Deal highlights

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Deals-in-brief

ZAI LAB FOLLOW-ON OFFERING

Davis Polk & Wardwell advised Zai Lab, a Shanghai-based innovative biopharmaceutical company, on its first follow-on offering of US$150 million of American depositary shares (ADS). The ADS are listed on the NASDAQ Global Market.

Zai Lab focuses on bringing transformative medicines for cancer, infectious and autoimmune diseases to patients in China and around the world.

DIAGEO ACQUIRES SHUIJINGFANG

Grand Metropolitan International Holdings, a wholly owned subsidiary of Diageo, partially acquired Sichuan Swellfun (Shuijingfang), an A-share-listed company for approximately RMB6.084 billion. On completion of the acquisition through a tender offer, Diageo will directly or indirectly hold an aggregate 60% equity interest in Shuijingfang.

Diageo is a multinational high-end liquor company, with a wide range of alcohol brands, currently listed on both the London and New York stock exchanges. Shuijingfang is the one of the top alcohol brands in China and the mainland’s only foreign-controlled listed baijiuproducer.

Haiwen & Partners acted as the PRC legal counsel for Diageo in the acquisition, designing transaction plans, analyzing compliance issues, assisting in communications with the authorities and completing relevant filing procedures, drafting and reviewing relevant announcement documents, and issuing the PRC legal opinion.

GIDE ADVISES ON TWO DEALS

Gide Loyrette Nouel advised Legrand on its purchase of Shenzhen Clever Electronic, a Chinese company providing network power management solutions for data centres.

Legrand is a France-based specialist in electrical and digital building infrastructures, offering high-value-added products and solutions for commercial, residential and industrial buildings.

Gide advised Legrand on all aspects of the deal, including legal due diligence, structuring, as well as negotiations and drafting of the transaction documents.

Separately, Gide is advising Total on the sale of its China polystyrene business to INEOS Styrolution. The sale involves two facilities with annual production capacities of 200,000 tons each, located in Zhejiang and Guangdong provinces.

The transaction is subject to the approval of regulatory authorities. Gide is advising Total on all legal and tax aspects of the transaction.

HUA MEDICINE IPO

Hua Medicine, a Shanghai-based medicine company founded in 2011, was recently listed on the main board of the Stock Exchange of Hong Kong, with the global offering and initial public offering reaching US$110 million.

In the listing, Shearman & Sterling advised the underwriters, including Goldman Sachs (Asia), CLSA, UBS AG, Hong Kong branch, and Guotai Junan Securities, on legal issues related to mainland and Hong Kong capital markets, and intellectual property.

NIO IPO

NIO, a Chinese premium electric vehicle manufacturer, has announced its initial public offering of American depositary shares (ADSs) and listing on the New York Stock Exchange. The total offering amount is approximately US$1 billion.

Skadden advised NIO with its team led by Hong Kong partners Julie Gao and Will Cai. Latham & Watkins advised the underwriters in the offering with a Capital Markets team led by Hong Kong partner Allen Wang.