Benita Yu

Joined firm 1994. Partner since 1996.

Benita has substantial experience in securities transactions, including cross-border listings and share offerings by overseas corporations and PRC state-owned enterprises, corporate finance transactions, mergers and acquisitions and joint ventures. She also advises on banking and international debt securities transactions.

Benita read law at Oxford University. She is admitted as a solicitor in England and Wales and Hong Kong, and speaks fluent English, Mandarin and Cantonese.

Benita has a wealth of experience in bringing PRC and foreign corporates to market  and secondary fund-raisings and has advised on a number of groundbreaking capital market transactions.

Highlights including advising:

  • PRADA S.p.A. on its US$2.14 billion listing on the Hong Kong Stock Exchange, the first listing in Hong Kong by an Italian company
  • the sponsors/underwriters on the listings of Union Medical Healthcare, YiChang HEC ChangJiang Pharmaceutical Co., Ltd, The People’s Insurance Company (Group) China Limited, New China Life Insurance, China Pacific Insurance,, Bank of Communications Company Limited, Fosun International, and the dual/triple listings and global offerings of Sinopec, China Unicom, Aluminum Corporation of China and China Telecom (raising between US$450 million and US$5.6 billion)
  • the issuers on the listings of China Hengshi Foundation Company Limited, China Reinsurance (Group), Golden Throat Holdings Group, Chinalco Mining Corporation International, Metallurgical Corporation of China, Dongfeng Motor Group Company, China National Building Material Company, Semiconductor Manufacturing International Corporation (SMIC) and MTR Corporation (Hong Kong’s first and to date only privatisation) (raising between US$265 million and US$3.6 billion)
  • secondary placings of shares and issue of USD and RMB bonds and convertible bonds by listed companies, including China Power International Development, China National Building Material Company, SMIC, Bank of China, PetroChina, Paul Y. Engineering, China Scitech, China Yurun Food Group, China Everbright, CST Mining Group, Agile Property Holdings and Shanghai Forte Land (raising up to US$2.7 billion in a single deal)

Benita also has significant experience of a range of acquisitions, disposals and corporate transactions.

Highlights include advising:

  • Orient Overseas (International) Limited (OOIL), in relation to the pre-conditional voluntary general cash offer by UBS on behalf of Faulkner Global Holdings Limited (a wholly-owned subsidiary of COSCO SHIPPING Holdings Co., Ltd (COSCO SHIPPING Holdings)) together with Shanghai Port Group (BVI) Development Co., Limited (a wholly-owned subsidiary of Shanghai International Port (Group) Co., Ltd. (SIPG)) as joint offerors to acquire all the issued shares in OOIL, for a total consideration of approximately HK$49.2 billion (US$6.3 billion)
  • Alibaba Group in relation to:
    • on its USD3.6 billion acquisition of a controlling stake in Sun Art and the resulting USD2.2 billion mandatory general offer
    • its proposed de-listing and privatisation of Intime Retail (Group) Company Limited for a consideration of approximately US$2.6 billion
    • its acquisition of shares and convertible bonds for up to 25% shares in Intime Retail Group Limited (HK listed) and the setting up of a joint venture, involving two whitewash waivers under the Takeovers Code and a total consideration of approximately US$690 million
    • its acquisition, through its subsidiary Alibaba Investment Limited, of the media business of SCMP Group Limited, a company listed on the Hong Kong Stock Exchange, for a total consideration of approximately HK$2.06 billion
    • the injection of its Online Movie Ticketing and Yulebao businesses into Alibaba Pictures Group Limited
    • the HK de-listing and privatisation of by Alibaba Group
    • the HK listing of (acting for the underwriters)
    • its acquisition of a majority interest in China Civilink
  • China Power New Energy Development Company Limited (CPNE) and China Power Clean Energy Development Company Limited (CPCE) in relation to the redomiciliation of the holding company of the listed group, from Bermuda-incorporated CPNE to Hong Kong-incorporated CPCE by way of a scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda (as amended)
  • Honghua on its proposed issue of shares under specific mandates to China Aerospace Science & Industry Corporation and Jianhong Capital Fund I L.P., respectively, for an aggregate consideration of approximately HK$1.63 billion (US$210 million)
  • Chinalco Mining Corporation International in relation to its proposed privatisation by Aluminum Corporation of China Overseas Holdings Limited to be implemented by way of a scheme of arrangement and the proposed withdrawal of listing of its shares on the Hong Kong Stock Exchange
  • Great Wall Pan Asia Investment Co., Limited on the proposed acquisition of approximately 74.19% of the issued share capital of Armada Holdings Limited (formerly known as SCMP Group Limited) from Kerry Media Limited and its related parties and the mandatory general offer in relation thereto
  • China Resources Holdings (CRH) in its acquisition of the non-beer business from China Resources Enterprise and its partial general offer in relation thereto
  • China Resources Gas Group Limited (CR Gas) on the US$7.009 billion proposed merger with China Resources Power Holdings Company Limited (CR Power) to form one energy group under China Resources (Holdings) Company Limited
  • Hong Kong-listed Guoco Group Limited on the US$1.1 billion cash offer by Hong Leong Company (Malaysia), Guoco Group's holding company. The privatisation, which is the second largest privatisation of a Hong Kong-listed company since 2000, will simplify the shareholding structure of Guoco
  • Merrill Lynch as financial adviser to Little Sheep in its takeover by Yum!
  • Zhengzhou China Resources Gas on its US$102 million HK de-listing and privatisation by China Resources Gas Group

Benita is listed as a Highly Regarded Lawyer in the IFLR 1000 Asia-Pacific 2022 for Capital Markets: Debt, Capital Markets: Equity and M&A in Hong Kong and in the elite 'Leading Lawyers' section of the Legal 500 Asia Pacific 2021 for Capital markets (Equity). She is ranked as Band 1 lawyer for Corporate/M&A: Hong Kong-based (International firms), China and leading lawyer for Capital Markets: Equity (International Firms), China by Chambers Asia-Pacific 2021. Benita is listed as a Thought Leader in the Who's Who Legal Thought Leaders – Hong Kong 2020 and as a recommended Global Leader in Who's Who Legal Capital Markets - Debt & Equity 2020, Corporate Governance 2020 and M&A 2020.

Benita was awarded 'Best in capital markets' by Euromoney Legal Media Group's Asia Women in Business Law Awards 2013.

Benita is Deputy Chairman of the Takeovers and Mergers Panel and a member of the Takeovers Appeal Committee of the SFC, a member of the Listing Review Committee of HKEX, and was a member of the SFC (HKEC Listing) Committee of the SFC in Hong Kong. She is also a fellow, and chairs the Company Law Interest Group of the Technical Panel, of the Hong Kong Chartered Governance Institute. She was a member of the Standing Committee on Company Law Reform of the HKSAR Government.