Asia Deal Digest: Jan. 10, 2019
Asia Deal Digest, published periodically, is a compilation of some of the largest deals carried out in Asia.
China/Hong Kong/Taiwan
• Sullivan & Cromwell Hong Kong partners Kay Ian Ng and Garth Bray are advising NWS Holdings Ltd., the infrastructure, logistics and transport services unit of Hong Kong-based conglomerate New World Development Co. Ltd., on a $2.74 billion acquisition of Hong Kong insurer FTLife Insurance Co. Ltd. from Beijing-based Tongchuangjiuding Investment Management Group Co. Ltd. The transaction is subject to approval by shareholders of NWS Holdings and Tongchuangjiuding. Dentons Hong Kong partner Gordon Ng, Beijing partner Li Shoushuang and Shanghai partner Emilia Shi are advising the seller.
• Clifford Chance Beijing partner Timothy Democratis and New York partner Daniel Winick advised China Construction Bank Corp. as lead arranger on a $840 million syndicated loan financing for Chinese gold miner Zijin Mining Group Co. Ltd. to fund its takeover of Canadian mining company Nevsun Resources Ltd. Fasken Martineau DuMoulin advised Zijin and Blake, Cassels & Graydon represented Nevsun.
• Jones Day represented Chinese drug maker Shanghai Junshi Biosciences Co. Ltd. on a $394 million initial public offering in Hong Kong. The issuer plans to use the majority of the proceeds on research and development, commercialization of its products, and investments and acquisitions in the pharmaceutical sector. Jia Yuan Law Offices served as Chinese counsel. Herbert Smith Freehills Beijing partner Zhong Wang and Singapore partner Siddhartha Sivaramakrishnan advised the underwriters, which includes China International Capital Corp., Citibank and Credit Suisse. Tian Yuan Law Firm advised the banks on Chinese law.
• Herbert Smith Freehills Beijing partners Tom Chau and Zhong Wang advised Chinese gas measurement instrument manufacturer Zhejiang Cangnan Instrument Group Co. Ltd. on a $115 million initial public offering in Hong Kong. Haiwen & Partners served as Chinese counsel. The issuer plans to use the majority of the proceeds to improve its product quality, expand its production scale and build an Internet-of-Things gas measurement management platform. Deacons partner Ronny Chow represented the sole sponsor Agricultural Bank of China subsidiary ABCI Capital. King & Wood Mallesons advised the bank on Chinese law.
• Sullivan & Cromwell Hong Kong partners Chun Wei and Kay Ian Ng are advising China Tobacco International Co. Ltd., the overseas subsidiary of state-owned tobacco monopoly China National Tobacco Corp., on an initial public offering in Hong Kong, which is expected to raise about $100 million, according to Reuters. The company plans to use the majority of the proceeds for tobacco-related investments and cooperation, expand sales channels in Southeast Asia and for marketing. King & Wood Mallesons is advising the issuer on Chinese law, Bagus Enrico & Partners on Indonesian law and Colin Ng & Partners on Singaporean law. Linklaters is representing the joint sponsors China International Capital Corp. and China Merchants Securities. Haiwen & Partners is advising the banks on Chinese law.
• Morgan, Lewis & Bockius represented Chinese power supplier Sichuan Energy Investment Development Co. Ltd. on a $60.6 million initial public offering in Hong Kong. Jingtian & Gongcheng served as Chinese counsel. The issuer plans to use the majority of the proceeds for acquisitions of power plants, construction of a power supply network and upgrade power grid facilities. Eversheds Sutherland Hong Kong partner Norman Hui advised sole sponsor BOCOM International. Dentons advised the bank on Chinese law.
• Wilson Sonsini Goodrich & Rosati Hong Kong partners Dan Ouyang and Khoon Jin Tan advised Chinese tutoring services provider China Beststudy Education Group on a $44 million initial public offering in Hong Kong. Tian Yuan Law Firm served as Chinese counsel. The issuer plans to use the majority of the proceeds on expansion in southern China as well as strategic alliances and acquisitions. Norton Rose Fulbright Hong Kong partner Terence Lau represented sole sponsor CMBI International Capital. Jingtian & Gongcheng advised the bank on Chinese law.
• Wilson Sonsini Goodrich & Rosati represented Chinese mobile content distribution company Wanka Online Inc. on a $35 million initial public offering in Hong Kong. Haiwen & Partners served as Chinese counsel. The issuer plans to use the majority of the proceeds to upgrade research and development capabilities, such as data analytics technologies, through recruitment and acquisitions; and fund ongoing technical support. Simpson Thacher & Bartlett Hong Kong partners Chris Lin and Christopher Wong advised China International Capital Corp., ICBC International and Macquarie Capital as joint sponsors. Global Law Office advised the banks on Chinese law.
• Cooley San Diego partner Charlie Kim, San Francisco partners Robert Phillips and David Peinsipp, and Shanghai partner James Lu advised Taipei-listed pharmaceutical company Taiwan Liposome Co. Ltd. on a $22.7 million initial public offering on Nasdaq. K&L Gates served as Taiwanese counsel. The issuer plans to use the majority of the proceeds to fund clinical trials. Davis Polk & Wardwell San Francisco partner Bruce Dallas advised the underwriters, which includes Cantor Fitzgerald & Co. Baker McKenzie advised the banks on Taiwanese law.
Southeast Asia
• Vedder Price is representing Minneapolis-based private investment firm Castlelake on a $768 million acquisition of aircraft lessor and financier Merah Aviation Asset Holding Ltd. from Asia Aviation Capital Ltd., a subsidiary of Malaysian low-cost carrier AirAsia Group Bhd. The deal is subject to approval from AirAsia Group shareholders and is expected to be completed in the second quarter of 2019. Stephenson Harwood Singapore partner Saugata Mukherjee is advising AirAsia and its subsidiary. Tay & Partners is serving as Malaysian counsel.
Related Stories:
Asia Deal Digest: Dec. 13, 2018
Asia Deal Digest: Nov. 29, 2018
