Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia and Australasia.
• Paul Hastings Shanghai partner Jia Yan and Hong Kong partners Jason Kuo, Samuel Ng and Steven Winegar are advising Fosun Tourism Group, Chinese conglomerate Fosun International Ltd.’s tourism and hotels unit, on an initial public offering in Hong Kong. According to Reuters, the spin-off is expected to raise up to $700 million. The proceeds will mainly be used to acquire rights to additional land, scout new tourism destinations, fund potential investments and expand its existing businesses. Shanghai-based AllBright Law Offices is serving as Chinese counsel to the issuer. Kirkland & Ellis is advising J.P. Morgan, CLSA and Citigroup as the joint sponsors. JunHe is serving as Chinese counsel to the banks.
• Baker McKenzie Hong Kong partners Christina Lee and Dorothea Koo advised Hong Kong-based Chong Hing Bank Ltd. on a $656 million rights issue share sale. Norton Rose Fulbright Hong Kong partner Terence Lau advised DBS and Nomura as the joint coordinators. Sullivan & Cromwell Hong Kong partner Kay Ian Ng acted for the bank on a separate $128 million share placement to Guangzhou Metro Group Co. Ltd. Proceeds raised from both transactions will be used to strengthen the bank’s capital base and support business expansion.
• Wilson Sonsini Goodrich & Rosati Hong Kong partner Weiheng Chen and Shanghai partner Jie Zhu are advising an investor consortium on a $590 million private placement in biopharmaceutical company China Biologic Products Holdings Inc. Davis Polk & Wardwell Beijing partner Howard Zhang is representing the issuer. The consortium is led by Centurium Capital Management Ltd., which is affiliated with China Biologic’s chairman David Li. The share sale comes after China Biologic rejected a $3.9 billion take-private offer from former chief executive David Gao. [Read Full Story]
• Norton Rose Fulbright Perth partner Adam Edelman and Vancouver partners John Kim and David Hunter are advising South Korean steel giant POSCO on a $280 million acquisition of lithium mining rights in Argentina from Australian lithium miner Galaxy Resources Ltd. The transaction is expected to be completed in the fourth quarter. Ashurst is advising Galaxy.
• Milbank, Tweed, Hadley & McCloy New York partners John Franchini and Drew Batkin and Los Angeles partner Allan Marks represented Korean investment firms Hana Alternative Asset Management Co. Ltd. and Mirae Asset Daewoo Co. Ltd. on their joint acquisition with Korean independent power producer GS EPS Co. Ltd. of a 10 percent stake in Linden Topco, which operates a natural gas-fired thermal power project in New Jersey, from funds managed by Ares EIF Management and Oaktree Capital Management. Pillsbury Winthrop Shaw Pittman represented GS EPS. Morgan, Lewis & Bockius New York partners Jonathan Morris and Andrew Milano advised the sellers.
MinterEllisonRuddWatts Auckland partner Ross Pickmere advised Australian forestry company OneFortyOne Plantations Holdings on an acquisition of rival Nelson Forests Ltd. from Nelson Properties Ltd., a portfolio company managed by New Hampshire-based forestry investment firm Global Forest Partners. Foley Hoag Boston partners James Smith and Meredith Haviland represented Nelson Properties. New Zealand firm Bell Gully was local counsel for the sellers.