Skadden, Paul Hastings lead on HK secondary listing of Uniqlo owner
Skadden Arps Slate Meagher & Flom and Paul Hastings have taken lead roles on the secondary listing of Japanese clothing company Fasting Retailing in Hong Kong. The retailer, whose primary listing is in Tokyo, has not issued shares or raised funds from the deal, but listed Hong Kong depositary receipts in the city by way of introduction so that investors can buy and sell shares in Hong Kong dollars instead of yen.
March 11, 2014 at 12:18 AM
2 minute read
Skadden Arps Slate Meagher & Flom and Paul Hastings have taken lead roles on the secondary listing of Japanese clothing company Fasting Retailing in Hong Kong.
The company, whose primary listing is in Tokyo, has not issued shares or raised funds from the deal, but listed Hong Kong depositary receipts in the city by way of introduction so that investors can buy and sell shares in Hong Kong dollars instead of yen.
Run by Japan's richest man Tadashi Yanai, the Tokyo-headquartered clothier is the owner of value-fashion brand Uniqlo, in addition to labels Comptoir des Cotonniers, GU, Helmut Lang, J Brand, Princesse tam.tam and Theory.
It has previously announced plans for rapid expansion across Asia Pacific with hopes to open 100 new stores every 12 months in Greater China, and wants to boost its profile in the country and wider region through the listing.
Skadden acted as the company's Hong Kong, Japanese and US counsel, fielding a five-lawyer team led by corporate partners Christopher Betts and Edward Lam in Hong Kong, and Nobuhisa Ishizuka, based in Tokyo.
Paul Hastings meanwhile advised depositary bank JPMorgan Chase, with capital markets partners Catherine Tsang in Hong Kong and Scott Saks in New York heading up. Morgan Stanley Asia acted as the sole sponsor.
Fast Retailing has a $36.4bn market capitalisation, and is understood to be the largest clothing retailer in Asia Pacific and the fourth-largest specialty store retailer of private-label apparel in the world.
Its transaction was the first listing of HDRs in the city in two years after that by New York-listed handbag and accessories manufacturer Coach Inc in December 2011, which also announced a secondary listing in Hong Kong with no funds raised.
Coach was advised by Fried Frank Harris Shriver & Jacobson, whilst Paul Hastings again advised JP Morgan on the deal.
Other fashion and retail brands to have listed in Hong Kong in the past include French cosmetics maker L'Occitane, Italian fashion designer Prada and luggage company Samsonite – all of which chose the city for a primary listing.
Related: CC and Linklaters lead on Harbin Bank's planned $1bn Hong Kong IPO
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