AZB & Partners has advised Carval Investors (USA) and Nithia Capital Resources Advisers (UK) on their Rs10.78 billion (US$142.5m) acquisition of 95 percent equity stake of Uttam Value Steels. Partners Rajendra Barot, Nilanjana Singh, Nilang Desai, Hemangini Dadwal, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction, which was approved by the National Company Law Tribunal on April 30, 2020.
AZB & Partners has also advised Accenture on its Rs15.15 billion (US$200m) acquisition of the Symantec Cyber Security Services business from Broadcom. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on April 30, 2020.
Clyde & Co, via its China joint law venture Clyde & Co Westlink JLV, has acted for VTTI Terminals I on its recent acquisition of 50 percent of the shares in Odfjell Terminals (Dalian) from Odjfell SE for US$59 million. Odfjell Terminals (Dalian) is a major tank terminal operator in northern China. Michael Cripps led the firm’s team in the transaction.
Davis Polk has advised the joint lead managers on a US$350 million Regulation S offering by Shuifa International Holdings (BVI) of its 4.3 percent guaranteed bonds due 2023. The bonds are guaranteed by Shuifa Group, a leading state-owned conglomerate that provides comprehensive water-related services and solutions, ranging from hydraulic engineering construction, water supply and wastewater treatment to clean energy. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised Kingsoft Cloud Holdings, the largest independent cloud service provider in China, on its SEC-registered IPO of 30 million American depositary shares for total proceeds of approximately US$510 million. Each ADS represents 15 ordinary shares of Kingsoft Cloud. The ADSs are listed on the Nasdaq. Kingsoft Cloud granted the underwriters an option to purchase up to an additional 4.5 million ADSs. Partners Li He, James Lin and Yang Chu led the firm’s team in the transaction.
Han Kun Law Offices and its Hong Kong associated law firm have acted as China and Hong Kong counsels to the sole sponsor and the underwriters on the listing and public offering of Suoxinda Holdings in Hong Kong. Suoxinda is a market player in the big data and AI industry in China, providing data solutions, sales of hardware and software and related services as an integrated service, as well as IT maintenance and support services, to corporate customers.
Han Kun and its Hong Kong associated law firm have also acted as China and Hong Kong counsels to 9F on its global offering and listing on the Nasdaq. 9F is a leading digital financial account platform integrating and personalising financial services in China, with its footprint expanding overseas.
Maples and Calder has acted as Cayman Islands counsel to Dingdong (Cayman) on a Series C1 round funding of several hundred million US dollars invested by, among others, General Atlantic Singapore DD and CMC Dynamite Holdings IV. Founded in 2018, Dingdong is a fresh food e-commerce platform adopting a big data-driven approach, predicting future orders through self-developed data models and multi-dimensional predictions based on historical sales data to reduce the slow-loss loss rate. Partner Everton Robertson led the firm’s team in the transaction, while Jingtian & Gongcheng acted as China counsel.
Maples and Calder has also acted as Cayman Islands counsel to WiMi Hologram Cloud on its IPO of 4.75 million American depositary shares, representing its Class B ordinary shares, and its listing on the Nasdaq. WiMi offers augmented reality-based holographic services and products, consisting primarily of holographic AR advertising services and holographic AR entertainment products. The offering, which closed on April 3, 2020, raised approximately US$26.1 million. Partner Derrick Kan led the firm’s team in the transaction, while Ellenoff Grossman & Schole and Jingtian & Gongcheng acted as US and China counsels, respectively. DLA Piper and Commerce and Finance Law Offices acted as US and China counsels, respectively, to the underwriters.
Orrick has advised M17 Entertainment, the leading live streaming platform in Developed Asia, on its US$26.5 million Series D financing round. Led by Vertex Growth Fund, the round included Stonebridge Korea Unicorn Venture Fund, Innoven Capital Singapore, Kaga Electronics and ASE Global. The latest funding will provide additional support for M17’s continued growth in Japan, as well as its expansion to the US and other key new markets. William Ho led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel for Mitsui Sumitomo Insurance on the US$100 million issuance of Series 2020-1 Class A principal at-risk variable rate notes by Akibare Re. This is the first catastrophe bond from Mitsui Sumitomo to be issued out of Singapore, and is the first Asian-sponsored ILS deal to be domiciled in Singapore. Partners Simon Goh, Lee Xin Mei, Cheryl Tan and Benjamin Teo led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also advising Leader Environmental Technologies on its S$1.8 million (US$1.27m) placement of new shares. Partners Danny Lim and Cynthia Wu led the firm’s team in the transaction.
RHTLaw Asia has acted for existing investor GeoPost who, together with two sovereign wealth funds, led the latest Series D funding round for logistics provider Ninja Van. Other key investors also joined the funding round. This additional capital injection will help Ninja Van expand its delivery solutions across Southeast Asia. Partner and co-head of corporate and capital markets practice Erwan Barre led the firm’s team in the transaction.
Skadden has advised Leo Ou Chen, chairman and CEO of Jumei International Holding (China), on the US$130 million going-private acquisition of the remaining stake in Jumei. Partners Peter Huang (Beijing) and Michael Mies (Palo Alto) led the firm’s team in the transaction, which was announced on February 25, 2020.
Skadden has also advised the special committee of the board of directors of Changyou.com on the US$579 million going-private acquisition of Changyou.com by Sohu.com. Both companies are based in China. Beijing corporate partner Peter Huang led the firm’s team in the transaction.
SSEK Indonesian Legal Consultants has acted for Ladang Lekir, a Malaysian oil palm and rubber plantation company and an indirect wholly-owned subsidiary of the Perak State Agricultural Development Corporation, on the sale of its shares in Indonesian oil palm company Pinang Witmas Sejati. Leading Malaysian multinational plantation company Kuala Lumpur Kepong (KLK), through its Singapore-incorporated wholly-owned subsidiary Taiko Plantations, acquired Ladang Lekir’s 60 percent equity interest in Pinang Witmas Sejati to boost its plantation landbank. The acquisition price was R$341.55 million (US$78.5m). With the acquisition of Pinang Witmas Sejati, KLK acquired about 14,106 hectares of a planted oil palm estate in South Sumatra. Managing partner and a supervising partner of land and real estate practice Denny Rahmansyah led the firm’s team in the transaction.
S&R Associates has represented IndoSpace Core, the largest industrial and logistics core real estate vehicle in India, on obtaining a Rs10 billion (US$132m) green loan facility from The Hongkong and Shanghai Banking Corporation. IndoSpace Core is a joint venture between Everstone-backed warehousing and logistics specialist IndoSpace, Canada Pension Plan Investment Board, and global investment and fund manager GLP. Partners Sudip Mahapatra and Prachi Goel led the firm’s team in the transaction.
S&R Associates has also represented Indiamart Intermesh, a listed Indian e-commerce company which owns and operates India’s largest online B2B marketplace, on its Rs100 million (US$1.3m) investment in Mobisy Technologies, a company that provides technology solutions to retail brands. Partner Radhika Iyer led the firm’s team in the transaction.