Allen & Gledhill has advised PSA Treasury and PSA International on the issue of S$400 million (US$312m) 2.70 percent guaranteed notes due 2056, under their US$5 billion global medium term note programme. The notes are unconditionally and irrevocably guaranteed by PSA International. Partners Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill (Vietnam) is acting as transaction counsel to Thrive SL SEA on a strategic joint venture with Nam Long Commercial Property, a member of Nam Long Group. Under the JV agreement, the parties will jointly develop projects in Vietnam that integrate accommodation, healthcare, community amenities and professional operations. Managing partner Oh Hsiu-Hau is leading the firm’s team in the transaction.
A&O Shearman has advised the joint lead managers on the issuance of Rmb6 billion (US$888m) sovereign green bonds by China’s Ministry of Finance (MOF). This represents China’s inaugural issuance of Rmb sovereign green bonds in the Hong Kong Special Administrative Region, and China’s second issuance of Rmb-denominated sovereign green bonds. The issuance comprised two tranches: Rmb3 billion (US$444m) 1.42 percent 3-year bonds, and Rmb3 billion (US$444m) 1.56 percent 5-year bonds. The bonds have been listed in Hong Kong. The offering attracted strong demand from a diverse array of international investors. The green bonds were issued under China’s Sovereign Green Bond Framework, which was released in February 2025. Under the framework, an equivalent amount to the net proceeds from the sale of the bonds will be fully used to finance and/or refinance eligible green expenditures from the MOF’s fiscal budget, which should contribute to the achievement of one or more of climate change mitigation and adaptation, natural resource conservation, pollution prevention and control, and biodiversity conservation. The issuance of green bonds underlies China’s commitment and continued efforts to advance its green and low-carbon transition. Partner Agnes Tsang led the firm’s team in the transaction.
Clifford Chance is advising on the international aspects of Vena Group’s sale of its India renewable energy platform to Inox Neo, a subsidiary of Inox Clean Energy and part of the INOXGFL Group. The platform comprises approximately 1 GW of operational capacity, 1.7 GW (solar and wind) and 1.2 GWh (BESS) of advanced-stage assets, additional 2.7 GW (solar and wind) and 1.3 GWh (BESS) of development pipeline, with long-term power offtake arrangements with leading public-sector and commercial customers, C&I consumers, and state distribution companies. Vena Group is backed by Global Infrastructure Partners, a part of BlackRock. Following completion, Vena Group will focus its resources on the next phase of growth across its strategies, including renewable energy, storage, digital infrastructure and integrated green solutions. Private equity partner Tom Lin, working alongside Cyril Amarchand Mangaldas on Indian law aspects, is leading the firm’s team in the transaction, which is subject to conditions.
Clifford Chance has also advised The Hong Kong Mortgage Corporation on its HK$12 billion (US$1.3b) inaugural public digital bond issuance, comprising HK$6 billion (US$766m), HK$2.5 billion (US$319m) and CNH3 billion (US$444m) senior unsecured notes across 2-year, 5-year and 3-year tenors, respectively, under its US$30 billion Medium Term Note Programme. The transaction marks the largest digital bond issuance globally, and a significant milestone as the first public sector entity in Hong Kong to issue digital bonds. The 5-year Hong Kong-dollar tranche also represents the longest tenor for a HK$ digital bond, setting a new benchmark in the local market. Partner Mark Chan led the firm’s team in the transaction.
DLA Piper has acted as Hong Kong and US counsel to Macquarie Capital, China International Capital Corporation Hong Kong Securities and Haitong International Securities, as joint placing agents, on the placing of existing shares and top-up subscription of new shares by Ximei Resources Holding. The transaction raised aggregate net proceeds of approximately HK$537.2 million (US$69m). A Hong Kong-listed investment holding company incorporated in the Cayman Islands, Ximei Resources Holding principally manufactures and sells tantalum- and niobium-based products, including hydrometallurgical, pyrometallurgical and deeply processed products. These materials are widely used in high-temperature alloys, semiconductors, high-end electronics, aerospace, defense, optical and medical applications. The transaction involved the placing of up to 34.1 million existing shares to not fewer than six independent professional, institutional and/or individual investors at HK$16.10 (US$2.05) per share, together with a top-up subscription of an equivalent number of new shares under a general mandate. Proceeds from the subscription will be used to fund potential strategic investments and acquisitions in the upstream mining sector, support business development and production capacity expansion, and for general corporate purposes. Hong Kong corporate partners George Wu (APAC equity capital markets head) and Sherlyn Lau (APAC capital markets and corporate finance head) led the firm’s team in the transaction.
Rajah & Tann Singapore (RTS) and Christopher & Lee Ong (CLO), member firms of Rajah & Tann Asia, have acted for DBS Bank, Oversea-Chinese Banking Corporation, SAC Capital and United Overseas Bank, as the joint placement agents, on the private placement undertaken by Aspial Lifestyle to institutional, accredited and other investors, to raise gross proceeds of approximately S$60 million (US$47m). RTS partners Raymond Tong and Jasselyn Seet and CLO partners Annette Soh and Daphne Lam from the capital markets practice led their firm’s respective team in the transaction.
Simpson Thacher has represented KKR HKE Investment on the sale of 24.7 million shares of Kokusai Electric, pursuant to Rule 144A and Regulation S under the Securities Act. The secondary offering raised gross proceeds for KKR of approximately ¥151.6 billion (US$94.4m). The block trade marked KKR’s exit from its investment in Kokusai Electric, a provider of semiconductor manufacturing systems that utilize world-class thin film deposition technologies and related support services based in Japan. The initial purchasers for this block trade were Nomura Securities, JPMorgan Securities Japan, SMBC Nikko Securities, Daiwa Securities, Morgan Stanley MUFG Securities and Goldman Sachs Japan. KKR Capital Markets participated in the block trade as a lead managing agent. Partners David Snowden (Tokyo-capital markets) and Makiko Harunari (Hong Kong-banking and credit) led the firm’s in the transaction.
Simpson Thacher has also represented Advantage Partners on the formation of the Fund VIII Series Funds, a ¥300 billion (US$1.87b) Japan-focused buyout fund series. Oversubscribed at closing, the Fund VIII Series Funds are Japan-focused buyout funds managed or served by Advantage Partners, and one of the largest multi-investor buyout funds in Japan. Partners David Azcue (Tokyo), Adam Furber (Hong Kong), Xue Zhang (Hong Kong), Nancy Mehlman (Hong Kong), Makiko Harunari (Hong Kong), Anuj Shah (Hong Kong), Owen Lysak (Hong Kong) and Erica Rozow (Washington DC) led the firm’s multi-disciplinary team in the transaction.
Moreover, Simpson Thacher has represented Japan Activation Capital (JAC) on the formation and launch of a series of funds for JAC. The fund series closed with capital commitments of approximately ¥235 billion (US$1.b) at the final closing on June 8, 2026. Founded in 2023 by Mr Hiroyuki Otsuka, former Deputy Head of Carlyle Japan, JAC is a Japan-based investment management firm focused on making minority “constructive engagement” investments in large- and mid-cap Tokyo-listed companies. Partners David Azcue (Tokyo), Xue Zhang (Hong Kong), Adam Furber (Hong Kong), Andrew Purcell (Tokyo), Jasmine Hay (Tokyo), Makiko Harunari (Hong Kong) and Owen Lysak (Tokyo) led the firm’s multi-disciplinary team in the transaction.
Trilegal is advising Kuku Technologies on its proposed IPO of equity shares, comprising a fresh issue and an offer for sale. Kuku Technologies operates a mobile-first, artificial intelligence-driven digital storytelling platform primarily serving audiences in India, and is likely to become the first Indian company to list in the microdrama category in India. Partners Vijay Parthasarathi, Vinay Sirohia, Adhunika Premkumar, Shalaka Patil and Jyotsna Jayaram are leading the firm’s multi-disciplinary team in the transaction.
TT&A has advised Jefferies India, as the broker, on the secondary sale of up to 3.7 million equity shares with face value of Rs1.00 (US$0.01) each in Ajanta Pharma by Ravi Agrawal Trust, one of Ajanta Pharma’s promoters, amounting to approximately Rs10.24 billion (US$ 100 million). The deal was undertaken on the screen-based trading platform of India’s stock exchanges. Partner Abhinav Kumar led the firm’s team in the transaction, while Baker & McKenzie acted as the international counsel.
