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International Edition

HSF and Linklaters ordered in for £700m Just Eat IPO

Herbert Smith Freehills (HSF) and Linklaters are advising on Just Eat's £700m initial public offering (IPO), the latest in a wave of new listings in London so far this year. Yesterday (17 March), online takeaway company Just Eat announced its intention to list around £100m of shares either on the Financial Conduct Authority's premium listing segment, or the high growth segment of the main market.
2 minute read

International Edition

Sullivan joins Simpson Thacher on Alibaba New York IPO

Sullivan & Cromwell has been appointed to act alongside Simpson Thacher Bartlett on the US initial public offering (IPO) of Chinese e-commerce giant Alibaba. Sullivan has taken a role advising the sponsors on the listing, which Alibaba confirmed last week would take place in the US. The internet giant chose not to list in Hong Kong due to rules in the Asian financial hub which prevent managers from having more voting rights than normal investors.
2 minute read

International Edition

Milbank still has big plans for Asia despite bucking trend by giving up local HK practice

When Slaughter and May cast aside 125 years of tradition to make its first lateral partner hire in Hong Kong earlier this year it said something about the market in the Asian city. But as growing numbers of firms – both UK and US – pile into the region or bolster their ranks in a bid to capture a share of the coveted market, competition for talent, work and on fees is immense. Against this backdrop it is unsurprising that some firms are now reappraising their strategy, with it emerging this week that Milbank Tweed Hadley & McCloy is planning on winding up its local practice in the city. Having had a Hong Kong law practice for less than four years, the suggestion is that the firm is refocusing on international work and looking to adopt a similar model to the one it employs in Singapore, where it partners with top-tier local firms rather than hiring its own local lawyers. Given Milbank's profitability and the recent hires of two senior partners from Allen & Overy (A&O) in Hong Kong and Japan, as well as this week's capture of Stephenson Harwood aviation finance head Paul Ng in Singapore, the firm certainly seems to be evolving rather than downsizing.
4 minute read

International Edition

CC and Milbank lead on $316m HK IPO of Chinese theme park operator

Clifford Chance and Milbank Tweed Hadley & McCloy have advised on the $316m (HK$2.45bn) Hong Kong IPO of Chinese theme park operator Haichang Holdings. The Dalian-based company, which in 2012 was reported to be the largest marine theme park operator in China in terms of admission attendance, plans to use 50% of the proceeds to build its Haichang Polar Ocean World theme park in Shanghai and 40% to fund another project, Sanya Haitang Bay Dream World.
2 minute read

International Edition

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.
2 minute read

International Edition

Skadden, Shearman win mandates for Weibo's US IPO

Skadden Arps Slate Meagher & Flom and Shearman & Sterling have snared roles on the upcoming US IPO of Chinese microblogging site, Weibo. News of the hotly anticipated listing emerged last week, with media reports estimating that it would take place in the second quarter of this year and raise around $500m.
2 minute read

International Edition

HSF and Simmons score leading roles on AO World's £1.2bn IPO

Herbert Smith Freehills and Simmons & Simmons have landed roles on British online retailer AO World's £1.2bn flotation. The domestic appliance retailer has debuted on the London Stock Exchange today (26 February) at the billion-pound value after shares jumped by more than 40% on its offer price.
2 minute read

International Edition

CC and Linklaters lead on Harbin Bank's planned $1bn Hong Kong IPO

Clifford Chance (CC) and Linklaters have landed lead roles on the planned Hong Kong IPO of Harbin Bank, estimated to be worth around $1bn in value. The commercial lender, headquartered in Harbin in the north east of China, is expected to list in the city in the second quarter of this year if it receives approval from the Hong Kong Stock Exchange, reports have said.
2 minute read

International Edition

Davis Polk and Slaughters land roles as ISS sizes up major Nordic IPO

Davis Polk and local firm Gorrissen Federspiel have landed the mandates advising Danish facilities giant ISS on its planned DKK8bn (£883m) flotation. Slaughter and May has also secured a key role, acting on a refinancing facility being arranged ahead of the proposed listing.
2 minute read

International Edition

Dealmaker: Farmida Bi

Norton Rose Fulbright's European head of Islamic finance on politics, procrastination and forced fun
4 minute read

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