Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
• Shearman & Sterling Singapore partners Bill McCormack and Ben Shorten and Seoul, South Korea, partner Anna Chung advised a consortium led by Indonesian state-owned energy company PT Pertamina Power Indonesia and Japanese trading houses Marubeni Corp. and Sojitz Corp. on the development and financing of a $1.7 billion integrated liquefied natural gas-to-power project in West Java province, Indonesia. The team was assisted by finance partner Patrick Clancy in London, international arbitration partner Daryl Chew in Singapore and tax partner Simon Letherman in London. Allen & Overy represented the financiers, which included lenders Japan Bank for International Cooperation and Asian Development Bank; and sponsors Credit Agricole, Mizuho Bank and MUFG Bank. Indonesian firm Ginting & Reksodiputro, an associate firm of Allen & Overy, advised the lenders on Indonesian law. Indonesian firm Widyawan & Partners, an associate firm of Linklaters, served as Indonesian counsel to the sponsors.
• Mayer Brown London partners Ian Coles and Robert Hamill and New York partner Satoru Murase advised Japanese mining company Sumitomo Metal Mining Co. Ltd. on a $1.2 billion acquisition of a 30 percent stake in the Quebrada Blanca copper mine in northern Chile from Canadian miner Teck Resources Ltd. The team was assisted by corporate partners Connor Cahalane and Rebecca Bothamley in London and Thomas Moore in Houston, banking and finance partner Rachel Speight and construction partner Jonathan Hosie, both also in London. Toronto-based Torys advised Sumitomo on Canadian law; and South American firm Philippi Prietocarrizosa Ferrero DU & Uría and Chilean firm Bofill Mir & Alvarez Jana Abogados advised on Chilean law. Teck was represented by Fasken Martineau DuMoulin on Canadian law and by Carey on Chilean law.
• Wilson Sonsini Goodrich & Rosati is representing Chinese biotech company WuXi AppTec Co. Ltd. on a $1.1 billion initial public offering in Hong Kong. Fangda Partners is serving as Chinese counsel to the issuer. WuXi plans to use the majority of the proceeds for global expansion and funding for acquisitions. Shearman & Sterling Hong Kong partners Matthew Bersani and Colin Law are advising Morgan Stanley, Huatai Financial and Goldman Sachs as the joint sponsors. Jia Yuan Law Offices is advising the banks on Chinese law.
• Jones Day is representing Chinese pre-revenue drug developer Shanghai Junshi Biosciences Co. Ltd. on a $414 million initial public offering in Hong Kong. Jia Yuan Law Offices is serving as Chinese counsel. Junshi will use most of the proceeds for research and development, commercialization of its drug products, fund clinical trials and investments in the pharmaceutical sector. Herbert Smith Freehills is advising China International Capital Corp. as sole sponsor. Tian Yuan Law Firm is advising the bank on Chinese law.
• Freshfields Bruckhaus Deringer Hong Kong partners Teresa Ko and Grace Huang and Singapore partner Arun Balasubramanian advised Australia Securities Exchange-listed coal miner Yancoal Australia Ltd. on a $178 million dual-primary listing in Hong Kong. Gilbert + Tobin Sydney partners Costas Condoleon, Sophie Chen and Adam D’Andreti advised on Australian law. King & Wood Mallesons Beijing partners Tang Lizi and Han Jie served as Chinese counsel. Yancoal plans to use the majority of the proceeds to repay loans and fund potential acquisitions. Slaughter and May Hong Kong partners Benita Yu and John Moore advised Morgan Stanley, CMB and BOCI as the joint sponsors. Herbert Smith Freehills Sydney partners Philippa Stone, Philip Hart and Adam Strauss advised the banks on Australian law.
• Clifford Chance Beijing partner Tim Wang and Hong Kong partners Amy Lo and Fang Liu advised Shenzhen-based mobile gaming company iDreamSky Technology Holdings Ltd. on a $107 million initial public offering in Hong Kong. Han Kun Law Offices served as Chinese counsel to the issuer. The majority of the proceeds will be used to expand iDreamSky’s portfolio and content offering, as well as fund acquisitions. Kirkland & Ellis advised Credit Suisse, China Merchants Securities and China International Capital Corp. as the joint sponsors. Grandall Law Firm advised the banks on Chinese law.
• Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao and Shanghai partner Haiping Li advised Chinese fashion and cosmetics online retailer Mogu Inc. on a $67 million initial public offering on the New York Stock Exchange. Shanghai-based boutique CM Law Firm is serving as Chinese counsel. Mogu will use the majority of the proceeds to expand its content offering and improve its technology. Davis Polk & Wardwell Hong Kong partners James Lin and Li He represented Morgan Stanley, Credit Suisse and China Renaissance as the underwriters. Global Law Office is advising the banks on Chinese law.