Allen & Gledhill is advising Singapore Telecommunications, through its wholly-owned subsidiary Singtel Interactive, on the S$6.6 billion (US$5.2b) proposed acquisition of STT GDC. Upon completion of the proposed acquisition, Singtel will have a 25 percent interest in STT GDC, while the remaining 75 percent interest will be held by global investment firm Kohlberg Kravis Roberts & Co. Partners Lim Mei, Song Su-Min, Lee Kee Yeng, Joshua Suwe and Elsa Chen are leading the firm’s team in the transaction.
Allen & Gledhill has also advised Penguin Securities Holdings on its Class A1 financing round to a range of investors. The completion of the Class A1 financing round brings the amount raised over the course of Penguin’s pre-Series A fund raising to a total of US$18 million. The funds will be used by Penguin to expand its suite of institutional-grade investment products and services, address the needs of qualified and institutional investors, and meet increasingly sophisticated market demands. Penguin will also leverage the funds to explore new business opportunities, pursue strategic opportunities, and build a resilient investment environment to enable its investors and clients to invest with confidence. Penguin provides products relating to digital payment tokens (DPT), DPT derivatives and traditional capital markets products, such as fixed income instruments, forex, equities and commodities, focusing on family offices and institutional and accredited investors. Partner Nicholas Soh led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised Toku, a Singapore-incorporated AI-powered customer experience platform, on its IPO and listing in Singapore, marking the first SGX IPO of 2026. The IPO successfully raised total gross proceeds of S$16.25 million (US$12.9m), and attracted participation from institutional investors, including Lion Global Investors and Amova Asset Management Asia. Partners Yeo Wico, Jeanne Ong and Andrew Chan led the firm’s team in the transaction.
Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have represented BLOOM FRESH International securing a landmark civil judgment in a Plant Variety Rights (PVR) infringement case in China. BLOOM FRESH is a leading global fruit breeder and innovator, with several of its grape varieties highly sought after in the market. This ruling is a first‑instance judgment confirming third-party infringement of BLOOM FRESH PVR for its proprietary grape variety IFG Six (marketed globally as SWEET SAPPHIRE™). In this case, the defendants were found to have illegally produced, propagated, promoted and sold the IFG Six variety without authorization. They were also found to have handled and stored propagation materials of the infringing variety for reproductive purposes. As a result, the Court held that the defendants had infringed on BLOOM FRESH’s PVR, and the Court awarded BLOOM FRESH over Rmb4 million (US$579,000.00) in damages, an amount notable in the history of PVR infringement cases in China, particularly those involving asexually propagated varieties. This substantial award establishes a noteworthy industry precedent, and underscores the growing importance Chinese courts place on safeguarding PVRs. Baker McKenzie’s intellectual property partner Andrew Sim, supported by partner Zheng Zhou of FenXun Partners, led the firms’ team in the transaction.
Clifford Chance has advised Wuxi Lead Intelligent Equipment on its IPO and listing in Hong Kong, raising HK$4.93 billion (US$631m). Wuxi Lead offers intelligent equipment and solutions to a range of emerging industries. The equipment and solutions are deployed across diverse applications, including the manufacturing of lithium-ion batteries, photovoltaic (PV) batteries and computer, communication and consumer electronics (3C), intelligent logistics, hydrogen and fuel cell production automotive production, and laser precision processing. The company has been listed in Shenzhen since 2015. China chair and partner Tim Wang and partners Jean Thio and Tianning Xiang, supported by the firm’s China joint operation partner Shanghai He Ping Law Firm capital markets head Lorna Lyu, led the firm’s team in the transaction.
Clifford Chance has also advised the joint sponsors, CMB International Capital, BOCI Asia and Shenwan Hongyuan Capital, and other underwriters on the IPO and listing of Beijing Haizhi Technology Group in Hong Kong, raising approximately HK$760 million (US$97m). The firm also acted as the counsel for drafting the prospectus. Haizhi Technology is a leading Chinese AI company providing industry‑level solutions by combining knowledge graphs and large language models (LLMs). Its Atlas graph solutions help enterprises integrate and analyse multi‑source data, while its Atlas AI agents enable intelligent automation, advanced reasoning and natural‑language interaction through graph‑LLM integration. Partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.
Davis Polk has advised Montage Technology, a company whose A shares are listed in Shanghai, on its Rule 144A / Regulation S global offering and listing in Hong Kong. The gross proceeds from the offering amounted to approximately HK$7.04 billion (US$901m). The listing marks the first memory interconnect chip Hong Kong IPO, as well as the largest Hong Kong IPO by a Chinese semiconductor company in the last 20 years. Montage Technology is a leading global fabless integrated circuit design company focused on offering innovative, reliable and power-efficient interconnect solutions for cloud computing and AI infrastructure. In terms of revenue in 2024, it was the largest memory interconnect chip supplier in the world, with 36.8 percent market share. Partners Li He, Jason Xu and Ran Li led the firm’s team from Hong Kong, Beijing and London offices in the transaction.
JSA Advocates & Solicitors has advised Singapore Telecommunications, together with a KKR-led consortium, on the acquisition of ST Telemedia Global Data Centres at an enterprise valuation of approximately US$5.1 billion. Under the transaction, the KKR-Singtel consortium will acquire an 82 percent stake in STT GDC from its parent, ST Telemedia. In India, STT GDC operates a data centre platform with 28 facilities across ten cities. The transaction is significant in the evolution and consolidation of digital infrastructure and data centre sector driven by AI and digital transformation. STT GDC’s extensive footprint across India and Southeast Asia positions the platform to cater to sustained demand from hyperscalers, cloud providers and domestic enterprises seeking scalable, carrier-dense connectivity. Partners Vikram Raghani and Nisha Kaur Uberoi (competition chair), supported by partners Birbahadur Sachar and Pranav Satyam, led the firm’s team in the transaction, which is subject to regulatory approvals globally, including approval of the Competition Commission of India.
JSA Advocates & Solicitors has also advised Nuveen on the Indian law aspects, including Indian regulatory and transactional considerations, on the board-recommended cash acquisition of Schroders, valued at £9.9 billion (US$13.4b). Nuveen is a global asset manager with approximately US$1.4 trillion in assets under management. Schroders is an FTSE 100-listed leading provider of active asset management, advisory and wealth management services, with approximately US$1.1 trillion in assets under management. The transaction is expected to create one of the world’s largest active global asset management platforms, with nearly US$2.5 trillion in assets under management. The combined group will operate with enhanced scale and capabilities across the world’s leading financial centres, with a presence in more than 40 markets globally. Partner Vikram Raghani, supported by partner Pulkit Sukhramani, led the firm’s team in the transaction.
Moreover, JSA Advocates & Solicitors has advised the promoters of JSS Pro Services on a cross-border deal, which involved the sale of 100 percent of the share capital of JSS Pro to TMF Services India, part of the global TMF Group. JSS Pro is a multi-functional strategic consulting and operational services firm providing scalable outsourcing and global capability centre (GCC) solutions to multinational clients. The company partners with global enterprises to build and scale high-performing operations in India, and works closely with them across several areas, such as productivity, business planning, global taxation strategies, legal and regulatory services, and digital transformations. TMF Services India is part of the TMF Group, a global professional services firm that provides critical administrative, compliance, accounting, tax, HR and payroll services to corporations, financial institutions and private clients worldwide. Partner Upendra Nath Sharma, supported by partners Kumarmanglam Vijay (direct tax head) and Surajkumar Shetty, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Elixiron Immunotherapeutics (Cayman) on its IPO in Taipei. Elixiron is a clinical-stage biotechnology company dedicated to developing precision immunotherapies for immune-mediated and neuroinflammatory diseases. Elixiron’s common stock commenced trading on January 13, 2026. Partner Juno Huang led the firm’s team in the transaction, while Chien Yeh Law Offices acted as Taiwan counsel.
Maples and Calder has also acted as Cayman Islands counsel to M EVO GLOBAL ACQUISITION CORP II on its IPO of 30 million units on the Nasdaq. The issuer is a special purpose acquisition company (SPAC) formed for the purpose of pursuing business combination targets. While the issuer may pursue an initial business combination in any industry, the issuer intends to concentrate its search on businesses with a focus on those that own, operate or are developing assets in the critical minerals sector that are fundamental to the economic and national security interests of the United States. The offering, which closed on January 30, 2026, raised approximately US$300 million. Partner and Asia corporate head Matt Roberts led the firm’s team in the transaction, while Loeb & Loeb acted as US counsel. Greenberg Traurig acted as US counsel to the underwriters.
Moreover, Maples and Calder has advised TechStar Acquisition, a Cayman Islands special purpose acquisition company (SPAC) listed in Hong Kong, and Seyond Holdings on their de-SPAC transaction, which completed on December 10, 2025. This is the third Hong Kong de-SPAC since the launch of the SPAC listing regime in Hong Kong in 2022. With an equity value of HK$11.7 billion (US$1.5b), this marks the largest Hong Kong de-SPAC transaction. Established in 2016, Seyond is a global leader in highfidelity LiDAR (Light Detection and Ranging) solutions, powering a safer, smarter and more mobile world across the automotive, intelligent transportation, robotics and infrastructure industries. It is the first company to achieve mass production of automotive-grade high-performance LiDAR. Seyond ranked first globally in sales revenue of passenger car LiDAR solutions in 2022 and 2023. Hong Kong partner and Asia corporate head Matt Roberts also led the firm’s team in the transaction, while Baker & McKenzie and Han Kun Law Offices acted as Hong Kong and US counsel. Davis Polk & Wardwell acted as Hong Kong and US counsel, while Fangda Partners acted as China counsel to Seyond Holdings. Allen Overy Shearman Sterling acted as Hong Kong counsel, while Jingtian & Gongcheng acted as China counsel to the joint sponsors.
Saraf and Partners has advised Larsen & Toubro Power Development (L&T Power), a wholly-owned subsidiary of Larsen & Toubro (L&T), on the divestment of its 1400 MW thermal power asset in Punjab, a supercritical coal-based plant with twin 700 MW units (Nabha Power Plant), for the enterprise value of Rs68.89 billion (US$760m) to Torrent Power. The Nabha Power Plant currently has a long-term power purchase agreement with Punjab State Power Corporation. The transaction involves the sale of 100 percent equity and convertible instruments of Nabha Power by L&T Power to Torrent Power, subject to regulatory approvals. The divestment of Nabha Power aligns with L&T’s strategic objective of unlocking value to strengthen its robust core businesses. This move positions L&T to create long-term value for its stakeholders, business partners, shareholders and employees. Partner Avirup Nag and partner designate Ankit Sahoo led the firm’s projects, infrastructure and energy team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Power Finance Corporation on the approximately Rs20.46 billion (US$22.5m) rupee term loan financing for Phase I of a hybrid solar–wind–battery energy storage system (BESS) power project being developed by ACME Urja One in Andhra Pradesh and Madhya Pradesh. The transaction involved a secured rupee term loan facility extended by Power Finance Corporation to part-finance the estimated project cost for Phase I of a 380 MW hybrid power project, comprising 406 MWp / 280 MW solar capacity with 600 MWh BESS at Anantapur in Andhra Pradesh, and 64 MW wind capacity with 40 MWh BESS at Agar Malwa in Madhya Pradesh. The project is promoted by ACME Solar Holdings, through its special purpose vehicle ACME Urja One. The financing supports the development of large-scale, multi-technology renewable energy infrastructure across multiple states, and enables the deployment of integrated storage-backed generation assets aimed at enhancing grid reliability and supporting India’s clean energy transition. Partner Anurag Dwivedi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised HDFC Bank, along with Punjab National Bank, on the Rs4.55 billion (US$50m) rupee term loan financing for the Deoghar Ring Road Project, implemented under a concession-based road development framework. The transaction involved a senior secured rupee term loan facility led by HDFC Bank to part-finance the estimated project cost of approximately Rs10 billion (US$110m) for the development of the Deoghar Bypass/Ring Road project. The project is being developed by Deoghar Ring Road, and is promoted by Power Mech Projects. Partner Anurag Dwivedi also led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has advised the National Bank for Financing Infrastructure and Development on the financing of a 90 MW onshore wind power project implemented by Juniper Green Kite in Gujarat. The transaction involved a senior secured project financing comprising of a Rs5.33 billion (US$59m) rupee term loan, along with an LC sub-limit of Rs1.25 billion (US$14m) and a separate bank guarantee facility of Rs333 million (US$3.7m), to part-finance an estimated project cost of approximately Rs7 billion (US$77m). The project has long-term offtake secured under a power purchase agreement, and is sponsored by Juniper Green Energy, with Juniper Renewable Holdings Singapore as the promoter. The financing supports the development of utility-scale wind energy infrastructure in India, and contributes to the expansion of renewable energy capacity aligned with the country’s clean energy and sustainability goals. Partner Anurag Dwivedi also led the firm’s team in the transaction.
Skadden has advised ZTO Express (Cayman), an express service provider in China, on its US$1.5 billion Regulation S senior convertible notes offering due 2031. The notes have been offered in offshore transactions outside the US to non-US persons that are “qualified institutional buyers”. In connection with the pricing of the notes, ZTO has entered into capped call transactions with one or more of the initial purchasers and/or their affiliates and/or other financial institutions. ZTO concurrently agreed to repurchase Class A ordinary shares from certain purchasers of the notes. The team included, in Hong Kong and Beijing corporate partners Haiping Li, Paloma Wang and Jonathan Stone, supported by partners Joseph (Yossi) Vebman (New York- capital markets), Sean Shimamoto (Houston- tax) and Kevin Hardy (Chicago- investment management), led the firm’s team in the transaction. The firm also advised ZTO Express on its US$1.4 billion IPO in 2016, and its US$1.25 billion secondary listing in Hong Kong in 2020.
S&R Associates has represented Citigroup, as the broker, on the Rs32.9 billion (US$363m) sale of 47.57 million equity shares of Hindustan Zinc, the world’s largest integrated zinc producer, by Vedanta, one of the promoters, pursuant to an offer for sale on the stock exchanges. Partner Jabarati Chandra led the firm’s team in the transaction.
Trilegal is representing CA Sardo Investments, an affiliate of Nasdaq-listed The Carlyle Group, on its acquisition of a strategic majority stake in Nido. The transaction involves the secondary acquisition of equity shares from Edelweiss Financial Services, Edelweiss Rural & Corporate Services and Edel Finance, Nido’s existing shareholders, along with a primary subscription to equity shares and warrants of Nido. The transaction is intended to strengthen Nido’s growth trajectory by infusing fresh capital and operational expertise to expand access to affordable housing finance, particularly in rural and semi-urban markets across India. Housing finance continues to be a key pillar of India’s economic growth, supported by strong structural demand, policy initiatives, and a rapidly formalising credit ecosystem. For Edelweiss, the partnership aligns with its objective of unlocking value in its businesses, while reinforcing Nido’s long-term growth momentum. For Carlyle, the investment underscores its continued commitment to India’s high-growth housing finance sector, and builds on over two decades of experience investing in India’s financial services industry, including housing finance platforms, such as PNB Housing Finance and Housing Development Finance. Partner Abhishek Guha, supported by partners Tanya Uppal, Mahesh Wasadikar, Gauri Chhabra, Ameya Khandge, Anuj Berry, Shruti Rajan, Kirti Balasubramanian and Jishnu Sanyal, led the firm’s team in the transaction.
TT&A has advised Neysa on an investment of up to US$ 1.2 billion by Blackstone, alongside other co-investors. This funding provides a material impetus to Neysa’s planned scale-up and deployment of over 20,000 GPUs in India, helping to enable the country’s AI revolution. Other equity investors in this transaction include TVS Capital, 360 ONE Assets and Nexus Venture Partners. DC Advisory served as lead financial advisor to Neysa. TT&A also advised Nexus Venture Partners. This transaction is expected to be the biggest round raised by any AI-native startup in India, coinciding with the commencement of the AI Impact Summit this week. Partners Gautam Saha and Punita Gupta led the firm’s team in the transction. Trilegal and Gibson & Dunn advised Blackstone.
TT&A has also advised Playbook India Fund II on its primary investment in Everbrands India. The deal pertains to the proposed investment by Playbook India Fund II into Everbrands India in its Series D round. Partner Akshita Alok led the firm’s team in the transaction. Quillon Partners advised Everbrands India.
