Pinduoduo app on phone

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

China/Hong Kong

• Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is representing Chinese online group discounter Pinduoduo Inc. on a proposed $1.6 billion initial public offering on Nasdaq. Tencent and Sequoia Capital-backed Pinduoduo will use the proceeds to expand business operations and invest in research and development. King & Wood Mallesons is advising Pinduoduo on Chinese law. Kirkland & Ellis Hong Kong partners David Zhang and Steve Lin are acting for underwriters Credit Suisse Securities, Goldman Sachs, China International Capital Corp. and China Renaissance Securities Ltd. Jingtian & Gongcheng Shanghai partner Chen Zejia is serving as Chinese counsel to the banks. [Read Full Story]

• Simpson Thacher & Bartlett Hong Kong partners Ian Ho and Chris Lin and Palo Alto, California, partner Katharine Moir are advising U.S. buyout firm KKR & Co. Inc. on a $1.56 billion offer to acquire Taiwanese plastics producer LCY Chemical Corp. The deal, which will see LCY delist from the Taiwan Stock Exchange, will be the largest private equity investment in Taiwan once closed in the fourth quarter. Taipei-based Lee and Li is advising KKR on Taiwanese law. Baker McKenzie Taipei partner Mark Tu is representing LCY Chemical. [Read Full Story]

• Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao and Christopher Betts represented Shanghai-based real estate services firm E-House Enterprise Holdings Ltd. on a $727 million initial public offering on the Hong Kong Stock Exchange. E-House plans to use the proceeds to develop its data systems, expand its geographical coverage and grow its existing service centers. Grandall Law Firm Shanghai partners Liu Wei and Cheng Jingjiao were Chinese counsel to the issuer. Maples and Calder Hong Kong partner Derrick Kan was Cayman Islands counsel to the issuer. Freshfields Bruckhaus Deringer Hong Kong partner Grace Huang and Beijing partner Yan Chen advised China International Capital Corp. Hong Kong Securities Ltd. and Credit Suisse (Hong Kong) Ltd. as joint sponsors. Fangda Partners was Chinese counsel to the joint sponsors.

• Simpson Thacher & Bartlett Hong Kong partners Chris Lin and Celia Lam have represented Chinese live-streaming platform Inke Ltd. on a $149 million initial public offering on the Hong Kong Stock Exchange. Proceeds will be used to invest in the platform and potential investment and acquisitions. King & Wood Mallesons Beijing partner Ma Tianning was Chinese counsel to the issuer. Kirkland & Ellis Hong Kong partners David Zhang, Li-Chien Wong and Wanda Woo and Beijing partner Steve Lin advised China International Capital Corp., Citigroup Global Markets Asia Ltd. and Deutsche Securities Asia Ltd. as joint sponsors. Zhong Lun Law Firm Beijing partners Zhang Xuebing and Han Gongwang acted as Chinese counsel to the joint sponsors.

• Davis Polk & Wardwell Hong Kong partners Bonnie Chan and Li He represented Chinese online credit management company 51 Credit Card Inc. on a $130 million initial public offering on the Hong Kong Stock Exchange. 51 Credit Card plans to use the proceeds to expand its user base, develop its technology, fund potential investments and as working capital. Dentons Beijing partner Li Guanbao was Chinese counsel to the issuer. Freshfields Bruckhaus Deringer Hong Kong partner Calvin Lai and Beijing partner Jason Xu advised 11 underwriters including Citigroup Global Markets Asia Ltd., China Merchants Securities Co. Ltd. and CLSA Ltd. King & Wood Mallesons Beijing partner Sun Ji, Shanghai partner Zhong Xin and Hangzhou partner Huang Renzhong were Chinese counsel to the banks.

South Korea

• Lee & Ko represented South Korean oil refiner SK Innovation Co. Ltd. on a $500 million notes offering on the Singapore Exchange. The five-year bonds carry a 4.125 percent yield. Cleary Gottlieb Steen & Hamilton Seoul partner Jinduk Han and London partner Raj Panasar advised Crédit Agricole Corporate and Investment Bank, JPMorgan Securities plc. and Merrill Lynch International as joint bookrunners.


• MinterEllison Sydney partners Con Boulougouris and Chris Allen advised Australian out-of-home advertising company oOh!media Ltd. on a $420 million acquisition of rival Adshel from media company HT&E Ltd. Baker McKenzie Sydney partner David Holland and Clayton Utz represented HT&E.

Southeast Asia

• Jones Day Hong Kong partner Maria Tan Pedersen and Singapore partner Jeffrey Maddox represented property developer D.M. Wenceslao & Associates on a $155 million initial public offering on the Philippine Stock Exchange. This was the first IPO in the Philippines this year. The proceeds will be used to fund the development of pipeline projects, obtain land assets and develop infrastructure within the Aseana City project near Manila. Filipino firm Gorriceta Africa Cauton & Saavedra advised the issuer on local law. Milbank, Tweed, Hadley & McCloy Hong Kong partner James Grandolfo advised the underwriters BPI Capital Corp. and Maybank Kim Eng Securities Pte. Ltd. SyCip Salazar Hernandez & Gatmaitan was Philippine counsel to the underwriters.