Deal highlights

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China, Singapore in arbitration MOU

The Singapore International Arbitration Centre (SIAC) entered into a memorandum of understanding (MOU) with the Beijing Arbitration Commission/ Beijing International Arbitration Centre (BAC/BIAC) on 15 October 2019.

Under the MOU, the SIAC and BAC/BIAC will work together to jointly promote international arbitration as a preferred method of dispute resolution for resolving international commercial disputes.

The SIAC and BAC/BIAC will co-organize conferences, seminars and workshops on international arbitration in China and Singapore, and will invite key members of their local arbitration community to attend and participate in major events organized by the SIAC in Beijing or by the BAC/BIAC in Singapore.

Onshore PRC fund launched

Simmons & Simmons advised D E Shaw group, a global investment firm, on the launch of its first PRC onshore private securities investment fund, which is managed by its private fund manager incorporated in Shanghai.

“China’s securities and futures market is continuously opening up to foreign investors and we have seen the enthusiasm and confidence from asset managers across the globe in the potential of China,” said Melody Yang, a partner at Simmons & Simmons in Beijing. “The in-depth collaboration among local market players and international asset managers has a positive and profound influence in furthering development of the asset management sector in China.”

Retail co-operation

Baker McKenzie advised METRO, an international wholesale company, on the establishment of a strategic partnership with Wumei Technology Group, a leading retailer in China. In the course of the transaction, METRO sold its entire stake in METRO China to an investment vehicle of Wumei. METRO will hold a 20% stake in the resulting joint venture. Metro China is valued at €1.9 billion (US$2.1 billion) and the deal is subject to government and regulatory approvals in China.

Hong Kong IPOs

Baker McKenzie acted as Hong Kong and US law counsel to Changsha Broad Homes Industrial Group Company on its global offering and listing on the Hong Kong Stock Exchange. Leveraging on its technology capability, Broad Homes has become a platform to provide comprehensive solutions for the industrialization of the construction industry in China, which comprises globalized, scalable and intelligent manufacturing of prefabricated buildings and services.

King & Wood Mallesons advised the joint sponsors on the IPO and listing of Sichuan Languang Justbon Group, a property management company, on the Stock Exchange of Hong Kong. The listing involved spinning off Justbon from A-share-listed Sichuan Languang Development. The Justbon listing raised about HK$1.48 billion (US$188 million).

Dairy deal

King & Wood Mallesons acted as legal counsel for New Hope Dairy in its approximately RMB710 million (US$100.5 million) acquisition and subscription of the 9.28% issued shares of Hong Kong-listed China Modern Dairy Holdings. The completion of the transaction was subject to a number of conditions and approval from Chinese authorities including the National Development and Reform Commission, State Administration of Foreign Exchange and Ministry of Commerce.