Allen & Gledhill has advised venture capital firm Openspace Ventures, via its affiliate Osmosis Holdings, on a pre-series seed round investment in Sirsak, a green-tech startup with operations in Indonesia and deals in sustainable waste recovery and management. Partner Nicholas Soh led the firm’s team in the transaction.
Allen & Gledhill has also advised Singapore Airlines on the issue of S$500 million (US$395m) notes, under its S$10 billion (US$7.9b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Bluehill Capital Trust on its acquisition of more than five percent stake in semiconductor startup Sophrosyne Technologies. Partner Aarthi Sivanandh is leading the firm’s team in the transaction, which was signed on January 14, 2026 and is yet to be completed.
Baker McKenzie is advising Hong Kong-listed China Ruyi Holdings on the issuance of HK$2.57 billion (US$329m) zero coupon convertible bonds due 2027, with a conversion premium of approximately 15 percent over its closing price of the last trading day before the signing of the subscription agreement. The proceeds from the bond issuance will be used by the group for strategic investments and acquisitions in its gaming and streaming businesses, as well as for general working capital purposes. Deutsche Bank Hong Kong Branch is the sole lead manager in this deal. Capital markets partners Christina Lee and Brian Wong, supported by London partner James Tanner, led the Baker McKenzie and its China joint operation partner Fen Xun team in the transaction.
Clifford Chance has advised the joint sponsors CICC, GTJA and BOCOM and the underwriters on the IPO and listing of Axera Semiconductor in Hong Kong, raising approximately US$379 million. Axera Semiconductor provides artificial intelligence (AI) inference systems-on-a-chip (SoCs), which delivers high-performance perception and computing platforms for edge and endpoint AI applications. At the heart of Axera Semiconductor’s capabilities and SoC offerings is the Axera Neutron, a mixed-precision neural processing unit (NPU) which is specialized in processing architecture that delivers improved AI inference efficiency through advanced mixed-precision computing. Complementing the mixed precision NPU is Axera Proton AI-ISP, the world’s first commercially scaled AI-enabled image signal processor. China practice chair and partner Tim Wang and partners Fang Liu and Virginia Lee led the firm’s team in the transaction.
JSA Advocates & Solicitors has advised VEH Green Energy, a subsidiary of Clean Max Enviro Energy Solutions, on the external commercial borrowing, along with letter of credit and standby letter of credit facilities, availed from DBS Bank, The Hongkong and Shanghai Banking Corporation, and Credit Agricole Corporate and Investment Bank. The facilities were availed for the construction and operation of a 155 MW (AC) hybrid renewable power project in Karnataka, India, comprising of a 155 MW (AC) wind and 79.20 MW (DC) solar power capacity. Partners Karan Mitroo and Kartikeya Dubey led the firm’s team in the transaction, which was valued at approximately US$174 million.
JSA Advocates & Solicitors has also advised IvyCap Ventures Fund III on its investment in Alimento Agro Foods, a fast-growing packaged and instant food company operating under the brand names “Meal of the Moment” (MOM) and “Gimi Gimi”. Founded in 2015 by Prateek Bhagchandka and Mugdha Bhagchandka, the Kota-headquartered company manufactures and markets a diverse range of packaged food products. Its flagship brand, MOM, focuses on the ready-to-eat and ready-to-cook segments, while its second brand, Gimi Gimi, caters to the growing demand for Korean-style noodles in India. The investment will be utilised to expand Alimento Agro Foods’ manufacturing capacity, strengthen its distribution network across India, and support new product development initiatives across both brands, positioning the company for its next phase of growth. Tanmayee Sahoo, supported by Shefalika Shekhawat and partner Siddharth Mody, led the firm’s team in the transaction.
Moreover, JSA Advocates & Solicitors is advising JM Financial and IIFL Capital Services (formerly known as IIFL Securities), as book-running lead managers, on the proposed IPO of equity shares of Tonbo Imaging India, which filed its Draft Red Herring Prospectus with the SEBI and the stock exchanges on December 22, 2025. The proposed IPO comprises an offer for sale of up to 18.1 million equity shares by the promoters and certain other shareholders of Tonbo Imaging India. Partner Madhurima Mukherjee Saha, supported by partner Sagar Batra, led the firm’s team in the transaction.
Maples has acted as Cayman Islands counsel to the MiniMax Group on its IPO in Hong Kong. The offering, which closed on January 9, 2026, raised gross proceeds of approximately HK$4.8 billion (US$614m). MiniMax is a leading Chinese artificial intelligence (AI) company based in Shanghai, backed by Alibaba Group Holding and Abu Dhabi’s sovereign wealth fund. The company specialises in AI applications, including conversational agents, image generation and video synthesis. MiniMax intends to use the proceeds from the IPO to fund the research and development of its foundation models and AI‑native products over the next five years. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Davis Polk & Wardwell acted as Hong Kong and US counsel, and Jingtian & Gongcheng acted as China counsel. Freshfields acted as Hong Kong and US counsel, and Commerce & Finance Law Offices acted as China counsel to the joint sponsors and the underwriters.
Maples has also acted as Cayman Islands counsel to Genor Biopharma Holdings, a Hong Kong-listed company under Chapter 18A of the Listing Rules, on its merger with Edding Group. Upon completion of the transaction on December 30, 2025, Genor Biopharma has been renamed to Edding Genor Group Holdings, and continues to be listed in Hong Kong. The transaction implies a value of approximately US$874 million, and marks the first reverse takeover involving a Chapter 18A listed company in Hong Kong’s capital markets. Introduced in 2018, Hong Kong’s Chapter 18A Listing Rule was designed to attract pre-revenue issuers in high-growth technology and biotechnology sectors, amid growing competition from the US and China mainland stock exchanges. Genor Biopharma is a China-based, innovation-driven biopharmaceutical company specialising in the discovery, development and commercialisation of oncology and autoimmune therapies. It was listed in Hong Kong in 2020 through the Chapter 18A listing regime. Hong Kong partner Juno Huang led the firm’s team in the transaction, while Haiwen & Partners acted as Hong Kong and China counsel. Kirkland & Ellis acted as Hong Kong counsel, while Jingtian & Gongcheng acted as China counsel to the Edding Group.
Moreover, Maples has acted as Cayman Islands counsel to Jingdong Industrials on its recent global offering of 211.2 million shares and listing in Hong Kong. The offering, which closed on December 11, 2025, raised gross proceeds of approximately HK$2.978 billion (US$381m). Jingdong Industrials is the leading industrial supply chain technology and service provider in China. It is a subsidiary of JD.com, China’s largest retailer by revenue, which has been listed on the Nasdaq since 2014, and in Hong Kong since 2020. Hong Kong partner and Asia corporate head Matt Roberts and partner Vivian Lee led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel, and Shihui Partners acted as China counsel. Cleary Gottlieb Steen & Hamilton acted as Hong Kong and US counsel, while Han Kun Law Offices acted as China counsel to the joint sponsors and the underwriters.
Rajah & Tann Singapore has represented Insignia Ventures III VCC, acting for its sub fund Insignia Ventures Holding III, on its Series A equity investment, alongside founders Neo Weng and Meredith Zhang, into IMCOCO Cayman. Partner Terence Quek led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Power Finance Corporation on the financing of a large-scale solar photovoltaic power project with a battery energy storage system (BESS) undertaken by ACME Sigma Urja, a special purpose vehicle promoted by ACME Solar Holdings. The transaction involved the provision by Power Finance Corporation of a Rs27.16 billion (US$300m) rupee term loan for setting up and implementing a 300 MWAC / 783 MWDC solar photovoltaic project with 1,356 MWh BESS in Chittorgarh district, Rajasthan, India. The financing documents were signed on December 24, 2025, and the funds were disbursed on December 30, 2025. Partner Anurag Dwivedi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Hindustan Petroleum Corporation on a long-term Liquefied Natural Gas (LNG) Sale and Purchase Agreement worth approximately US$3 billion entered into with Abu Dhabi Gas Liquefaction Company, a subsidiary of ADNOC Gas. The transaction involves Hindustan Petroleum’s purchase of LNG valued at around US$3 billion over a 10-year period, strengthening India’s long-term energy security, and supporting the country’s growing demand for natural gas. Partner Prashant Sirohi led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised Norwest Venture Partners on the divestment of its 100 percent stake in Pepperfry to India-listed TCC Concept. The transaction was structured as a share swap, with TCC acquiring 98.98 percent shareholding of Pepperfry from the existing shareholders, and involved a cross-border share swap between a resident listed entity and multiple resident and non-resident sellers (including Norwest). Partners Aayush Kapoor and Roma Das, supported by partner Manita Doshi on regulatory matters, led the firm’s team in the transaction.
Simpson Thacher is representing KKR on the acquisition by KKR and Singtel of the remaining 82 percent stake in Telemedia Global Data Centres, a leading data centre colocation services provider, from founding shareholder Telemedia for a total consideration of S$6.6 billion (US$5.2b). This represents an implied enterprise value of approximately S$13.8 billion (US$11b), including leverage and capital expenditure for committed projects. Hong Kong M&A partners Erik Ping Wang and Ian Ho and real estate partner Jonathan Hwang led the firm’s team in the transaction.
S&R Associates has represented Ascendas IT Park (Pune), sponsored by CapitaLand India Trust, on its Rs9.15 billion (US$101m) issuance of privately placed non-convertible debentures listed in India. Partner Aparna Ravi led the firm’s team in the transaction.
S&R Associates has also represented IRB Infrastructure Trust, an infrastructure investment trust which owns and operates road assets in India, on its Rs108 billion (US$1.2b) investment in IRB Harihara Corridors, the concessionaire for two highway corridors in the state of Uttar Pradesh. Partner Pratichi Mishra led the firm’s team in the transaction.
TT&A has advised the Asian Development Bank on its loan facilities via external commercial borrowings of up to US$150 million to Piramal Finance. The proceeds of the facility will be used by Piramal Finance to finance long-tenor micro, small and medium-sized enterprises (MSMEs) loans in India, under its existing social finance framework, with at least 30 percent applied towards eligible women borrowers. Partner Ambarish Mohanty led the firm’s team in the transaction, while Watson Farley & Williams acted as English law counsel.
TT&A has also advised the International Finance Corporation on the grant of an unsecured loan made available to Bank of Bhutan, the oldest and largest commercial bank in Bhutan. The proposed project consists of an investment of a US$20 million (equivalent in Bhutanese Ngultrum) by IFC into the Bank of Bhutan, which shall be utilized by the borrower for on-lending to eligible sub-borrowers, including MSMEs. The proposed transaction will be one of the most significant investments under Bhutan’s external commercial borrowing framework. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, while Garuda Legal Services acted as Bhutan law counsel.
Moreover, TT&A has advised Setu AIF Trust, along with co-investors MMPL Trust and Konark Trust (WestBridge), on its lead investment in Series D funding round of Juspay Technologies, a leading multinational payments technology company. The transaction is a mix of primary and secondary investments that values Juspay at US$1.2 billion. The investment marked WestBridge’s entry into Juspay’s cap table, and will support Juspay’s global expansion, product innovation and liquidity for early investors and employees. Partners Gautam Saha and Harshit Chandra led the firm’s team in the transaction. Cyril Amarchand advised Juspay Technologies and the selling investors.
WongPartnership has acted for Hong Kong-listed Concord New Energy Group on its secondary listing via introduction in Singapore. With a market value of approximately HK$2.6 billion (US$332.6m), Concord New Energy Group develops and provides green power, such as wind and solar energy, and energy storage businesses worldwide. Partner Chong Hong Chiang led the firm’s team in the transaction.
WongPartnership has also acted for the Singapore International Commercial Court (SICC)-appointed receivers from Deloitte Singapore on the landmark share sale of DyStar Global Holdings (Singapore), culminating in the successful completion of one of Singapore’s largest and most high-profile receivership sales. Partners Smitha Menon, Joel Chng and Eden Li led the firm’s team in the transaction, together with partners Andrew Ang and Soon Keong Ho.
