Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
• Davis Polk & Wardwell Hong Kong partners Li He and Bonnie Chan are advising Chinese cryptocurrency-mining chip maker BitMain Technologies Holding Co. on a proposed initial public offering in Hong Kong, which could raise as much as $3 billion, according to media reports. Commerce & Finance Law Offices is serving as Chinese counsel to the issuer. The proceeds of the IPO will be used to invest in research and development, as well as for business expansion. Clifford Chance Beijing partner Tim Wang, Shanghai partner Jean Thio and Hong Kong partner Fang Liu are advising China International Capital Corp. as the sole sponsor of the IPO. Shanghai-based boutique CM Law Firm is advising the bank on Chinese law. [Read Full Story]
• Davis Polk Hong Kong partners James Lin and Li He are advising Chinese tech giant Tencent Holdings Ltd.’s online-music arm Tencent Music Entertainment Group on a proposed U.S. initial public offering. Han Kun Law Offices is serving as Chinese counsel to the issuer. The issuer set a placeholder amount of $1 billion, but Reuters reported that it’s hoping to raise up to $2 billion. The proceeds of the IPO will mainly be used to improve its music content offerings and for product and service development. Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao and Will Cai are advising the underwriters, which is being led by Bank of America, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley. Grandall Law Firm is advising the banks on Chinese law. [Read Full Story]
• Hogan Lovells Hong Kong partner Stephen Peepels is advising Chinese cryptocurrency-mining chip maker Ebang International Holdings Inc. on a proposed $1 billion initial public offering in Hong Kong. AllBright Law Offices is serving as Chinese counsel to the issuer and its Hong Kong association Stevenson, Wong & Co. is advising on Hong Kong law. The proceeds of the IPO will be used mainly for business expansion, research and development and construction of new facilities. Norton Rose Fulbright is advising Haitong International Capital as the sole sponsor. Jingtian & Gongcheng is serving as Chinese counsel to the bank.
• Sidley Austin Beijing partner Henry Ding and London partner Martin Membery are advising China Reinsurance Group Corp. on a $950 million acquisition of Chaucer Insurance, a unit of New York Stock Exchange-listed Hanover Insurance Group Inc. that specializes in underwriting risks at insurance market Lloyd’s of London. The transaction is expected to close late this year or in the first quarter of 2019, subject to regulatory approvals, including U.K. financial regulator Prudential Regulation Authority, insurance-market operator Lloyd’s and Chinese regulatory entities, as well as approval from China Re’s shareholders. Debevoise & Plimpton is representing Hanover.
• Simpson Thacher & Bartlett Hong Kong partners Chris Lin and Celia Lam are advising Chinese cryptocurrency-mining chip maker Canaan Inc. on a proposed $400 million initial public offering in Hong Kong. Commerce & Finance Law Offices is serving as Chinese counsel to the issuer. The proceeds of the IPO will be used mainly for research and development and business expansion. Freshfields Bruckhaus Deringer Beijing partner Jason Xu and Hong Kong partner Calvin Lai are advising Morgan Stanley, Deutsche Securities, Credit Suisse, CMB International as the joint sponsors. Zhong Lun Law Firm is advising the banks on Chinese law.
• Herbert Smith Freehills Singapore partner Mark Robinson and Tokyo partner Graeme Preston advised Japanese trading company Mitsui & Co. Ltd. on a $20 million Series B investment in Singapore-based data network infrastructure operator Campana Group Pte. Ltd. Also advising Mitsui are Hiswara Bunjamin & Tandjung on Indonesian law, Myanmar Legal Services on local law, Prolegis on Singaporean law and Tilleke & Gibbins on Thai law. Stephenson Harwood (Singapore) Alliance represented Campana.