Allen & Gledhill has acted as transaction counsel for DBS Bank and United Overseas Bank on various term loan facilities aggregating to S$675 million (US$489.5m) to Perennial Treasury, and guaranteed by Perennial Real Estate Holdings. The facilities will be used to finance, among other purposes, the redemption of bonds issued by the borrower and the guarantor. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Gledhill has also advised MUFG Innovation Partners (MUIP) on co-leading the first US$23.5 million tranche of the Series C funding round of Investree, Indonesia’s leading business-to-business marketplace lending platform. MUIP is a corporate venture capital fund and a wholly-owned subsidiary of MUFG, Japan’s leading global financial group. Julian Ho led the firm’s team in the transaction.
AZB & Partners has advised Rocketship.VC on the approximately Rs224.94 million (US$3m) acquisition by Rocketship.vc Fund II and Rocketship.vc Parallel Fund II of a minority stake in Yulu Bikes. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on June 18, 2020.
AZB & Partners has also advised Tilden Park Capital Management on the Rs22.5 billion (US$301m) acquisition by its investment vehicle, Bay Tree India Holdings I, of 7.78 percent of share capital in Yes Bank. Partners Ashwath Rau and Kashish Bhatia led the firm’s team in the transaction, which was completed on July 23, 2020.
Baker McKenzie has advised Hong Kong-listed 3SBio on the issuance, through its SPV, of new €320 million (US$375.4m) zero-coupon convertible bonds due 2025, and on the concurrent repurchase of its existing convertible bonds. The new bonds are listed in Hong Kong. Founded in 1993, 3SBio is a pioneer and a leading biotechnology company in China. It has extensive expertise in developing, manufacturing and commercialising biopharmaceuticals. Deutsche Bank and JP Morgan were the joint global coordinators, joint managers and joint book-runners on the issuance. Asia Pacific capital markets chair partner Ivy Wong, supported by local principal Xavier Amadei from Baker McKenzie Wong & Leow in Singapore and partner Duncan McGrath in Sydney, led the firm’s team in the transaction, which was completed on June 29, 2020.
Baker McKenzie has also advised BOCOM International Holdings, a subsidiary of the Bank of Communications, on two new transactions amid Covid-19. The firm advised Bocom’s subsidiary, as lender, on a Hong Kong dollar term loan facility granted to the substantial shareholder of a Hong Kong-listed company, to finance the payment obligations under the mandatory conditional cash offer made and triggered under the Takeovers Code. The firm also advised Bocom on its Series A investment, via subscription of preference shares, in a new tech company and its subsidiaries, that are engaged in the development, manufacturing, sales and maintenance services of medical equipment utilising AI technologies in Singapore and China. Partners Ivy Wong, Asia Pacific capital markets chair, and Simon Leung led the firm’s team in the Hong Kong dollar loan, while partner Ivy Wong also led the firm’s team in the Series A investment.
Davis Polk has advised the initial purchasers on the Regulation S offering by RongXingDa Development of US$250 million principal amount of nine percent senior notes due 2021. The notes are guaranteed by Shenzhen-listed RiseSun Real Estate Development, a leading real estate developer in the China focusing on developing quality residential properties. RiseSun has established a strong market position in the Beijing-Tianjin-Hebei Bohai Economic Rim and the Yangtze River Delta Region, and has been actively expanding into the Greater Bay Area and central and western China. Hong Kong corporate partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a Regulation S offering by Trip.com Group of US$500 million principal amount of 1.5 percent exchangeable senior notes due 2027. Nasdaq-listed Trip.com Group is a leading one-stop travel service provider, consisting of Trip.com, Ctrip, Skyscanner and Qunar. Across its platforms, Trip.com Group enables local partners and travellers around the world to make informed and cost-effective bookings for travel products and services. Hong Kong partner James Lin, supported by partner John Brandow, led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Maples and Calder, led by partner Richard Spooner, acted as Cayman Islands counsel to Trip.com Group.
J Sagar Associates has advised Axis Capital and ICICI Securities, as the book-running lead managers, on the recent IPO of Rossari Biotech. The prospectus was filed on July 16, 2020, comprising of a public issue of approximately 11.7 million equity shares, with face value of Rs2 (US$0.027) each, at a premium of Rs425 (US$5.68) each, aggregating to approximately Rs5 billion (US$66.8m), comprising of a fresh issue of Rs500 million (US$6.7m) and an offer for sale by Rossari promoters Edward Walter Menezes and Sunil Srinivasan Chari, aggregating to approximately Rs4.5 billion (US$60m). The IPO was in addition to a Rs1 billion (US$13.4m) pre-IPO placement in February 2020 to various marquee investors. Rossari is one of the leading specialty chemicals manufacturing companies in India, which operates in India and in 17 foreign countries. The all-virtual IPO, which closed on July 21, 2020, is the first public offering of securities in India, amid the continuing Covid-19 pandemic and after a stagnant fund raising phase of four months. Partner Arka Mookerjee led the firm’s team in the transaction, while Squire Patton Boggs Singapore acted as special purpose international legal counsel. Shardul Amarchand Mangaldas & Co, led by partners Nikhil Naredi and Sayantan Dutta, advised Rossari Biotech.
J Sagar Associates and Baker & Mckenzie have advised Rakuten Mobile, a wholly-owned subsidiary of Rakuten, on its 100 percent acquisition of Innoeye Software Technologies (Innoeye ST) and Innoeye LLC. Rakuten is the largest e-commerce company of Japan. Innoeye is an engineering technology solutions company and is engaged in designing, developing and delivering end-to-end telecom operation support system solutions and business support system solutions. Innoeye ST serves as an offshore development centre for the technology solutions, while Innoeye LLC holds the intellectual property and executes the contracts with customers. Innoeye LLC also serves as the holding company for Innoeye Japan and Innoeye (Singapore). Partners Trisheet Chatterjee and Zain Pandit, supported by partner Minu Dwivedi, led the firm’s team in the transaction, which is expected to close after completion of certain conditions precedent.
Khaitan & Co has advised CESC Ventures and the RP-Sanjiv Goenka Group on the acquisition of a majority stake in Editorji Technologies. CESC Ventures is a wholly owned subsidiary of CESC, the flagship company of the RP-Sanjiv Goenka Group, one of India’s fastest growing conglomerates with a significant global presence in power and energy, carbon black manufacturing, retail, IT-enabled services, FMCG, media and entertainment, and agriculture. Editorji Technologies is an AI-powered news application named Editorji, which provides personalised newscasts, based on user preferences and behaviour. Partner Anuj Shah led the firm’s team in the transaction, which was completed on July 11, 2020. Cyril Amarchand Mangaldas also advised on the deal.
Khaitan & Co has also advised STX Filmworks on securing approval from the Competition Commission of India on its merger with a subsidiary of Eros International. The transaction also envisages additional investments of approximately US$125 million by existing and new investors. The transaction will create the first publicly traded, independent content and distribution company, under the name Eros STX Global Corporation, with global reach and unique positions in the US, India and China. Partner Sagardeep Rathi led the firm’s team in the transaction, which was completed on July 8, 2020.
Maples and Calder has acted as Cayman Islands counsel to Yik Wo International Holdings on its IPO of 150 million shares and its listing in Hong Kong. Yik Wo is the fourth largest disposable plastic food storage container company in China. The offering, which closed on July 13, 2020, raised approximately HK$60 million (US$7.7m). Partner Derrick Kan led the firm’s team in the transaction, while PC Woo & Co and Tian Yuan Law Firm acted as Hong Kong and China counsel, respectively. TC & Co and Jingtian & Gongcheng acted as Hong Kong and China counsel, respectively, for Grand Moore Capital, as the sole sponsor, and for the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to Immunotech Biopharm on its IPO of 100 million shares and its listing in Hong Kong. Immunotech is a leading cellular immunotherapy biopharmaceutical company in China. The offering, which closed on July 10, 2020, raised approximately HK$1.1 billion (US$142m). Partner Derrick Kan also led the firm’s team in the transaction, while Eric Chow & Co, in association with Commerce & Finance Law Offices, acted as Hong Kong counsel, and Commerce & Finance Law Office acted as China counsel. Allen & Overy acted as Hong Kong counsel, while Jingtian & Gongcheng acted as China counsel to CC International Capital and Guosen Securities (HK), as the joint sponsors, and to the underwriters.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for Perennial Real Estate Holdings on the S$1.58 billion (US$1.15b) voluntary conditional cash offer by United Overseas Bank and DBS Bank, for and on behalf of Primero Investment Holdings, a consortium comprised of Chinese private equity firm HOPU and key shareholders of Perennial, to acquire all of the issued and paid-up ordinary shares in the capital of Perennial. Partner Sandy Foo is leading the firm’s team in the transaction, with senior associate Goh Jun Yi.
Rajah & Tann Singapore and Christopher & Lee Ong, member firms of Rajah & Tann Asia, are advising Esteel Enterprise on its US$128 million acquisition of Antara Steel Mills from Lion Industries. Partners Danny Lim and Cynthia Wu from Rajah & Tann Singapore and Yon See Ting and Kimberly Goh from Christopher & Lee Ong are leading the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Zolostays Property Solutions on its issue of Series C compulsorily convertible preference shares to Investcorp, Nexus Ventures Partners, Mirae Assets Group and Trifecta Venture Fund Debt-II. Partner Arjun Perikal led the firm’s team in the transaction, which is valued at US$56 million. Khaitan & Co advised Mirae Asset Naver New Growthfund I, Mirae Asset GS Retail New Growthfund I, Mirae Asset Young Start -up investment fund I and CO -Living Parent, while Samvad Partners advised Trifecta Venture Debt Fund II.
Simpson Thacher has represented the underwriters on the IPO and listing in the Nasdaq of Burning Rock Biotech. The offering comprised of 13.5 million American Depositary Shares, representing 13.5 million Class A ordinary shares, before the exercise of the underwriters’ overallotment option. The base offering size was approximately US$222.8 million. Morgan Stanley, BofA Securities and Cowen acted as the representatives of the underwriters. Burning Rock is a leading cancer therapy selection company in China, aiming to transform precision oncology and early cancer detection. Hong Kong capital markets partners Chris Lin and Daniel Fertig led the firm’s team in the transaction.
WongPartnership has acted as Singapore counsel for PHC Holdings on its acquisition of additional shares in SciMed (Asia). Partner Jason Chua was involved in the transaction, together with partner Chan Jia Hui.
WongPartnership has also acted for the banks, who are existing lenders to the owner of Northpoint City South Wing, on the onboarding of TCC Prosperity, as a strategic capital partner. Partner Alvin Chia led the firm’s team in the transaction, together with partner Angela Lim.