Legal news in brief

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M&A VETERAN JOINS ORRICK

Orrick recently recruited Jeff Zhang Jinsong as a partner in the firm’s M&A and private equity practice. Zhang will split his time between Orrick’s Beijing and New York offices. He is experienced in representing both Chinese state-owned enterprises and private companies in cross-border public and private M&A, tender offers, privatizations, spinoffs and joint ventures.

FRESHFIELDS ADDS PARTNER

Hazel Yin recently joined Freshfields Bruckhaus Deringer as a partner in the firm’s Asia antitrust, competition and trade practice. She is based in Beijing, serving as co-head of the firm’s competition practice in mainland China. Yin has experience in advising multinational and Chinese clients on inbound and outbound merger control, regulatory investigations and antitrust risk and compliance.

WIN FOR MT GOX

Leading Japanese law firm Nishimura & Asahi represented several creditors and filed for the involuntary civil rehabilitation of Tokyo-based Mt. Gox, at one time the world’s largest bitcoin cryptocurrency exchange, which collapsed in February 2014. The firm succeeded in obtaining an order to halt the liquidation of the exchange in favour of a civil rehabilitation procedure, to take place before the Tokyo District Court. The Nishimura & Asahi team representing the creditors was led by partners Shinnosuke Fukuoka and Yuri Sugano.

ERIC LUI JOINS ONC

Eric Lui recently joined as a partner of Hong Kong-based ONC Lawyers in its corporate and commercial department.

As the first batch of Hong Kong lawyers who set up joint venture law firms in Shenzhen Qianhai Co-operation Zone, Lui has experience in handling banking and finance transactions, particularly cross-border project finance. He advises on all aspects of secured and unsecured loan transactions including bilateral loans, syndicated loans, and acquisition and shipping financing.

ASHURST BOOSTS PROJECT FINANCE

Ashurst announced the appointment of Alfred Ng as a partner in its project finance practice, based in Singapore. Ng joins from Shearman & Sterling and has experience in advising on project finance transactions in sectors including power, infrastructure, oil and gas, and petrochemicals projects, particularly in the Southeast Asia and South Asia regions.

MOURANT HIRES OF COUNSEL

Mourant Ozannes Hong Kong has appointed Jennifer Maughan as of counsel, bringing the total number across its global network to 23. Maughan is a lawyer in the firm’s Hong Kong litigation practice, and her practice comprises general commercial disputes with a particular focus on shareholder disputes including unfair prejudice claims, derivative actions, and winding up proceedings.

SKADDEN IN HK LISTING

Skadden advised VCredit Holdings, an independent online consumer finance service provider in China, on its HK$1.2 billion (US$153 million) global offering and listing on the Hong Kong Stock Exchange. Trading in the shares commenced on 21 June 2018. The Skadden team was led by corporate partners Julie Gao (Hong Kong), Christopher Betts (Hong Kong ) and Haiping Li (Shanghai), with associates Peter Pang (Shanghai), Ryan Tou, Sophia Tong and trainee solicitor Tina Ye, all in Hong Kong. Palo Alto partner Sean Shimamoto and associate Yilan Bryant advised on tax.

MYANMAR 2% WHT ABOLISHED

Myanmar’s Ministry of Planning and Finance enacted a new withholding tax (WHT) notification on 18 June 2018, effective from 1 July 2018. The notification abolishes 2% WHT for payments to resident citizens and resident foreigners for services rendered, goods purchases and lease payments within Myanmar. Government organizations, ministry and state-owned enterprises are excluded and 2%, and accordingly, government organizations, ministries and state-owned enterprises will continue to deduct 2% WHT when making payments to resident citizens and foreigners.

FOXCONN LISTS IN SHANGHAI

King & Wood Mallesons (KWM) advised Foxconn Industrial Internet (FII) on its listing on the Shanghai Stock Exchange. FII raised more than RMB27.1 billion (US$4 billion) from this IPO, which makes the listing one of the largest A-share IPOs since 2015. The KWM team 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.

HARASSMENT REVEALED IN NZ

The president of the New Zealand Law Society, Kathryn Beck, said she was shocked at the scale of sexual harassment detailed in its own survey, Global Legal Post reported.

Beck said she was committed to building relationships across the sector, including with the society’s critics, to eliminate bullying and sexual harassment in the law.

The law society published results from its first survey of lawyers in the society’s 150-year history, which showed nearly one in three female lawyers had been sexually harassed at work and more than half of all lawyers had been bullied.

MERCARI LISTS IN TOKYO

Skadden represented Mercari, a Japanese e-commerce company and one of the world’s largest C2C marketplace app providers, in its ¥130.7 billion (US$1.2 billion) IPO and listing on the Tokyo Stock Exchange.

This was the largest stock listing in Japan this year, and Mercari is Japan’s first unicorn – a start-up with a valuation above US$1 billion. The team was led by partner Kenji Taneda and included counsel Ken Kiyota and associate Yuko Ozaki.

CHEMICAL INVESTMENT

Japanese law firm Nishimura & Asahi advised Sekisui Chemical on its additional investment in joint-venture company PeptiStar. PeptiStar expects to raise additional funds from 17 investors, including Sekisui, PeptiDream, Shionogi & Co, and Innovation Network Corporation of Japan.

The Nishimura & Asahi team advising Sekisui was led by partners Takuya Matsuo and Tatsuya Nakayama.