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

China/Hong Kong

• Kirkland & Ellis Hong Kong partners Carol Liu and Justin Dolling advised Hong Kong-based private equity firm PAG Asia Capital on closing a $6 billion fund targeting Asian buyouts. They were assisted by investment funds partners Jennifer Feng in Hong Kong and Josh Westerholm and Michael Chu in Chicago, regulatory partner Sarah Thompson in London, tax partner Marguerite Lombardo in Boston, and employee benefits partner Elizabeth Dyer in Chicago. Travers Thorp Alberga served as Cayman Islands counsel.

• Sidley Austin represented Chinese parenting website Babytree Group, backed by Chinese e-commerce giant Alibaba, on a $281 million initial public offering in Hong Kong. Commerce & Finance Law Offices Beijing partner Ma Zhou served as Chinese counsel to the issuer. The majority of the proceeds will be used to fund business expansion, research and development, and future investments. Simpson Thacher & Bartlett advised Morgan Stanley, Haitong International Capital and China Merchant Securities as the joint sponsors. Grandall Law Firm advised the banks on Chinese law.

• Cleary, Gottlieb, Steen & Hamilton Hong Kong partner Shuang Zhao represented Chinese automobile-backed loan platform Weidai Ltd. on a $45 million initial public offering on the New York Stock Exchange. Grandall Law Firm served as Chinese counsel to the issuer. Weidai plans to use the proceeds primarily for general corporate purposes, including investment in product development, sales and marketing activities and technology infrastructure. Simpson Thacher & Bartlett Hong Kong partners Chris Lin and Daniel Fertig advised Morgan Stanley, Citigroup and AMTD Tiger as the underwriters. Han Kun Law Offices advised the banks on Chinese law.

• Eversheds Sutherland Hong Kong partner Norman Hui advised Shanghai-based Watts International Maritime Engineering Ltd. on a $32 million initial public offering in Hong Kong. AllBright Law Offices served as Chinese counsel. Hutabarat Halim & Rekan Lawyers advised the issuer on Indonesian law. Ridzlan Lim, Advocates & Solicitors advised the issuer on Brunei law. The issuer plans to use the proceeds mainly to fund business expansion, research and development, and future investments, acquisitions and strategic alliances. Peter Yuen & Associates, Chinese firm Fangda Partners‘ Hong Kong associate firm, advised the underwriters, including Orient Securities, which also acted as the sole sponsor. Jingtian & Gongcheng advised the banks on Chinese law.

South Korea

• Weil, Gotshal & Manges Shanghai partner Charles Ching and Hong Kong partner Chris Welty are advising Japanese conglomerate SoftBank Group Corp.’s Vision Fund on a $2 billion investment in South Korean e-commerce giant Coupang Corp. Hughes Hubbard & Reed New York partner Kenneth Lefkowitz is leading a team representing Coupang. Lefkowitz is supported by other partners in New York and Washington, D.C. Separate teams of Kim & Chang are serving as Korean counsel to both sides of the deal. [Read Full Story]

Southeast Asia

• Baker McKenzie Bangkok partners Kitipong Urapeepatanapong, Komkrit Kietduriyakul, Theppachol Kosol and Kowit Adireksombat and Singapore principals Ashok Lalwani and Kyle Pilkington represented the Thai government on a $1.4 billion initial public offering of government infrastructure fund Thailand Future Fund on the Stock Exchange of Thailand—the largest Thai listing since 2015. The proceeds will be used to fund public infrastructure development in the Southeast Asian country. Linklaters advised the initial purchasers, which include JPMorgan and Merrill Lynch.

• Dechert is representing Thai businessman Chatchaval Jiaravanon on his $150 million acquisition of business magazine Fortune and its media brands via his company Fortune Media Group Holdings Ltd. from Des Moines, Iowa-based media conglomerate Meredith Corp. Zhong Lun Law Firm Shanghai partners John Sheng and Yilin Huang are serving as Chinese counsel to Jiaravanon. Cooley is advising Meredith.

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Asia Deal Digest: Nov. 15, 2018