Akin Gump has represented an ad hoc committee of noteholders of US$420 million senior notes issued by China Singyes Solar Technologies, a Hong Kong-listed provider of renewable energy solutions, on the financial restructuring of the senior notes and certain other debts of the China Singyes group, which has substantial operations in China and significant onshore and offshore debts. The debt restructuring was implemented via parallel schemes of arrangement in Bermuda and Hong Kong, and reached financial close on December 19, 2019. Hong Kong financial restructuring partner Naomi Moore led the firm’s team in the transaction.
Assegaf Hamzah & Partners, member firm of Rajah & Tann Asia, has acted for General Atlantic, a leading global growth equity firm, and GGV Capital, a pre-eminent global venture capital firm, on their US$150 million Series C investment in Ruangguru, an Indonesian technology company focusing on web-based education services. This investment is one of the largest fundraisings for an education technology company in Southeast Asia. It also helps solidify Ruangguru’s position as a market leader in education technology, and will aid the company in expanding its product offering across Indonesia and Vietnam. Partner Bono Daru Adji led the firm’s team in the transaction.
AZB & Partners has advised Varde Partners on the acquisition by Shubh Holdings of 100 percent equity shareholding of NCP Commercials, which owns the ‘Lodha Excelus’ business centre in Mumbai. Partners Hardeep Sachdeva and Priyamvada Shenoy led the firm’s team in the transaction, which was valued at Rs11 billion (US$155.2m) and was completed on December 26, 2019.
AZB & Partners has also advised Sterlite Technologies, through its Mauritius subsidiary, on Sterlite’s acquisition of 12.8 percent stake in ASOCS, an Israel-based technology company. Partner Anand Shah led the firm’s team in the transaction, which was completed on January 8, 2019.
Baker McKenzie has advised Gaw Capital Partners on the structuring, formation and closing of its sixth flagship Asia-Pacific real estate fund, Gateway Real Estate Fund VI (Gateway Fund VI), which raised US$2.2 billion, after obtaining approval to exceed its original hard cap of US$2 billion. The firm also assisted Gaw Capital in securing additional sidecar commitments of US$800 million to be deployed alongside the latest fund. Gaw Capital’s largest fund to date, Gateway Fund VI will focus on real estate assets in China, Japan, Vietnam, South Korea, Singapore, Southeast Asia and Australia. In addition to China’s primary gateway cities of Beijing, Shanghai, Guangzhou and Hong Kong, Gateway Fund VI will also back operating thematic platforms and pre-IPO real estate companies looking for strategic capital. Partner Jason Ng, co-chair of the global investment funds group, led the firm’s team in the transaction.
Duane Morris & Selvam has acted as international counsel to JM Financial and Edelweiss Financial Services, as the book-running lead managers, on the recent sale of Rs5 billion (US$70.6m) equity shares in Prince Pipes, in an IPO in India and concurrent private placements outside India. The equity shares are now listed in India’s stock exchanges. Jamie Benson, head of the India practice and US capital markets practice, supported by Duane Morris partner Hope Krebs, led the firm’s team in the transaction, while AZB & Partners acted as Indian counsel. L&L Partners and IndusLaw acted as Indian counsel to Prince Pipes.
J Sagar Associates has advised Metarain Distributors (Myra) and its promoters on the 100 percent acquisition of the shares of Myra by Medlife International. Myra is a Bangalore-based online start up, focusing on the online delivery of medicines. Medlife is a health-tech company, focusing on online medicine delivery, online doctor consultation and laboratory services. Myra’s investors included Times Internet, Matrix and Dream Incubator. The acquisition will be completed pursuant to two closings, and the structure contemplates a share swap mechanism, as well. The transaction documents have been executed and the first closing has been completed. Partner Archana Tewary led the firm’s team in the transaction. Medlife was represented by Trilegal, while the selling shareholders Times Internet and Matrix were represented by Shardul Amarchand Mangaldas and Rajaram Legal, respectively.
J Sagar Associates has also advised Omidyar Network (Mauritius), a US-based investment firm which focuses on social impact investments, on its Series B1 round investment in Advamedica, a Delaware corporation involved in research, development, production, marketing, sale and distribution of hemostatic medical devices and related products and services in various countries in Southeast Asia and India. The firm conducted due diligence on Advamedica’s wholly-owned Indian subsidiary, Axio Biosolutions, and advised on documentation from an Indian law perspective. Partner Archana Tewary also led the firm’s team in the transaction.
Khaitan & Co has advised Indorama Ventures on the Indian leg of its global acquisition of the chemical intermediate and surfactants businesses of Huntsman Corporation, including the manufacturing operations of Huntsman in Texas, Australia and India. The firm advised on the employment-related aspects, concerning the transfer of the business of Huntsman International (India) to Indorama Ventures Oxides Ankleshwar. With a total consideration of US$2.08 billion, the transaction is the largest deal executed by Indorama Ventures to date. Partner Anshul Prakash led the firm’s team in the transaction.
Khaitan & Co has also advised The Blackstone Group on setting-up a pan-India warehousing and logistics industrial parks platform with the Hiranandani Group. The Blackstone and the Hiranandani joint venture intends to develop additional projects across locations in India. Partners Haigreve Khaitan, Aakash Choubey, Deepak Jodhani and Harsh Parikh, supported by partners Gaurav Dasgupta, Shailendra Bhandare, and Vivek Mimani, led the firm’s team in the transaction, which marks Blackstone’s entry into the warehousing business in India.
Kirkland & Ellis has advised New York-listed Cushman & Wakefield on the formation of a new asset services company with Vanke Service. Cushman & Wakefield is among the world’s largest real estate services firms, with approximately 400 offices in 70 countries. Vanke Service is a core subsidiary of China Vanke, a leading Chinese real estate development company. The new asset services company, with more than 20,000 employees, will have over 1,000 commercial property and facility management projects in more than 80 cities across China. Corporate partners Chuan Li and Shuting Qi, supported by corporate partners Pierre-Luc Arsenault, Tzi-Yang Seow, David Yun, Li-Chien Wong, Joey Chau, Stephen Tomlinson and Robert Hayward, intellectual property partner Min Wang, and tax partners Lee Morlock and Devin Heckman, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Tingyi (Cayman Islands) Holding, a Cayman Islands exempted company listed in Hong Kong, on its US$203 million acquisition of 52,637 shares in KSF Beverage Holding from Ting Hsin (Cayman Islands) Holding. KSF and its subsidiary produce and distribute beverage products in China. Juno Huang led the firm’s team in the transaction, which closed on December 31, 2019, while Sidley Austin advised on Hong Kong law.
Maples and Calder has also acted as Cayman Islands counsel to Powerlong Commercial Management Holdings on its IPO of 150 million shares and listing in Hong Kong. Powerlong is a leading commercial operational services provider in China. The offering, which closed on December 30, 2019, raised approximately HK$1.5 billion (US$193m). Karen Zhang Pallaras led the firm’s team in the transaction, while Sidley Austin advised on Hong Kong law and Grandall Law Firm advised on China law. The sole sponsor, ABCI Capital, and the underwriters were advised by Jingtian & Gongcheng on Hong Kong law and by Junhe on China law.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for the vendor on the disposal of its entire issued and paid-up share capital of a special purpose vehicle, which is the registered proprietor of Robinson Centre, a 20-storey office building in the heart of Singapore’s central business district, to Island Robinson Acquisition, a special purpose vehicle owned by the fund managed by ARA Asset Management. Partners Norman Ho, Benjamin Tay and Favian Tan led the firm’s team in the transaction.
RHTLaw Taylor Wessing has advised Kwan Yong Holdings on its successful IPO in Hong Kong on January 8, 2020, the first IPO in Hong Kong for the year. Based on the offer price of HK$0.65 (US$0.083) per share, Kwan Yong’s post-IPO market capitalisation is HK$520 million (US$67m). The offering raised HK$88.4 million (US$11.4m) in net proceeds, with the public offering 48.73 times over-subscribed. SPDB International Capital is the sole sponsor and sole global coordinator. Kwan Yong is a Singapore main contractor with more than 30 years of experience known for quality of work, especially in building construction works for the public sector. Partners Ch’ng Li-Ling and Jeremiah Huang led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised the consortium led by Power Finance Corporation on every aspect of the Rs40.5 billion (US$571.5m) transaction with RattanIndia Power (RIP), RattanIndia Infrastructure and RR Infralands, including structuring of the deal, advising on the Swiss challenge process, and finalising all documents with the counter parties, until the final clearance for the remittance of money to the lenders. The three companies approached the lenders with a proposal to settle the approximately Rs80 billion (US$1.13b) dues owed by RIP to the lenders. The process to find new investors was executed through a global Swiss challenge auction. The first-of-its-kind transaction, in which foreign investors have replaced Indian lenders through a process of resolution outside the NCLT framework, has opened new doors for fresh capital to flow into the distressed Indian power sector. Partner Anoop Rawat led the firm’s team in the transaction.
Shook Lin & Bok is advising CDL Hospitality Trusts on its almost S$800 million (US$594m) investment, which includes (1) the proposed redevelopment of Novotel Singapore Clarke Quay, through the divestment of Novotel Clark Quay for S$375.9 million (US$279m) and the forward purchase of a new hotel for S$475 million (US$353m) on the redeveloped site, which will be an integrated development comprising the hotel, two residential towers expected to offer around 700 apartment units, a commercial component, and a serviced residence with a hotel licence, and (2) the acquisition of W Singapore hotel at Sentosa Cove for S$324 million (US$240.6m). The proposed divestment and acquisition is expected to be completed in early 2020. Partner Andrea Ng is leading the firm’s team in the transaction.
Skadden has advised Unicorn Capital Partners, a venture capital fund-of-funds manager focused on China and other key technology markets in Asia, on the closing of Unicorn Partners Fund III, announced on December 31, 2019. The fund closed at its hard cap of US$350 million, and was oversubscribed. Unicorn founders Tommy Yip and Kah-Fai Low have 37 years of combined venture capital fund investment experience and research experience, through technology boom-and-bust cycles and generational changes in China venture capital. Geoffrey Chan, partner and head of investment management practice in Asia, led the firm’s team in the transaction.
Stephenson Harwood has advised China Hongguang Holdings on its HK$57.75 million (US$7.4m) listing in Hong Kong. China Hongguang Holdings is a glass manufacturer, specialising in the production of architectural glass products, including energy-efficient safety glass products and smart glass product. Partner Chun-Hui Lin led the firm’s team in the transaction.
S&R Associates has represented Livfin India, an SME-focused supply chain fintech firm, and its promoters, which are part of the SAR Group, on the Rs350 million (US$5m) investment round by DEG — Deutsche Investitions — UND Entwicklungsgesellschaft, a German development finance institution and a subsidiary of KfW Group. Partners Sanjeev Adlakha and Mohit Gogia led the firm’s team in the transaction, which is subject to completion of certain conditions.
Veyrah Law has advised health delivery start-up Pristyn Care on raising US$12 million in Series B funding, via subscription to Pristyn Care’s preference shares, from Sequoia Capital (along with its affiliate),Hummingbird Ventures (along with its affiliate), Greenoaks Capital and AL Trust. Founded in late 2018, Pristyn Care offers patients affordable advanced surgical care through innovative surgical techniques and recovery measures. Partner Ajay Joseph led the firm’s team in the transaction, which was completed on November 16, 2019 and announced on December 18, 2019. Algo Legal, led by partner Archan Chakraborty, advised Sequoia Capital and its affiliate. Belgium-based Cresco Business Law Firm advised Hummingbird Ventures and its affiliate.
WongPartnership is acting for Ascott Residence Trust (ART) on the entry into a put-and-call option agreement for the sale of ART’s share in a land lot, which includes the building known as Somerset Liang Court Singapore, for approximately S$163.3 million (US$121.3m), and also acting for ART as part of a consortium with City Developments and CapitaLand on the redevelopment of the Liang Court site, comprising Somerset Liang Court Singapore, Liang Court mall and Novotel Singapore Clarke Quay, into an integrated development. Partners Chan Sing Yee and Serene Soh led the firm’s team in the transaction.
WongPartnership is also acting for Sembcorp Industries on the approximately S$28 million (US$21m) acquisition of Veolia ES Singapore and the public cleaning business of Veolia ES Singapore Industrial from Veolia Environmental Services Asia. Partners Monica Yip, Mark Choy, Ameera Ashraf, Kylie Peh, Serene Soh, Kyle Lee and Chan Jia Hui led the firm’s team in the transaction.