Allen & Gledhill has advised StarHub Mobile on the formation of a consortium with M1 and the consortium’s joint proposal submitted to the Info-communications Media Development Authority of Singapore (IMDA) in response to the Call for Proposal for the Provision of Fifth-Generation (5G) Mobile Networks and Services in Singapore (5G CFP). On April 29, 2020, IMDA announced that the consortium was one of the two winners of the 5G CFP, and will be allocated spectrum rights for developing, deploying and operating a fifth generation mobile network in Singapore. Partner Tan Wee Meng led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel for Fernvale Lane on the S$350 million (US$252m) green loan facilities from DBS Bank, Malayan Banking and Oversea-Chinese Banking Corporation. Fernvale Lane is a joint venture company held by Frasers Property and China Construction (South Pacific) Development Co, as sponsors. The facilities are to finance, among other purposes, the development of an executive condominium at Fernvale Lane. The facilities are Singapore’s first green loan for an executive condominium development and also Frasers Property Group’s tenth green financing initiative. OCBC was appointed green loan coordinator to the facilities. Partner Lim Wei Ting led the firm’s team in the transaction.
Ashurst has acted for Natixis and the group of syndicate banks on a US$150 million syndicated loan facility to the Beijing Construction Engineering Group (BCEG) for refinancing its existing indebtedness. BCEG is a Chinese state-owned construction and engineering firm that has built major structures in Beijing and infrastructures overseas, such as the Manchester Airport in the UK, through its international branch. It is ranked as the 50th largest construction and engineering company in the world by revenue. Partner Eric Tan led the firm’s team in the transaction.
AZB & Partners is advising Reliance Industries and Jio Platforms on the Rs45.46 billion (US$600.4m) acquisition by India Markets, a wholly-owned subsidiary of TPG Capital, of a minority stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on June 13, 2020 and is yet to be completed.
AZB & Partners is also advising Reliance Industries and Jio Platforms on the Rs113.67 billion (US$1.5b) acquisition by The Public Investment Fund of an approximately 2.32 percent equity stake of Jio Platofrms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are also leading the firm’s team in the transaction, which was signed on June 18, 2020 and is yet to be completed.
Baker McKenzie has advised Tokyo Gas on its investment in Principle Power, a leading floating wind power technology company based in the US. Principle Power, developer and owner of the proprietary WindFloat® technology, has over 100 MW under construction and advanced developments in Portugal, Scotland and France, along with a multi-GW commercial projects in the pipeline around the world. Tokyo Gas has become one of Principle Power’s primary investors and shareholders in the field of floating offshore wind power generation. The transaction represents the largest equity round closed by Principle Power to date, and is accompanied by a cooperation agreement that will help establish commercial-scale deployment opportunities for the company’s WindFloat® technology within Japan. Samir Desai, co-head of the Tokyo projects group, led the firm’s team in the transaction.
Baker McKenzie is also acting as the English, US and Hong Kong law counsel to China Pacific Insurance (Group) on the approximately US$1.9 billion offering and listing of its global depositary receipts in London. The GDRs, which represent the newly issued A-shares in the company, commence conditional trading in London on June 17, 2020. China Pacific Insurance is the first insurance group simultaneously listed in Shanghai, Hong Kong and London. The offering is the first under the Shanghai-London Stock Connect scheme, where the issuer introduced a European cornerstone investor (Swiss Re) with a long-term lock-up arrangement. China Pacific Insurance is also the first company under the cross-border scheme to hold virtual roadshows, and to be thrown a virtual listing ceremony in London. Partners Wang Hang (Beijing), Adam Farlow (London) and James Thompson (London) led the firm’s team in the transaction. Clifford Chance advised UBS and Huatai International, as joint global coordinators, and HSBC, CICC, Morgan Stanley and JP Morgan, as joint bookrunners. Partners Simon Thomas and Chris Roe (London), Tim Wang (Beijing) and Jean Thio (Singapore) led the firm’s team in the transaction.
Clifford Chance has also advised the joint sponsors Bank of America, UBS and CLSA, and the underwriters on JD.com’s US$3.87 billion IPO and secondary listing in Hong Kong. Nasdaq-listed JD.com is one of China’s largest technology and e-commerce companies. JD.com’s Hong Kong listing is expected to be the city’s largest IPO, and the world’s second largest this year. China co-managing partner Tim Wang and partner Fang Liu led the firm’s team in the transaction.
Davis Polk has advised the initial purchasers on the Regulation S offering of high-yield notes by Ronshine China Holdings of US$250 million principal amount of 7.35 percent senior notes due 2023. Hong Kong-listed Ronshine China Holdings is a residential property developer in China. It focuses on developing projects in the Western Taiwan Straits Economic Zone, Yangtze River Delta regions, the Middle Reaches region of the Yangtze River, the Guangdong Hong Kong-Macau Greater Bay Area, Beijing-Tianjin-Hebei region, Central China region, Chengdu-Chongqing region and northwestern cities of China. Hong Kong partners Gerhard Radtke and Yang Chu are leading the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a Regulation S offering by Zhenro Properties Group of US$200 million 8.3 percent senior notes due 2023. Hong Kong-listed Zhenro Properties Group is a property developer that focuses on the development of residential properties and the development, operation and management of commercial and mixed-use properties in China. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Han Kun Law Offices has acted as China counsel to UCLOUDLINK Group on its US IPO and listing on the Nasdaq. UCLOUDLINK Group is the world’s first and leading mobile data traffic sharing marketplace.
Khaitan & Co has acted as Indian counsel to Levine Leichtman Capital Partners (LLCP) on its acquisition of SiPM Group, in partnership with management and its founding partners. LLCP is a middle-market private equity firm with a 36-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products. LLCP currently manages US$6.9 billion of assets. SiPM Group provides high- impact e-learning solutions for blue chip corporations worldwide. Partner Rabindra Jhunjhunwala led the firm’s team in the transaction, which was completed on May 4, 2020.
Khaitan & Co has also advised Reliance Industries on its issue of approximately 422.63 million partly paid-up equity shares with face value of Rs10 (US$0.132) each, at Rs1,257 (US$16.61) per rights equity share, aggregating to Rs531 billion (US$7b). Executive director Sudhir Bass and partner Aditya Cheriyan led the firm’s team in the transaction, which was completed on June 11, 2020. The firm also acted as domestic counsel to the global coordinators and lead managers, while Lathan & Watkins acted as international counsel. AZB & Partners acted as domestic counsel, while Sidley Austin acted as international counsel to Reliance Industries.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised Vitol Group on the 100 percent acquisition of Sinanju Tankers Holdings. Partners Lim Wee Hann, Celeste Lee and Chua Choon King led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also acting for ZenRock Commodities Trading, a Singapore-based wholesale crude oil trader, on its efforts to restructure the US$300 million letter of credit liabilities to its bankers. The restructuring highlights the challenges following the widely reported problems at another oil trading company, Hin Leong, where well-known names in trade finance have found themselves exposed to very large losses. Partner Tan Chuan Thye SC is leading the firm’s team in the transaction.
Rajah & Tann Singapore, Christopher & Lee Ong, and Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firms of Rajah & Tann Asia, have advised a consortium of top franchisees, lead investor Exacta Capital Partners, and the Aura Group on the acquisition of the Anytime Fitness master franchise licence in Taiwan, Hong Kong, Macau, Singapore and the rest of Southeast Asia, as well as various gym outlets and gym management businesses across Southeast Asia. Partners Brian Ng,Celeste Lee, and Lee Xin Mei from Rajah & Tann Singapore, Yau Yee Ming and Ooi Ju Lien from Christopher & Lee Ong, and Norma Margarita Patacsil, Mary Thel Mundin, and Roxanne Tadique-Fajardo from C&G Law, led their respective firm’s team in the transaction.
R&T Sok & Heng Law Office, member firm of Rajah & Tann Asia, has acted for a consortium of sellers on their US$603.4 million sale of 70 percent stake in PRASAC Microfinance, Cambodia’s leading deposit-taking microfinance institution. Partners Heng Chhay and Tiv Sophonnora are leading the firm’s team in the transaction.
Skadden is advising the special committee of the board of directors of Bitauto Holdings, a leading provider of internet content and marketing services and transaction services for China’s automotive industry, on its US$1.1 billion going-private acquisition by an investor consortium led by Morespark, an affiliate of Tencent Holdings and Hammer Capital Opportunities Fund. Partners Julie Gao (Hong Kong) and Peter Huang (Beijing) are leading the firm’s team in the transaction, which is expected to close in the second half of 2020 and is subject to customary closing conditions.
Skadden is also acting as US and Hong Kong law counsel to Nasdaq-listed JD.com, China’s largest online retailer, largest overall retailer and largest internet company by revenue, on its US$3.9 billion secondary listing and global offering of new ordinary shares in Hong Kong, exclusive of the 15 percent over-allotment option. This is the largest global offering in Hong Kong this year, and the second largest globally. Trading was expected to begin on June 18, 2020. Hong Kong partners Julie Gao, Christopher Betts, Paloma Wang and Shu Du are leading the firm’s team in the transaction. Han Kun Law Offices acted as China counsel to the joint sponsors.
Weil has represented Jinbo Yao, the chairman of the board and CEO of 58.com and the consortium, on the signing of an agreement and plan of merger with Quantum Bloom Group and its wholly owned subsidiary Quantum Bloom Company. Upon completion, 58.com will be acquired by a consortium of investors, including Jinbo Yao, Warburg Pincus Asia, General Atlantic Singapore Fund, Ocean Link Partners and Internet Opportunity Fund, an entity controlled by Jinbo Yao, in a transaction implying an equity value of approximately US$8.7 billion. Hong Kong private equity partners Tim Gardner and Chris Welty led the firm’s team in the transaction, which is expected to close during the second half of 2020 and is subject to customary closing conditions. Skadden, with a team led by partners Julie Gao (Hong Kong), Peter Huang (Beijing) and Shu Du (Hong Kong), is advising 58.com.
WongPartnership has acted for Hopu Fund Management on its investment in a consortium formed to make a voluntary conditional cash offer for Perennial Real Estate Holdings, as well as the acquisition financing relating to the investment. Managing partner Ng Wai King and partner Quak Fi Ling, led the firm’s team in the transaction together with partners Monica Yip, Low Kah Keong, Christy Lim, Liang Weitan and Chan Jia Hui.
WongPartnership has also acted for Temasek Holdings, as anchor shareholder, on the reorganisation of the Clifford Capital group, which involved the incorporation of a new holding company, Clifford Capital Holdings, as well as the corresponding share swap and additional equity commitments from existing shareholders. Managing partner Ng Wai King and partner Kyle Lee led the firm’s team in the transaction.