FIRMS ADVISE ON JD DEALS
Skadden is advising JD.com in its strategic transaction with Google Shopping, in which Google will invest US$550 million in cash as part of a strategic partnership. The two companies plan to collaborate on a range of strategic initiatives including joint development of retail solutions in Southeast Asia, the US and Europe. The Skadden team was led by Hong Kong-based partner Julie Gao.
Orrick advised JD.com on its HK$899 million (US$115 million) strategic investment in China Logistics Property Holdings (CNLP), which accounts for about 9.9% of the enlarged share capital of CNLP following the investment. JD has also acquired the right to nominate one non-executive director to sit on CNLP’s board of directors. The Orrick team advising JD was led by its Shanghai-based corporate partner, Jeffrey Sun, and Hong Kong-based M&A and private equity partner, Mark Lehmkuhler.
CDH ACQUIRES SIRTEX
MinterEllison and Paul Hastings are advising CDH Investments on CDH and China Grand Pharmaceutical and Healthcare Holdings’ A$1.9 billion (US$1.4 billion) joint takeover of Australian-headquartered Sirtex Medical. The MinterEllison team was led by partner Alberto Colla in Australia. The Paul Hastings team was led by partners Raymond Li and Vivian Lam in Hong Kong.
ANT FINANCIAL EQUITY FINANCING
Simpson Thacher is representing Ant Small and Micro Financial Services Group (Ant Financial) in its series C equity financing totalling about US$14 billion, drawing investors including GIC, Silver Lake and Temasek. The Simpson Thacher team advising Ant Financial included M&A partners Celia Lam in Hong Kong and Wang Yang in Beijing.
KWM IN IPOS
King & Wood Mallesons (KWM) advised Foxconn Industrial Internet (FII) on its listing on the Shanghai Stock Exchange. FII raised more than RMB27.1 billion from this IPO. The listing marks one of the largest A-share IPOs since 2015. The KWM team advising Foxconn was led by partners Su Zheng, Zhou Rui, Jiao Fugang, Hu Guangjian and Tian Weina in the PRC offices, with the Hong Kong team led by partner Simon Yung.
KWM also advised the sole sponsor and underwriters on the listing of Dowway Holdings Limited on the GEM board of The Stock Exchange of Hong Kong. The gross proceeds raised from this IPO were HK$72.5 million. The KWM team was led by corporate and securities partner Anthony Wan.
Simpson Thacher represented China National Chemical Corporation (ChemChina) on a US$5.5 billion syndicated refinancing, which paid off the outstanding amounts under ChemChina’s US$12.7 billion acquisition of Swiss agrochemical and seeds company Syngenta.
The Simpson Thacher team advising ChemChina was led by Makiko Harunari, head of Asia banking and credit based in Hong Kong.