Asia Pacific

Asia Pacific remains a diverse, growing region presenting our clients with unique opportunities and risks. There has recently been pro-business regulatory progress across the region, as government easing of foreign investment restrictions and the divestment of state-owned assets occurs.

Our strength spans across the Asia Pacific region. We continuously engage in a broad range of work in the Asia Pacific Region, using our Hong Kong and Beijing offices as a platform to advise local and international clients on all elements of their Asia-related outbound and inbound activity.

We have significant experience in China (particularly the three major business centres of Hong Kong, Beijing and Shanghai), Japan, India, Singapore and the rest of Southeast Asia. The lawyers in our Hong Kong and Beijing offices practise English, Hong Kong and US law; drafting, negotiating and advising in a trilingual environment as appropriate for the relevant clients and matters.

Key experience

Alibaba

We advised Alibaba Group on its US$635 million investment in Red Star Macalline Group - one of China’s biggest furniture retailers.

Red Star Macalline operates over 300 shopping malls and 364 home improvement centres throughout China, leasing space to retailers in addition to selling its own inventory and services, including interior decoration consultations and construction. The company will work together with Alibaba to improve its physical stores and take advantage of the latter’s e-commerce channels.

We also recently advised Alibaba as it raised its stake in the Chinese investment bank China International Capital Corp’s (CICC) Hong Kong-listed shares to nearly 12% for US$231 million. CICC was the first joint venture investment bank in China.

Contact

Corporate and M&A: Benita Yu

SoftBank Vision Fund

We advised on SoftBank Vision Fund’s investments in Ping An Good Doctor and Ping An Healthcare Technology. SoftBank Vision Fund made a US$400 million pre-IPO investment in Ping An Good Doctor, and was a major investor in the US$1.15 billion A round financing of Ping An Healthcare Technology.

Ping An Good Doctor is the world's leading healthcare portal in terms of traffic, with over 190 million registered users and more than 30 million monthly active users. Ping An Healthcare Technology's business covers 800 million people across 70% of the cities in China. It provides comprehensive healthcare and business insurance management services to over 250 cities.

Contacts

Corporate and M&A: Chris McGaffin
Competition: Natalie Yeung

COSCO SHIPPING Ports

We advised COSCO SHIPPING Ports on its conditional agreement with Volcan Compañía Minera and Terminales Portuarios Chancay to subscribe for 60% of the shares of Port of Chancay for a total consideration of US$225 million.

The Port of Chancay is situated in a favourable location with easy access to the economic centre of Peru. The port became COSCO SHIPPING Ports’ first terminal in South America, reducing the deficiency in port infrastructure in Peru.

Contact

Corporate and M&A: Lisa Chung

Vodafone India

We advised Vodafone India on its US$14.6 billion merger of Bharti Infratel and Vodafone’s Indus Towers to create a pan-Indian tower company with over 163,000 towers and a pro forma equity value of c.INR965bn (US$14.6bn), the largest of its kind outside China.

Vodafone will own 29.4% of the combined company, with its shareholding valued at c.INR284bn (US$4.3bn), and Bharti Airtel will own 37.2% of the combined company. The combined company will change its name to Indus Towers and will continue to be listed on the Indian Stock Exchange. Vodafone and Bharti Airtel will jointly control the combined company under a shareholders’ agreement. 

This transaction won an Asia Legal Award for M&A Deal of the Year: South Asia at the Asia Legal Awards 2019.

We also advised Vodafone on the earlier merger of its subsidiary Vodafone India (excluding its 42% stake in Indus Towers) with Idea Cellular, to create India’s largest telecom operator with the country’s widest mobile network.

Idea Cellular is listed on the Indian Stock Exchanges. Following completion of the transaction, Vodafone owned 45.1% and the Aditya Birla Group will own 26.0% of the combined company. Vodafone and Aditya Birla have joint control of the combined company under a shareholders’ agreement.

Contacts

Corporate and M&A: Roland Turnill
Competition: Claire Jeffs

GE Healthcare

We advised GE Healthcare on its agreement with Daiichi Sankyo for the return of the exclusive development and marketing rights to four diagnostic imaging products in Japan and the transfer of the associated marketing authorisations.

It is expected that Daiichi Sankyo will continue to distribute the products in Japan until March 2022 and we also advised on those transitional distribution arrangements.

Contact

Corporate and M&A: Nilufer von Bismarck

Westpac

We advised Westpac Securities NZ on its first Green Bond issue under its US$10 billion Programme for the Issuance of Debt Instruments. The instruments are listed on the London Stock Exchange, and are issued as Green Bonds.

The proceeds of issuance were on-lent by the Issuer to Westpac New Zealand Limited, to finance or re-finance certain eligible assets under the WNZL Green Bond Framework. We previously advised the issuer on its annual update of the Programme in December 2018, and a subsequent supplementing of the Programme to allow for Green Bond issuances.

Contact

Financing: Matthew Tobin

Hong Kong Exchanges and Clearing

We advised Hong Kong Exchanges and Clearing (HKEX) on its proposed (but later withdrawn) bid for the London Stock Exchange Group (LSEG), announced in late 2019. HKEX is one of the world’s most active boards for IPOs and listings

Under the terms of the possible offer, LSEG shareholders would receive 2,045 pence in cash and 2.495 newly issued HKEX shares per LSEG share, implying a value for the entire issued and to be issued share capital of LSEG of approximately £29.6 billion.

Contacts

Corporate and M&A: David Watkins, Victoria McDuff and Jing Chen

Beijing Urban Enterprises IPO

We advised the underwriters as to Hong Kong and U.S. laws on the global offering and listing of Beijing Enterprises Urban Resources Group on the Main Board of the Hong Kong Stock Exchange, raising approximately HK$621 million (approximately US$80 million) (before the exercise of the over-allotment option). Haitong International Capital Limited and DBS Asia Capital Limited acted as joint sponsors and Haitong International Securities Company Limited and DBS Asia Capital Limited acted as joint global coordinators.

Beijing Urban Enterprises is an integrated waste management solution provider in China, currently focusing on providing environmental hygiene services and hazardous waste treatment services. In 2018, it was the fourth largest enterprise provider, and the third largest non-state owned provider, of environmental hygiene services in China in terms of revenue. The single largest shareholder is Beijing Enterprises Water Group Limited (also listed on HKSE), which is in turn controlled by the state-owned Beijing Enterprises Holdings Limited (also listed on HKSE).

Dealings in the shares commenced on the Hong Kong Stock Exchange on 15 January 2020.

Contacts

Corporate and M&A: Peter Brien, Clara Choi
Financing: John Moore

CONTACTS

See our Key Experience above.
 

Very professional and up-to-date on trends, Slaughter and May provides practical and user-friendly advice to international clients from a range of industry sectors, including heavily regulated areas such as financial services, telecoms and public utilities. Legal 500 Asia Pacific