AZB & Partners has advised ICICI, HDFC and HSBC on the proposals by Jubilant Life Sciences to avail of a rupee term loan not exceeding Rs3.75 billion (US$52.7m) with a sub-limit in the form of FCNR (B) facility from ICICI, and to create a common security package to secure the ICICI facility, and the borrowings proposed to be availed by it from HSBC and HDFC. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction, which was completed on January 7, 2020.
AZB & Partners has also advised Apeejay Surrendra Park Hotels on its IPO of equity shares with face value of Rs1 (US$0.014) each, aggregating up to Rs10 billion (US140.4m), comprising of a fresh issue of equity shares up to Rs4 billion (US$56m) and an offer for sale of equity shares aggregating up to Rs6 billion (US$84m). Partners Madhurima Mukherjee and Agnik Bhattacharyya led the firm’s team in the transaction.
Baker McKenzie is advising Tencent Holdings on its offer, through an indirectly-owned subsidiary, to acquire all of the shares of Funcom not owned by Tencent through a voluntary cash offer of NOK17 (US$1.86) per share. The offer values the total share capital of Funcom at NOK1.33 billion (US$145.7m) on a fully diluted basis. Funcom’s management and supervisory boards unanimously recommended to shareholders to accept the offer. Hong Kong partner Tracy Wut is leading the firm’s team in the transaction, while AGP Advokater AS (Norway) is also advising Tencent. Advokatfirmaet CLP DA (Norway) and Weidema van Tol (The Netherlands) are advisingFuncom.
Baker McKenzie and Esin Attorney Partnership have advised IC İÇTAŞ İnşaat Sanayi ve Ticaret on the sale of 51 percent of its interest in ICA IC İÇTAŞ ASTALDI Üçüncü Boğaz Köprüsü ve Kuzey Marmara Otoyolu Yatırım ve İşletme, making it the largest Chinese outbound investment in Turkey in 2019. Under the terms of the agreement, IC ICTAS and the Chinese consortium will be undertaking the financing, design, construction, operation and all maintenance and repair of the Northern Marmara Motorway Odayeri-Paşaköy Section, including the Third Bosphorus Bridge, located in Istanbul, Turkey. IC İÇTAŞ is the flagship company of IC İbrahim Çeçen Yatırım Holding. It is one of the leading construction and concession investment companies in Turkey. The consortium is composed of China Merchants Expressway Network & Technology Holdings, China Merchants Union (BVI), Jiangsu Expressway, Zhejiang Expressway, Anhui Expressway and Sichuan Expressway. Partners Ismail Esin and Caner Elmas of Baker McKenzie’s member firm Esin Attorney Partnership in Istanbul, assisted by partner Tracy Wut of Baker McKenzie in Hong Kong and partner Maggie Chen of Baker McKenzie FenXun Joint Operation in Shanghai, led the firms’ teams in the transaction, which is subject to closing conditions.
Clove Legal has advised Integrace, a True North-backed pharma venture, on the acquisition of gynaecology business from Glenmark Pharmaceuticals. Partner Amit Sirsikar led the firm’s team in the transaction. Cyril Amarchand Mangaldas, led by partner Manisha Kumar, advised Glenmark Pharmaceuticals.
Davis Polk has advised the initial purchasers on the Regulation S offering of US$450 million 10.875 percent notes due 2023 by Fantasia Holdings. Concurrently with the offering, the firm advised the dealer managers on a cash tender offer by Fantasia Holdings for approximately 13.3 percent of its outstanding 8.375 percent senior notes due 2021. Fantasia Holdings is a property developer and property-related service provider in China. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a US$200 million Regulation S only offering by China South City Holdings of its 11.5 percent senior notes due 2022, to be consolidated and form a single series with the US$150 million 11.5 percent senior notes due 2022 issued on December 12, 2019. Hong Kong-listed China South City Holdings is a developer and operator of large-scale, integrated logistics and trade centres in China. Hong Kong partners Gerhard Radtke and Yang Chu also led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands and BVI counsel to Maike Tube Industry Holdings on its IPO of 98.4 million shares and listing in Hong Kong. Maike Tube is a manufacturer of standard prefabricated pipe nipple products and steel pipe products. The offering, which closed on December 18, 2019, raised approximately HK$236 million (US$30.4m). Partner Derrick Kan led the firm’s team in the transaction, while Eric Chow & Co, in association with Commerce & Finance and Beijing Deheng Law Offices, acted as Hong Kong and China counsels, respectively. Deacons and Global Law Office acted as Hong Kong and China counsels to the sole sponsor, Fortune Financial, and the underwriters.
Maples and Calder has also acted as Cayman Islands and BVI counsel to JS Global Lifestyle on its IPO of 499.83 million shares and listing in Hong Kong. JS Global is a global leader in high-quality, innovative small household appliances. The offering, which closed on December 18, 2019, raised approximately HK$2.6 billion (US$334.5m). Partner Derrick Kan also led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws and Grandall Law Firm advised on Chinese law. The joint sponsors, Credit Suisse, Morgan Stanley and ICBC International, and the underwriters were represented by Paul Hastings as to Hong Kong and US laws and by Commerce & Finance as to Chinese law.
Simpson Thacher has represented Phoenix Tree Holdings (Danke) on its IPO and listing in New York. The offering comprised 9.6 million American depositary shares, representing 96 million Class A ordinary shares, before the exercise of the underwriters’ overallotment option. The base offering size was US$129.6 million. Citigroup, Credit Suisse, JP Morgan and Tiger Brokers acted as the underwriters. As one of the largest co-living platforms in China with the fastest growth, Danke is redefining the residential rental market through technology and aims to help people live better. Danke sources and leases apartments from individual property owners on a long-term basis, designs, renovates and furnishes such apartments in a standardised and stylish manner, and rents them out to individual residents. Capital markets partners Chris Lin and Yi Gao led the firm’s team in the transaction.
Skadden has advised I-MAB, a Chinese biotechnology company, on its US$104 million IPO of ADS on Nasdaq. Shanghai-based I-MAB is developing drugs to treat cancers and autoimmune disorders. Trading commenced on January 17, 2020. Hong Kong partner Julie Gao and Shanghai partner Haiping Li led the firm’s team in the transaction.
Skadden has also advised Citigroup Global Markets, Haitong International Securities, AMTD Global Markets, Needham & Company, Tiger Brokers (NZ) and Prime Number Capital as underwriters on the US$45 million IPO of ADS by Lizhi on Nasdaq. Lizhi is an interactive audio-streaming platform for user-generated content in China. Trading commenced on January 17, 2020. Hong Kong partner Julie Gao led the firm’s team in the transaction.
