CC and Skadden called up for lead roles on China smartphone giant Xiaomi's landmark IPO
Magic circle firm advising underwriters on what could be the largest IPO since 2014
May 03, 2018 at 09:21 AM
3 minute read
Clifford Chance (CC) and Skadden Arps Slate Meagher & Flom have landed lead roles on Chinese smartphone maker Xiaomi's upcoming Hong Kong initial public offering (IPO).
The company – which took in revenues of more than 100 billion yuan ($11.6bn) last year – did not specify the amount it is aiming to raise in a filing with the Hong Kong Stock Exchange on Thursday.
However, Bloomberg reports that it is expected to generate at least $10bn, meaning it could be the world's biggest IPO since 2014, when Chinese e-commerce giant Alibaba Group raised $25bn in a New York Stock Exchange listing.
The Beijing-based company is among the first batch of applicants to file since the Hong Kong Stock Exchange revised listing rules to allow dual-class shares, a structure preferred by many technology companies.
Skadden Hong Kong partners Julie Gao and Christopher Betts are leading a team from the US firm representing Xiaomi, while Chinese firm JunHe is advising the company on domestic law, with offshore firm Maples and Calder handling Cayman Islands advice.
The JunHe team includes Beijing capital markets partners Xiao Wei, Shi Tiejun, Li Zhi and Sun Xiaojia.
CC, meanwhile, is acting for underwriters – CLSA Capital Markets, Goldman Sachs and Morgan Stanley Asia – fielding a team headed up by Beijing co-managing partner Tim Wang, Hong Kong corporate partner Amy Lo, Singapore capital markets partner Jean Thio and Hong Kong capital markets partner Liu Fang.
Jingtian & Gongcheng is serving as Chinese counsel to the banks with a team including Beijing partners Gao Xiang, Chen Jinjin, Hu Zhengzheng, Zhang Rongsheng and Shanghai partner Ye Yusheng.
Xiaomi was founded in 2010 by Chinese entrepreneur Lei Jun. The company shipped 27 million phones in the first quarter of this year, making it the world's fourth largest smartphone maker.
In the past, the company has turned to magic circle firms for advice on international expansion and other corporate deals, including Freshfields Bruckhaus Deringer for its Singapore setup and Allen & Overy for bank financing.
Other recent major China capital markets roles for CC have included the firm's work on the $1.1bn Hong Kong IPO of Tencent Holdings subsidiary China Literature's last year. CC advised the joint sponsors and underwriters, including Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Davis Polk, Simpson Thacher and Japan's Big Four Among Firms Engaged In Japanese Chipmaker’s $4.8B IPO
Can Labour's New Budget Steady the Ship? Big Moves On UK Tax Reform and Fiscal Stability
5 minute read
Cracking Canada: How International Law Firms Penetrate the Country's Legal Market
6 minute read
Hong Kong IPO Market Shows Signs of Slow but Steady Recovery
Trending Stories
- 1Judge Denies Sean Combs Third Bail Bid, Citing Community Safety
- 2Republican FTC Commissioner: 'The Time for Rulemaking by the Biden-Harris FTC Is Over'
- 3NY Appellate Panel Cites Student's Disciplinary History While Sending Negligence Claim Against School District to Trial
- 4A Meta DIG and Its Nvidia Implications
- 5Deception or Coercion? California Supreme Court Grants Review in Jailhouse Confession Case
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
