A&O Shearman has acted as sole international counsel to the underwriters on the IPO of Turtlemint Fintech Solutions, a leading technology-enabled insurance distribution platform in India. The offering comprises a fresh issue of equity shares, alongside an offer for sale by certain existing shareholders, with a total size of approximately Rs8.83 billion (US$93m). The shares were listed in the Indian stock exchanges. Founded in 2015, Turtlemint operates a technology-driven platform that connects customers, insurance advisors and insurers, offering a comprehensive range of retail insurance products and other financial products. Turtlemint has established a strong and growing presence across India, and is backed by prominent institutional investors. The IPO represents the second listing by an insurtech platform in India, highlighting the sector’s increasing maturity as it continues to scale and access public markets. The transaction also reflects the resilience of India’s equity capital markets and continued investor interest in technology-led businesses, notwithstanding a more selective global capital raising environment. Partner Pallavi Gopinath Aney led the firm’s team in the transaction.
Davis Polk has advised DSC Holdings on its SEC-registered IPO of three million American depositary shares (ADSs), with total proceeds of approximately US$51 million. Each ADS represents 20 DSC Class A ordinary shares. DSC has granted the underwriters an option to purchase up to an additional 450,000 ADSs. Nasdaq-listed DSC is the AI application infrastructure for China’s used car industry. DSC has held an over 90 percent market share in operating systems for China’s used car dealers since at least 2021. Building on this digital foundation, DSC further supports used car dealers with essential transaction services across their workflows. Beyond used car dealers, DSC also works with other auto merchants, including OEMs, authorized dealers and new car brokers. Its services further engage and benefit thousands of dealers’ collaborators, such as inspectors, transporters and other internet platforms, creating an ecosystem with used car dealers at its center. Corporate partners Li He and Ran Li led the firm’s multi-jurisdictional team in the transaction.
Davis Polk has also advised Alebund Pharmaceuticals (Jiangsu) on its IPO and listing in Hong Kong and its international offering pursuant to Regulation S and Rule 144A. The net proceeds of the offering were approximately HK$1.28 billion (US$163m). Founded in 2018, Alebund Pharmaceuticals is a biopharmaceutical company providing renal therapies with the broadest drug candidates, in terms of renal indication coverage globally. Corporate partners Xuelin (Steve) Wang and Jason Xu led the firm’s multi-jurisdictional team in the transaction.
DLA Piper has advised Circuit Fabology Microelectronics Equipment on its Hong Kong IPO and listing of H shares in Hong Kong, completing an A+H dual listing. The shares commenced trading on June 26, 2026, with China International Capital Corporation Hong Kong Securities acting as the sole sponsor. Total gross proceeds raised from the offering were approximately HK$3.24 billion (US$413m), before the exercise of the over‑allotment option. Circuit Fabology is the largest provider of PCB direct imaging equipment globally, delivering advanced PCB direct imaging equipment and semiconductor direct‑writing lithography solutions. The company plays a key role in enabling next‑generation manufacturing, supporting high‑growth sectors, including artificial intelligence and advanced semiconductor technologies. The transaction reflects continued investor demand for leading technology and advanced manufacturing companies, and further reinforces Hong Kong’s position as a premier international capital markets hub, particularly for issuers pursuing dual‑listing structures. APAC equity capital markets head George Wu, supported by APAC capital markets and corporate finance head Sherlyn Lau, led the firm’s team in the transaction.
DLA Piper has also advised the sole sponsor, China International Capital Corporation Hong Kong Securities, on the IPO and Hong Kong listing of Shanghai Seer Intelligent Technology (SEER Robotics) in Hong Kong. The company’s H shares commenced trading on June 24, 2026, and the IPO was conducted under Chapter 18C, the specialist technology company regime. SEER Robotics is an intelligent robotics company based on robotic control systems. Built on SEER Robotics’ industry-leading position and technology in what SEER calls the “robot brain” – the robotic control system – the company is the world’s first open platform for intelligent robots, connecting supply chain resources and enabling one-stop development, acquisition and use of intelligent robots at scale across real-world scenarios. The company ranked first globally, in terms of robotic controller sales volume in 2023, 2024 and 2025. The offering raised total gross proceeds of approximately HK$1.1 billion (US$140m). The proceeds will be used to support ongoing research and development, enhance the company’s product portfolio and technological capabilities, and accelerate commercialisation and market expansion in both domestic and international markets. APAC equity capital markets head George Wu, supported by APAC capital markets and corporate finance head Sherlyn Lau, also led the firm’s team in the transaction.
Moreover, DLA Piper has advised the joint sponsors, China International Capital Corporation Hong Kong Securities and DBS Asia Capital, and the underwriters on the IPO and H share listing in Hong Kong of Guangdong True Health Medical Technology Development (True Health). The company’s H shares commenced trading on June 30, 2026. The IPO was conducted under Chapter 18A, the biotechnology company regime, raising gross proceeds of over HK$449 million (US$7m). Founded in 2018, True Health is an innovative medical technology company incubated in the Guangdong–Macao In-Depth Cooperation Zone in Hengqin, China. Specializing in the research, development and commercialization of percutaneous puncture and ablation surgical robots, the Company’s core product is a percutaneous puncture surgical robot platform comprising four models (TH-S1, TH-S, TH-S Pro and TH-SA), all of which have obtained NMPA Class III medical device registration approvals in China. Building on its core product, True Health has developed an expanding pipeline of surgical robotic systems and related technologies, including microwave ablation surgical robots, cryoablation surgical robot and organ preservation platforms, positioning the company to deliver integrated solutions across minimally invasive oncology procedures. Proceeds from the IPO will be used primarily to advance research and development and commercialization of True Health’s core product, as well as to support the development of its other pipeline products, expand manufacturing capabilities, and for working capital and general corporate purposes. APAC capital markets and corporate finance head Sherlyn Lau led the firm’s team in the transaction.
Latham & Watkins has advised the joint sponsors and underwriters on the secondary listing of Hong Kong Depositary Receipts (HDRs) in Hong Kong by Merdeka Gold Resources (MGR), the owner and operator of the Pani Gold Mine and a majority-owned subsidiary of Merdeka Copper Gold. The offering is composed of 89.7 million HDRs (100 percent secondary) at HK$26.60 (US$3.39) each, subject to reallocation and the exercise of the over allotment option. Each HDR represents 10 ordinary shares of MGR traded in Indonesia. The transaction is the first dual listing in Hong Kong by an Indonesia-listed issuer, and the first HDR offering on the exchange in over a decade, representing a landmark cross-border capital markets transaction that opens a new corridor between Southeast Asian issuers and Hong Kong’s international investor base. It also represents the firm’s culmination of efforts over the past couple of years advising the Hong Kong exchange on the legal aspects of facilitating dual listings by Indonesian companies. UBS and CITIC Securities are joint sponsors, while UBS, CLSA, Morgan Stanley and HSBC are the overall coordinators on the transaction. Partners Terris Tang (Hong Kong) and Sharon Lau (Singapore), supported by Hong Kong partners Simon Hawkins (regulatory) and Michael Hardy (dual listing and financial market infrastructure), led the firm’s team in the transaction.
Latham & Watkins has also advised Huatai International, as sole sponsor, on the HK$1.53 billion (US$195m) IPO of Crealights Technology, a provider of optoelectronic interconnection products. The global offering consists of approximately 13.43 million H shares at HK$114.00 (US$14.53) each in Hong Kong. Hong Kong corporate partners Terris Tang and Benjamin Su led the firm’s team in the transaction.
Paul Hastings (Hong Kong) has advised China International Capital Corporation Hong Kong Securities and CMBC International Capital, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners and joint lead managers, and other underwriters on the HK$399 million (US$51m) global offering and listing of Keytop Parking in Hong Kong. Keytop is a smart parking space operator facilitating the transformation of urban parking. Founding partner and Greater China chair Raymond Li and partner Steven Hsu, supported by regulatory affairs director Wendy Hung, led the firm’s team in the transaction.
Paul Hastings (Hong Kong) has also advised Crealights Technology, a provider of optoelectronic interconnection products, on its approximately HK$1.5 billion (US$191m) global offering and listing in Hong Kong. The firm also assisted Crealights in drafting the prospectus for the global offering and listing. Founding partner and Greater China chair Raymond Li and corporate partners Steven Hsu and Alex Feng, supported by regulatory affairs director Wendy Hung, led the firm’s team in the transaction.
Saraf and Partners has advised Gaja Capital on its US$17 million Series B investment in Good Roots Kitchenware, a health-focused kitchenware firm selling cookware and kitchenware across both online and offline channels, operating under the brand name “The Indus Valley”. The funding round was led by Gaja. The company counts DSG Consumer Partners, Rukam Capital and The Chennai Angels, White Whale among its investors. Partner Vivek Pareek led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Turtlemint Fintech Solutions and the investor selling shareholders on Turtlemint’s approximately Rs8.83 billion (US$93m) IPO, which comprised a fresh issue of approximately 43.5 million equity shares aggregating to Rs6.6 billion (US$69m) and an offer for sale of 14.6 million equity shares aggregating to Rs2.2 billion (US$23m) by certain shareholders, including the investor selling shareholders Nexus Ventures IV, Peak XV Partners Investments V, Blume Ventures Fund 1X, Blume Ventures (Opportunities) Fund IIA, GGV VII Investments (Notable Capital), Dream Incubator and Humming Bird Investment Holdings. The equity shares were listed on the stock exchanges on June 29, 2026. Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers. In 2015, Turtlemint became the first to adopt the point-of-sale person distribution model, and also has the largest certified PoSP network among the peer group, as of March 31, 2025, as well as December 31, 2025. Partners Nikhil Naredi, Krupa Brahmbhatt and Manjari Tyagi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Krishna Institute of Medical Sciences (KIMS), one of the key healthcare corporate groups in India, on its Qualified Institutions Placement aggregating to Rs15 billion (US$158m). The QIP saw participation from a diverse set of institutional investors, including the International Finance Corporation, as well as leading mutual funds and insurance companies, such as HSBC Mutual Fund, Edelweiss Mutual Fund, Axis Mutual Fund, ICICI Prudential Life Insurance, HDFC Life Insurance and Kotak Mahindra Life Insurance. The proceeds of the QIP are proposed to be utilised towards repayment and/or prepayment of certain outstanding borrowings availed by the company and certain of its subsidiaries. Partner and capital markets national head Prashant Gupta and partner Ruth Chenchiah led the firm’s team in the transaction.
Skadden has advised the initial purchasers, led by JP Morgan Securities, Citigroup Global Markets and BofA Securities, on Mitsubishi Corporation’s Rule 144A / Regulation S offering of US$1 billion aggregate principal of 4.625 percent senior notes due 2031 and 5.125 percent senior notes due 2036. The notes were listed in Singapore. Tokyo corporate partners Kenji Taneda and Ken Kiyota led the firm’s team in the transaction.
Skadden has also advised Denso Corporation, a global automotive components manufacturer, on its US$500 million aggregate principal offering of 4.864 percent senior notes due 2031. The notes were listed in Singapore. Tokyo partners Kenji Taneda and Ken Kiyota led the firm’s team in the transaction.
