Deal highlights

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CHINA TOWER IPO

King & Wood Mallesons (KWM) and Freshfields Bruckhaus Deringer advised China Tower Corporation on its proposed global offering and H-share listing on the main board of the Stock Exchange of Hong Kong. Zhong Lun Law Firm and Commerce & Finance Law Offices served as legal counsel for the underwriters in the IPO.

The HK$54.3 billion (US$6.9bn) IPO, before exercise of the overallotment option, made it the largest worldwide since October 2016.

China Tower is the world’s largest telecommunications tower infrastructure service provider. Its network of almost 1.9 million sites spans 31 provinces, municipalities and autonomous regions in China, covering all cities and extensive rural areas.

AURORA IPO

Skadden, and Maples and Calder, advised Aurora Mobile, a leading mobile big data solutions platform in China, on its US$77 million IPO of American Depositary Shares for a Nasdaq listing. Simpson Thacher & Bartlett represented the underwriters in the Aurora Mobile IPO, including Goldman Sachs (Asia) and Credit Suisse.

ALIBABA INVESTS IN TRENDYOL

Simpson Thacher & Bartlett represented Alibaba in connection with its completed strategic investment in Trendyol.

Alibaba’s investment in Trendyol marks the largest internet sector transaction in Turkey to date. Trendyol operates the leading e-commerce platform in Turkey and serves more than 16 million customers.

MORE DEALS

Paul Hastings advised Morgan Stanley, Goldman Sachs and China Merchant Securities as the joint sponsors in Ascletis Pharma’s US$400 million global offering and Hong Kong IPO. It was the first biotechnology company IPO on the main board of the SEHK under the new listing rules.

Watson Farley & Williams advised CMB Financial Leasing (CMBFL) on a US$180.4 million sale-and-leaseback transaction with Star Bulk Carriers Corporation. Star Bulk used the proceeds from the transaction to part-finance the cash portion of the consideration for its acquisition of 15 dry bulk vessels from Norwegian ship owner Songa Bulk.

Paul Hastings also advised CIMC-TianDa Holdings Company Limited on the proposed acquisition, through subsidiary Allied Best (China) Fire Safety Appliances Manufacturing, of 60% of the equity interest in Shenyang Jietong Fire Truck, for a consideration of RMB600 million (US$88 million).