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.
We advised on its strategic cooperation with E-House, a company listed on the Hong Kong Stock Exchange, and the reorganisation of TM Home, a joint venture company indicatively valued at US$285 million and held by Alibaba and E-House as to 85% and 15%, respectively, prior to the reorganisation.
The reorganisation involved the acquisition by TM Home of assets from the E-House group in consideration of new shares to be issued by TM Home to the E-House group. Further, E-House and a wholly-owned subsidiary of Alibaba entered into an agreement which provides for strategic cooperation between the parties, including the provision by Alibaba to E-House of technical, product, data and operational support to enhance E-House’s digital and online marketing capabilities.
We advised on its three landmark joint ventures with SINOPEC for US$7 billion, comprising (1) the acquisition of 50% equity interests in Shanghai SECCO Petrochemical, a subsidiary of SINOPEC, (2) SINOPEC’s acquisition of 50% stake in INEOS Styrolution Advanced Materials (Ningbo), and (3) greenfield joint venture to build a series of high-density polyethylene (HDPE) plants in China and the joint venture of a brand new petrochemicals complex in Tianjin.
Corporate and M&A: Justin Chan, Hywel Davies
Competition: Natalie Yeung
Financing: Lisa Chung
We advised on its HK$12 billion sustainability-linked loan facility with 16 leading international, regional and local banks (SLL). The SLL is the largest of its kind in the real estate sector and among REITs in Asia to-date.
We advised on its strategic partnership with Lenovo in relation to its IT solutions business. The transaction included the acquisition by Lenovo of an 80% stake in PCCW Lenovo Technology Solutions and a 20% stake in PCCW Network Services for US$613.6 million. The formation of the strategic partnership leverages the combined strengths of the PCCW Group and Lenovo to accelerate the expansion of the IT solutions business across Asia Pacific, optimises resource allocation while seizing value upside from growth, and unlocks synergies generated from the collaboration of the PCCW Group and Lenovo.
We advised on the demerger of its US business, Jackson Financial Inc. and its group, from Prudential, resulting in two separately-listed companies and its Hong Kong public offer and international placing.
The demerger, which is subject to shareholder approval, will complete Prudential’s strategic transformation and will enable it to focus exclusively on its higher-growth and higher risk-adjusted return businesses in Asia and Africa, making it one of the largest Asia and Africa-focused life insurance and asset management businesses.
We advised on the global offering and listing of SenseTime Group Inc. on the Main Board of the Hong Kong Stock Exchange, raising approximately US$740 million for the issue of 4.5% of SenseTime’s enlarged issued share capital, before any exercise of the over-allotment option. We advised the joint sponsors China International Capital Corporation Hong Kong Securities Limited, Haitong International Capital Limited and HSBC Corporate Finance (Hong Kong) Limited, as well as the joint global coordinators, the joint bookrunners and the underwriters as to Hong Kong and U.S. laws on the global offering and the HK listing.
We advised on its US$2.3 billion pre-conditional voluntary partial cash offer to acquire a controlling stake in Kerry Logistics. The pre-conditions include, amongst others, those relating to CFIUS, a mandatory general offer that may be triggered for a Thai listed subsidiary of Kerry Logistics, PRC antitrust and other governmental approvals, shareholders’ approvals, SFC approvals for special deals (see below) and a Stock Exchange waiver for Kerry Logistics’s public float to be reduced to 15% (which has been obtained).
In relation to the partial offer, SF Holding and the Offeror have entered into a shareholders’ agreement with certain controlling shareholders of Kerry Logistics, namely Kerry Holdings and Kerry Properties Limited regarding corporate governance matters of Kerry Logistics. It is proposed that Kerry Logistics will sell its warehouses in Hong Kong to Kerry Holdings, and Kerry Logistics will provide warehouse management services in those warehouses to Kerry Holdings. Brand licence agreements are proposed in relation to the trademarks and right to use the Kerry names. Kerry Logistics also proposes the sale of its Taiwan business to Kerry Holdings. All of these would constitute special deals in relation to the partial offer under Rule 25 of the Takeovers Code, as well as (where applicable) connected and notifiable transactions under the Listing Rules.
Corporate and M&A: Benita Yu, Chris McGaffin
Competition: Natalie Yeung
We advised on its acquisition of the Coca-Cola bottling operations in Vietnam and Cambodia and its purchase of the entire equity interests in six of the beverage preparation and packaging subsidiaries of Coca-Cola Bottlers Manufacturing Holdings (CCBMH) in China, being part of the restructuring of CCBMH.
See our Key Experience above.
They clearly have a depth of relevant experience and were helpful in providing market comparators on various commercial points. They are extremely responsive and proactive, which makes them a go-to choice for clients and banks alike when opting for a legal adviser. Chambers Greater China Region