Benita Yu

Partner
Joined firm 1994. Partner since 1996.

Benita is one of the industry’s leading corporate lawyers and described by leading legal directories as having “a reputation that is second to none” and an “in-depth understanding of business transactions and commercial operations and (the) ability to keep cooperative relations with other parties."

Over the course of her career, spanning over three decades Benita has represented numerous major corporate clients, PRC state-owned enterprises, international issuers and leading investment banks with their landmark and high profile securities, M&A and corporate finance and debt financing transactions.  

In a professional capacity, 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 formerly a member of the SFC (HKEC Listing) Committee. 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.

Benita is consistently recognised as a leading lawyer in her field by various legal directories. Her latest accolades include:

  • one of Asia’s Top 15 M&A Lawyers in 2022 Asian Legal Business;
  • one of the Women Leaders in Hong Kong since 2018, and as a Highly Regarded Lawyer for both Capital Markets: Debt, Capital Markets: Equity, as well as M&A in Hong Kong, by IFLR 1000 Asia Pacific in 2022;
  • a Leading Professional for M&A and Governance in the 2022 edition of Who's Who Legal;
  • named in the 2022 Legal 500 Asia Pacific Hall of Fame (top tier) for Capital Markets (Equity) in Hong Kong;
  • a Band 1 lawyer in Corporate/M&A: Hong Kong-based (International Firms), China and a Leading Lawyer for Capital Markets: Equity (International Firms), China in 2022 Chambers Greater China.

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.

IPOs

  • Recently advising on the Hong Kong listing of:
     
    • SenseTime, the largest AI software company in Asia in terms of revenue in 2020
    • LB Group, the world’s third-largest and Asia’s and the PRC’s largest titanium dioxide powder producer (ongoing)
  • Advising on the Hong Kong listings of:

    • Agile Property, Alibaba.com, Aluminum Corporation of China, Bank of Communications, China Eastern Airlines, China Hengshi Foundation Company, China Pacific Insurance, China Telecom, China Reinsurance, China Resources Peoples Telephone, China Resources Power, China Unicom, CNBM, Datang International Power Generation, Dongfeng Motor, EC Healthcare (formerly named Union Medical Healthcare), Fosun International, Golden Throat, Huaneng International Power, Kintor Pharmaceutical, KWG Property, Metallurgical Corporation of China, New China Life Insurance, PICC, PRADA S.p.A., Prudential, Samson Holding, SenseTime, Shanghai Forte Land, SinoMedia, Sinopec, SMIC, TOM Group, Yancoal Australia, YiChang HEC ChangJiang Pharmaceutical

Public takeovers

  • Advising on the privatisations of:

    • Guodian Technology by China Energy
    • Dragon Crown by Guangdong Great River
    • Beijing Capital Land by Beijing Capital Group
    • Alibaba.com by Alibaba Group
    • I.T by a CVC consortium
    • Huifu Payment by Purity Investment
    • Changshouhua Food by Shandong Sanxing
    • Huadian Fuxin Energy by China Huadian
    • China National Materials (Sinoma) by China National Building Material Group
    • China Agri-Industries by COFCO Hong Kong
    • China Power Clean Energy by China Power New Energy
    • Intime Retail by Alibaba
    • Yingde Gases, China’s largest independent industrial gases supplier, on its strategic review and possible competing offers and ultimate takeover by PAG Asia Capital and delisting
    • Dalian Wanda Commercial Properties by consortium of 19 investors
    • Chinalco Mining by Aluminum Corporation of China Overseas
    • Zhengzhou China Resources Gas by China Resources Gas
    • Guoco’s proposed privatisations by GuoLine Overseas
    • Little Sheep by Yum! Brands
  • Other public takeovers, Takeover Code related transactions include advising:
     
    • S.F. on its US$2.3bn partial offer to acquire a controlling stake in Kerry Logistics
    • Alibaba:
      • on its US$3.6bn acquisition of a controlling stake in Sun Art and the resulting US$2.2bn mandatory general offer
      • on its US$2.88bn acquisition of an economic interest in Sun Art and the resulting US$1.7bn mandatory general offer
      • on its acquisition of shares and convertible bonds in Intime Retail and the setting up of a US$690m joint venture together with its whitewash waiver applications
  • OOIL on the cash offer by Faulkner Global together with Shanghai Port to acquire all the issued shares in OOIL
  • Great Wall Pan Asia Investment on the acquisition of the issued share capital of Armada (formerly SCMP) from Kerry Media and its related parties and the resulting mandatory general offer
  • China Power New Energy (CPNE) and China Power Clean Energy (CPCE) on the redomiciliation of the holding company of the listed group, from Bermuda-incorporated CPNE to Hong Kong-incorporated CPCE
  • China Resources on its US$3.58bn acquisition of all the non-beer business segments of China Resources Enterprise (CRE) and its partial offer for CRE shares

Other M&A deals/Private Investments in Public Equity

  • Advising:
    • Alibaba on its:

      • strategic cooperation, and the reorganisation of its joint venture, with E-House
      • HK$2.06bn acquisition of SCMP Group
      • injection of its Online Movie Ticketing and Yulebao businesses into Alibaba Pictures
      • US$630m investment in Red Star Macalline, a leading furniture retail platform and shopping centre operator in China
      • investment in CICC
      • cornerstone investment in the initial public offering and listing on the Main Board of the Hong Kong Stock Exchange of Fosun Tourism and E-House
      • subscription for new shares in Alibaba Pictures
  • CICC as financial adviser to China Jinmao on the acquisition of existing shares and convertible bonds in China VAST Industrial Urban Development
  • Union Medical Healthcare on its issue of convertible bonds and warrants to Goldman Sachs and OrbiMed and convertible bonds to Gaw Capital
  • SMIC on the strategic investments by Datang Technology and China IC Fund

Recent block trades and secondary placings

  • Advising:
    • China Power International on its US$501million top-up placing
    • Alibaba Health Information Technology on its HK$10bn primary placing
    • Orient Overseas in relation to:
      • its US$450m top-up placing of existing shares of its issued share capital
      • its top-up placing of existing shares and top-up subscription by the controlling shareholder of new shares for US$120m
  • Kingdee International Software on its US$306m placing
  • the placing agents, on the:
    • new H shares placing by Xinte Energy Co., Ltd. (US$130m)
    • new shares placing by China Modern Dairy (US$200m)
    • top up placing by JS Global Lifestyle (US$140m)
    • placing of new ordinary shares in China Grand Pharmaceutical and Healthcare (US$130m)

Corporate governance

Advising numerous listed corporate clients on general corporate governance and compliance, with relationships extending over decades.