Reed Smith and Freshfields advise on HK listing of Chinese real estate giant Dalian Wanda
Reed Smith and Freshfields Bruckhaus Deringer have scored lead roles on the IPO of a Chinese real estate company owned by billionaire and China's fourth richest man, Wang Jianlin.
November 28, 2014 at 05:56 AM
2 minute read
Reed Smith and Freshfields Bruckhaus Deringer are advising on the IPO of a Chinese real estate company owned by billionaire and China's fourth richest man, Wang Jianlin.
The developer Dalian Wanda Commercial Properties – a unit of the Dalian Wanda Group – is hoping to raise around $6bn according to media reports, which would make it the largest Hong Kong IPO since the $10bn Hong Kong-London dual listing of Glencore International in May 2011, and the largest ever IPO by a real estate company in Hong Kong.
The company is currently seeking approval from the Hong Kong stock exchange after being given the go-ahead from the China Securities Regulatory Commission (CSRC), according to a report by Reuters-owned IFR.
Reed Smith is understood to be acting for the issuer on the deal, with a team led by Hong Kong corporate partner Ivy Lai and Beijing corporate finance partner and office head Michael Fosh.
Representing the sponsors is Freshfields, led by head of the China practice and senior equity capital markets partner Teresa Ko. IFR said the banks include China International Capital Corp (CICC), HSBC, Bank of America Merrill Lynch, Bank of China, Goldman Sachs and UBS.
Both Reed Smith and Freshfields declined to comment.
In January, the magic circle firm advised underwriters on a $317m rights issue by Wanda Commercial Properties. In 2013 it also acted for Dalian Wanda Group directly on its acquisition of Britain's largest luxury yachtmaker Sunseeker International from Dublin-based PE fund FL Partners, and on the purchase of a site in London to build one of the tallest luxury hotel complexes in Western Europe.
Headquartered in Beijing, Dalian Wanda is a Chinese conglomerate operating a string of businesses in four main industries: commercial property, luxury hotels, culture and tourism, and department stores.
It claims to be China's largest commercial property company, as well the world's biggest cinema chain. In 2012 it acquired US cinema company AMC theatres for $2.6bn, and was advised by Davis Polk & Wardwell.
It currently has 84 department stores in China but is looking to increase that figure to 120 stores by 2015.
According to the company's website, in 2013 its annual income was $30.8bn, while net profits were more than $2.06bn.
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