Davis Polk & Wardwell has advised Shanghai-based Red Star Macalline Group Corp. Ltd. on a $925 million initial public offering in Hong Kong.
The home-improvement and furniture retailer operates 158 specialty malls in 115 cities in mainland China. The bulk of the proceeds will go toward the development of nine new shopping malls and acquisitions of similar companies in the market. Red Star Macalline shares began trading on Friday.
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