Latest Deals from Law Firms and Legal Services Providers: 24th December 2025

Baker McKenzie has acted as US counsel to New York-listed Bright Scholar Education Holdings on the successful completion of its merger in a going-private transaction with Bright Education Mergersub, a wholly-owned subsidiary of Excellence Education Investment. As a result of the merger, Bright Scholar became a wholly-owned subsidiary of Excellence Education, and Bright Scholar’s American Depository Shares ceased trading in New York effective December 16, 2025. Bright Scholar will file to deregister its shares with the Securities and Exchange Commission. A premier global education service group, Bright Scholar primarily focuses on providing quality international education to global students, and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Partner and Asia Pacific & China capital markets co-chair Dan Ouyang and Ronnie Li from FenXun’s international capital markets practice led the firm’s team in the transaction. Baker McKenzie established a joint operation office with FenXun in China as Baker McKenzie FenXun in 2015.

Baker McKenzie has also acted as Hong Kong and US counsel to QingSong Health on its successful global offering and listing in Hong Kong. The offering is expected to raise approximately HK$513.4 million (US$66m) in net proceeds, or approximately HK$599.6 million (US$77m) if the over-allotment option is fully exercised. The company’s H shares commenced trading on December 23, 2025. QingSong Health is a leading tech-enabled platform providing integrated healthcare and insurance-related services in China, ranking seventh in China’s digital healthcare services market, in terms of revenue. Proceeds from the offering will be used to enhance its market profile, strengthen business partnerships, expand market reach, invest in medical studies and real-world research, advance technology and AI capabilities, as well as for working capital and general corporate purposes. China International Capital Corporation Hong Kong Securities and China Merchants Securities (HK) acted as joint sponsors, overall coordinators, and, , along with Futu Securities International (Hong Kong), as joint global coordinators, joint book-runners and joint lead managers. SPDB International Capital acted as joint book-runner and joint lead manager. Partner and Asia Pacific & China capital markets co-chair Dan Ouyang and partner Winfield Lau, alongside Ronnie Li and Zhenzhen Bao from FenXun’s international capital markets practice, led the firm’s team in the transaction.

Christopher & Lee Ong, member firm of Rajah & Tann Asia, has acted as underwriters’ counsels for CIMB Investment Bank, RHB Investment Bank and Affin Hwang Investment Bank on Orkim’s IPO in Malaysia. Owner-operator of 18 vessels, Orkim owns and operates the largest fleet of clean petroleum tankers in Malaysia. The IPO involved an issuance of new shares by Orkim, and an offer for sale by Tetap Kuasa, the investment vehicle of Ekuiti Nasional. Orkim has achieved a market capitalisation of approximately MYR910 million (US$224m) upon listing. Capital markets partners Justin Chua and Vivian Lim led the firm’s team in the transaction.

Clifford Chance has advised CiDi on its IPO and listing in Hong Kong, under the HKSE’s Chapter 18C listing regime for Specialist Technology Companies. The listing raised approximately HK$1.4 billion (US$180m). CiDi is a provider of intelligent driving products and solutions for commercial vehicles in China, and the first autonomous mining truck company to list in Hong Kong. Partners Fang Liu and Virginia Lee led the firm’s team in the transaction.

DLA Piper has advised Bo Yu, a subsidiary of Ping An, on the privatization, via scheme of arrangement under Section 86 of the Companies Act of the Cayman Islands, of OneConnect Financial Technology, and the withdrawal of OneConnect’s listing in Hong Kong and New York, involving a transaction consideration of US$217 million. Following completion of the transaction, OneConnect has become a wholly-owned subsidiary of Ping An. This is a landmark transaction which represents the first privatization of a Cayman Islands–incorporated company to delist concurrently in Hong Kong and New York since 2010. The privatization involved complex coordination across multiple jurisdictions, regulatory regimes and capital markets. OneConnect is a “technology-as-a-service” provider for the financial services industry in China, with an expanding international presence. It provides integrated technology solutions, including digital banking solutions and digital insurance solutions, to financial institutional customers in China and overseas. Senior partner and China co-managing partner Roy Chan, Greater China capital market compliance head Vivian Liu and corporate partner James Chang led the firm’s team in the transaction.

DLA Piper has also advised Huatai Financial Holdings (Hong Kong) and CITIC Securities (Hong Kong), as the joint sponsors, on the IPO and listing of B&K Corporation in Hong Kong. The offering raised approximately HK$674 million (US$87m). Founded in 2012 and headquartered in Qingdao, China, B&K is a biopharmaceutical company focused on developing innovative protein-based therapies for wound healing. Its pipeline includes two core products, namely Pro-101-1 for the treatment of thermal burns and Pro-101-2 for diabetic foot ulcers, as well as eight additional candidates. The company focuses on the discovery, development and commercialization of therapies for wound healing, currently platelet-derived growth factor (PDGF) drugs. Proceeds from the IPO are intended to primarily fund the clinical development and commercialization of its products, and enhance its R&D capabilities, positioning the company for accelerated growth and market leadership. Hong Kong corporate partner Christina Loh, supported by Greater China capital market compliance head Vivian Liu, US securities partner Philip Lee and Shanghai Kaiman Law Firm partner and corporate head Stewart Wang, led the firm’s cross-border team in the transaction.

Greenberg Traurig has acted as English counsel to Qatar International Islamic Bank (QIIB) on its QAR500 million (US$137m) Sukuk issuance, the first Islamic Sukuk to be listed in Qatar. QIIB announced the successful issuance of the senior unsecured Sukuk on December 17, 2025. The Sukuk were issued under Regulation S, as part of QIIB’s existing US$2 billion Trust Certificate Issuance Programme. The listing of QIIB’s Sukuk represents an important milestone for Qatar’s debt capital market, in support of Qatar National Vision 2030. The Sukuk were priced at a fixed profit rate of 4.4 percent per annum, with a three-year maturity, and structured using a Wakala and Murabaha format, which follows Islamic finance rules. QIIB Senior Oryx is acting as the issuer and trustee, while QIIB itself is the obligor. The Sukuk will expand QIIB’s financing options, and enable access to a broader investor base — enhancing financial flexibility, supporting the diversification of Shariah-compliant investment products, and strengthening the financial stability and competitiveness of QIIB in both the local and regional banking markets. Established in 1991 and regulated by the Qatar Central Bank, QIIB is a privately-owned Islamic bank in Qatar offering personal and corporate Islamic banking solutions. Dubai capital markets shareholder Alex Roussos led the firm’s team in the transaction.

JSA Advocates & Solicitors has advised Bertelsmann India Investments on its investment in Buildwealth Technologies (Wealthy). The funding round also saw participation from existing investor Alphawave Global. One of India’s fastest growing wealth-tech start-up, Wealthy provides a full-suite, AI-powered platform to mutual fund distributors (MFDs) across the country, enabling them to provide world-class wealth management experience to their customers. Partner Anand Lakra, supported by partners Pulkit Sukhramani, Gerald Manoharan, Sonakshi Das, Probir Roy Chowdhury and Yajas Setlur, led the firm’s team in the transaction.

JSA Advocates & Solicitors has also advised Zota Health Care on its qualified institutions placement aggregating to approximately Rs3.5 billion (US$39m). With its brand of Davaindia stores across India, Zota is the leading player in the generic pharmacy space. ICICl Securities acted as the book-running lead manager to the QIP. The transaction involved the sale of approximately 2.28 million equity shares with face value of Rs10.00 (US$0.11) each, for an aggregate value of approximately Rs3.5 billion (US$39m). Capital markets partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors is advising Travelstack Tech and its founder promoters on the company’s proposed IPO, comprising of a fresh issue of up to Rs2.5 billion (US$28m), and an offer for sale of up to approximately 26.85 million equity shares by various selling shareholders. The Draft Red Herring Prospectus dated December 17, 2025 was filed with the SEBI and the stock exchanges. Travelstack Tech operates TravelPlus, India’s largest hotels-focused corporate travel management platform for enterprise clients, in terms of revenue from operations in Fiscal Year 2025, and has been managing the FabHotels brand since 2015. They have served several enterprise clients, including over 100 India-listed companies and over 50 multinational corporations. Capital markets partner Madhurima Mukherjee Saha, supported by partners Anuj Pethia and Kartik Jain, led the firm’s team in the transaction.

Latham & Watkins has advised Acclime Holdings and its shareholders on the sale of the Acclime Group of companies, a pan-Asian corporate services business headquartered in Hong Kong, to funds controlled by Warburg Pincus. Signed on December 17, 2025, the transaction remains subject to regulatory approvals, and is expected to close early in Q2 2026. The Acclime management team will invest, alongside Warburg Pincus, a significant proportion of their proceeds from the transaction in the next phase of the group’s growth. Hong Kong corporate partner Simon Cooke, supported by partners Helen Lethaby (London), Andrew Bishop (Hong Kong), Tomas Nilsson (Brussels), Simon Hawkins (Hong Kong) and Rhys McWhirter (Hong Kong), led the firm’s cross-border team in the transaction.

Latham & Watkins has also advised China International Capital Corp (CICC), China Securities (International) and Ping An of China Capital (Hong Kong) on CiDi’s HK$1.4 billion (US$180m) IPO in Hong Kong. CiDi is an innovative product-driven provider of intelligent driving products and solutions for commercial vehicles in China. It focuses on the research and development of closed-environment autonomous driving trucks for mining and logistics, V2X (vehicle-to-everything) technologies, and intelligent perception solutions. The company is a Specialist Technology Company listing under Chapter 18C of the Listing Rules in Hong Kong. Hong Kong partners Benjamin Su and Terris Tang led the firm’s team in the transaction.

Paul Hastings (Hong Kong) has advised China International Capital Corporation Hong Kong Securities (CICC) and Citigroup Global Markets Asia, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners and joint lead managers, and other underwriters on the HK$626 million (US$80.5m) global offering and listing of BenQ BM Holding Cayman Corp (BenQ) in Hong Kong. BenQ is a private for-profit general hospital group in mainland China. Founding partner and Greater China chair Raymond Li and corporate partner Steven Hsu led the firm’s team in the transaction.

Saraf and Partners has advised Megaport, a leading Australian networks company, on its strategic acquisition of 100 percent equity stake in Extreme Infocom (Extreme IX), India’s leading internet exchange provider, for an undisclosed sum from its parent entity, Extreme Labs AD, a Bulgaria-headquartered software and network engineering company that incubated the Extreme IX platform. Senior partner Vaibhav Kakkar and partner Snigdhaneel Satpathy led the firm’s team in the transaction. Extreme Labs AD was advised by Bulgarian law firm CasePro and, on closing-related and certain other aspects, by Trilegal, with a team led by partner Nikhil Sachdeva.

Shardul Amarchand Mangaldas & Co has advised Medi Assist Healthcare Services on its approximately Rs1.98 billion (US$22m) fundraise via preferential issue of equity shares to Massachusetts Institute of Technology (MIT) and 238 Plan Associates. The transaction involved the issuance and allotment of fully paid-up equity shares of Medi Assist on a preferential basis to the two investors, who are qualified institutional buyers and SEBI-registered foreign portfolio investors. Following the preferential issue, MIT and 238 Plan Associates hold 3.86 percent and 1.08 percent, respectively, of the total share capital of Medi Assist. IIFL Capital Services acted as the financial advisor to the transaction. National capital markets head Prashant Gupta and partner Devesh Pandey led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Nephrocare Health Services (Nephroplus) on the Indian aspects of its IPO aggregating to approximately Rs8.7 billion (US$97m), comprising of a fresh issue of approximately Rs3.53 billion (US$39.4m) and an offer for sale of approximately Rs5.18 billion (US$58m). National capital markets head Prashant Gupta and partner Devi Prasad Patel led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has acted as Indian counsel to CORONA Remedies, the promoter selling shareholder, promoter group selling shareholders and investor selling shareholders, on the IPO of approximately Rs6.55 billion (US$73m). The IPO comprised an offer for sale of approximately 6.2 million equity shares by Dr Kirtikumar Laxmidas Mehta (promoter selling shareholder); Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta and Brinda Ankur Mehta (promoter group selling shareholders; and Sepia Investments, Anchor Partners and Sage Investment Trust (investor selling shareholders). The IPO witnessed exceptional investor demand, and was oversubscribed over 137 times, reflecting strong market confidence in the company and the pharmaceutical sector. National capital markets head Prashant Gupta and partner Devi Prasad Patel, supported by partners Karun Prakash, Sangamitra Sankaraiah and Manjari Tyagi, led the firm’s team in the transaction. J Sagar Associates, led by partner Arka Mookerjee, advised JM Financial, IIFL Capital Services and Kotak Mahindra Capital, as the book-running lead managers, on Indian law. Sidley Austin acted as US counsel to CORONA Remedies and the book-running lead managers.

S&R Associates has represented Eversana Life Sciences, a leading independent provider of global services to the life sciences industry, on the Indian aspects of its sale of an advisory and consulting services business to Trinity Partners International. Partner Radhika Iyer, supported by partner Sumit Bansal on tax matters, led the firm’s team in the transaction.

S&R Associates has also represented IHH Healthcare, one of the world’s leading private healthcare groups, and its wholly-owned indirect subsidiaries, Northern TK Venture (NTK) and Parkway Pantai, on the Rs44.09 billion (US$493m) open offer under the Takeover Code for the acquisition of 26.1 percent of the share capital of Fortis Healthcare, a leading listed healthcare services provider. NTK was the acquirer, with IHH and Parkway Pantai acting in concert. The firm also represented IHH, NTK and Parkway Pantai, with NTK as the acquirer and IHH and Parkway Pantai acting in concert, on the Rs175.99 million (US$2m) open offer under the Takeover Code for the acquisition of 26.11 percent of the share capital of Fortis Malar Hospitals, a listed subsidiary of Fortis Healthcare. Following the completion of the transactions, IHH’s indirect shareholding in Fortis Healthcare and Fortis Malar Hospitals is 31.17 percent and 62.73 percent, respectively. Partners Sandip Bhagat, Rajat Sethi and Raya Hazarika, supported by partners Niti Dixit and Savani Gupte on litigation matters, led the firm’s team in the transaction.

Trilegal has acted as sole counsel on the proposed IPO by Aspri Spirits of equity shares, comprising of a fresh issue of up to Rs1.4 billion (US$15.6m), and an offer for sale of up to five million equity shares by the selling shareholders. Aspri is the largest alco-beverage distribution company in India, in terms of brand portfolio size. Its offerings include 323 brands, such as Whyte & Mackay and Dalmore (scotch whiskey), Camus (cognac), Molinari (sambuca), Beluga (vodka), Black Tower (still wine), Henkell (sparkling wine) and Amarula (liqueur). The syndicate of book-running lead managers comprised of Motilal Oswal Investment Advisors and Nuvama Wealth Management. Capital markets partner Richa Choudhary led the firm’s team in the transaction.

TT&A has advised L Catterton on its strategic partnership and investment in Haldiram Snacks Food, a renowned packaged food company in India. The collaboration aims to fortify Haldiram’s market leadership in the country, and accelerate its international expansion on the back of its robust fundamentals, brand equity and growth potential. Partners Sachin Mehta and Shivranjani Ralawata, supported by partner Sonam Mathur, led the firm’s team in the transaction. Khaitan & Co advised Haldiram Snacks Food and the sellers.