included Citigroup Global Markets, Standard Chartered Bank, DBS Bank and HSBC. Clifford Chance represented the trustee.

*Updated 8/15: This story has been updated with partners at Davis Polk that are working on the BeiGene Hong Kong IPO.