Asia Deal Digest: April 2019
• Clifford Chance, Latham on Asia's largest listing so far this year. • Davis Polk, Cleary on Luckin Coffee's $800 million Nasdaq listing. • Sidley, Paul Hastings on Chinese vaccine maker CanSino Biologics' $160 million Hong Kong IPO.
April 29, 2019 at 03:43 PM
6 minute read
Luckin Coffee shop in Wuhan, China.
Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
China/Hong Kong
• Clifford Chance Hong Kong partners Tim Wang and Fang Liu represented Beijing-based securities brokerage house Shenwan Hongyuan Group Co. Ltd. on a $1.16 billion initial public offering in Hong Kong, the biggest listing in Asia so far this year. King & Wood Mallesons Beijing partners Zhang Yongliang, Gao Yimin and Song Yanyan served as Chinese counsel to the issuer. Shenwan Hongyuan plans to use the proceeds to develop its securities business, fund investments and expand abroad. Latham & Watkins Hong Kong partners Cathy Yeung and Terris Tang and Beijing partner Yilong Du advised Shenwan Hongyuan Capital, Goldman Sachs, ICBC International Capital and ABCI Capital as joint sponsors. Grandall Law Firm's Shanghai office advised the banks on Chinese law. [Read Full Story]
• Skadden, Arps, Slate, Meagher & Flom Hong Kong partners Julie Gao and Jonathan Stone and Shanghai partner Haiping Li advised Nasdaq-listed Chinese video platform Bilibili Inc. on a $873 million convertible bond sale and follow-on share offering. Latham & Watkins Hong Kong partners Allen Wang and Dominik Sklenar advised Bank of America Merrill Lynch, Citigroup, Credit Suisse, J.P. Morgan and Morgan Stanley as joint book runners. King & Wood Mallesons Shanghai partners Zhao Xiaohong, Xu Hui and Chen Fuan advised the banks on Chinese law.*
• Davis Polk & Wardwell Hong Kong partner Li He is advising Starbucks Corp.'s Chinese rival Luckin Coffee Inc. on a Nasdaq IPO that, according to Reuters, could raise up to $800 million. King & Wood Mallesons is serving as Chinese counsel to the issuer. Beijing-based Luckin Coffee plans to use the majority of the proceeds for general corporate purposes, including expansion of its store network, customer acquisition, research and development, sales and marketing, and investment in technology infrastructure. Cleary Gottlieb Steen & Hamilton Hong Kong partner Shuang Zhao, New York partners Jeffrey Karpf and Sandra Flow and London partner Sebastian Sperber are representing Credit Suisse, Morgan Stanley, CICC and Haitong International as underwriters. Jingtian & Gongcheng is advising the banks on Chinese law.*
• Latham & Watkins Hong Kong partners Cathy Yeung, Terris Tang, Allen Wang and Dominik Skelnar represented Beijing-based coking coal producer China Risun Group Ltd. on a $246 million listing in Hong Kong. Jingtian & Gongcheng advised the issuer on Chinese law. China Risun plans to use the majority of the proceeds to repay debts and fund investments in coke and refined chemical producers in China. Dechert Hong Kong partners Yang Wang and Stephen Chan advised Guotai Junan Capital Ltd. as sole sponsor and Guotai Junan Securities as sole global coordinator. Global Law Office Beijing partners Liu Jinrong and Kang Qiuning advised the banks on Chinese law.
• Sidley Austin Hong Kong partner Mengyu Lu and Beijing partner Kefei Li represented Chinese vaccine maker CanSino Biologics Inc. on a $160 million IPO in Hong Kong. Tian Yuan Law Firm advised the issuer on Chinese law. CanSino plans to use the majority of the proceeds for research and development and commercialisation of vaccines. Paul Hastings former Beijing partner Nan Li and Hong Kong partner Zhaoyu Ren advised Morgan Stanley and CLSA as the joint sponsors. Commerce & Finance Law Offices Beijing partner Wang Bo advised the banks on Chinese law.
• Stephenson Harwood Shanghai partner Ivan Tan advised Singapore-based furniture retailer Design Capital Ltd. on a $19 million listing in Hong Kong. The issuer was advised by Stephenson Harwood Singapore alliance firm Virtus Law on Singaporean law, Squire Patton Boggs on U.S. law, The Law Office of K K Chong & Co. on Malaysian law and Eversheds Harry Elias Brunei associate firm Eversheds HEP on local law. Design Capital plans to use the majority of the proceeds for inventory procurement, to cover rental and overhead expenses, and for sales and marketing. Taylor Wessing Hong Kong association firm H.M. Chan & Co. represented Southwest Securities as sole sponsor.
• Nixon Peabody CWL Hong Kong partners Matthew Lam, Patrick Lee and C.Y. Ho advised Hong Kong-based restaurant operator Tasty Concepts Holding Ltd. on an $11 million IPO in Hong Kong. Shenzhen-based Shu Jin Law Firm served as Chinese counsel to the issuer. Liliana Faria Advogada advised the issuer on Macau law. Tasty Concepts plans to use the majority of the proceeds to open new outlets in Hong Kong. CFN Lawyers advised Frontpage Capital as the sole sponsor.
➤➤For more Asian Lawyer coverage, go to the Newsletters section under My Account and sign up for our weekly Asia News Alert newsletter under Legal Week.
India
• Clifford Chance Singapore partner Rahul Guptan advised Blackstone Group and Bangalore-based developer Embassy Property Developments PVT Ltd. as sponsors of a $682 million IPO in India of real estate investment trust Embassy Office Parks REIT, the first listing of a REIT in India. Latham & Watkins Singapore partner Rajiv Gupta represented the lead managers, which were led by Morgan Stanley and included JPMorgan, DSP Merrill Lynch and Goldman Sachs. Latham tax partners Jiyeon Lee-Lim and Gregory Hannibal in New York and David Taub in Los Angeles, and corporate partners Julian Kleindorfer in New York and Sharon Lau in Singapore, also advised the lead managers.
• Latham & Watkins Singapore partner Rajiv Gupta advised Indian renewable power producer ReNew Power Ventures Pvt. Ltd. on a co-issuance of $375 million of bonds with eight of its subsidiaries. Latham New York partners Jiyeon Lee-Lim and Bora Bozkurt advised on tax matters. Linklaters Singapore partner Amit Singh advised Barclays, Goldman Sachs, HSBC, JPMorgan and YES Bank as joint lead managers.
*Updated Apr. 30: This story has been updated with partners from Latham and King & Wood Mallesons on the Bilibili follow-on offer and additional partners from Cleary on the Luckin Coffee IPO.
Related Stories:
Clifford Chance, Latham & Watkins on Chinese Brokerage's $1.2BN Hong Kong IPO
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
© 2025 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
Hengeler Advises On €7B Baltica 2 Wind Farm Deal Between Ørsted and PGE
2 minute read
A&O Shearman To Lose Another Five Lawyers, Including Madrid Practice Head, to EY
3 minute read
Rosenblatt Breaks Away From RBG, Becomes 40-Strong Standalone Firm
Trending Stories
- 1Uber Files RICO Suit Against Plaintiff-Side Firms Alleging Fraudulent Injury Claims
- 2The Law Firm Disrupted: Scrutinizing the Elephant More Than the Mouse
- 3Inherent Diminished Value Damages Unavailable to 3rd-Party Claimants, Court Says
- 4Pa. Defense Firm Sued by Client Over Ex-Eagles Player's $43.5M Med Mal Win
- 5Losses Mount at Morris Manning, but Departing Ex-Chair Stays Bullish About His Old Firm's Future
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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
