Featured Deals:
Kudun and Partners has represented Perceptra on the seed fund raising to develop AI technology to assist doctors in medical diagnosis. Perceptra is a deep tech startup, providing AI services to assist doctors in medical diagnosis. Its AI platform, Inspectra, delivers radiologist-level image analysis in real-time, flagging hard-to-spot anomalies, and provides quantitative abnormality scores that enable precise diagnosis. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction.
Kudun and Partners has also represented My Health Group on the series A funding for AI technology research, various systems that assist hospitals and medical staff, and offer apps for health care systems during the COVID-19 pandemic. My Health Group is a pioneer in providing innovative medical services for Thai people’s health, offering many solutions, such as myHealthFirst, myhealthWorld, myHealthMob, myHealhPeek, myHealthRoom and myHealthQue. Partner Kongkoch Yongsavasdikul also led the firm’s team in the transaction.
Allen & Gledhill has acted as transaction counsel to HSBC Insurance (Asia-Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings, on its US$575 million acquisition of 100 percent of the issued share capital of AXA Insurance. Partners Lim Chong Ying, Tham Kok Leong, Eugene Ho, Daren Shiau, Elsa Chen, Catherine Neo, Tan Zhi Feng and Lim Pek Bur led the firm’s team in the transaction, which is subject to regulatory approval.
Allen & Gledhill has also acted as transaction counsel to Sequoia Capital India on its participation in the US$120 million Series E financing round of Moglix. An online business-to-business marketplace in India focusing on industrial supplies, Moglix serves more than 150,000 small and medium-sized enterprises, and lists more than 500,000 stock keeping units on its e-commerce marketplace. Julian Ho led the firm’s team in the transaction.
Assegaf Hamzah & Partners has acted as lead counsel to Bank Rakyat Indonesia (BRI), one of the largest banks in Indonesia, on its Rp96 trillion (US$6.75b) rights issue on September 29, 2021. This is the largest rights issue in Indonesia and Southeast Asia. The funds raised will be allocated to the newly established ultra-micro state-owned enterprises holding group and ecosystem, with BRI as the holding company. Partners Ahmad Fikri Assegaf, Indira Yustikania, Putu Suryastuti and Mita Kartohadiprodjo led the firm’s team in the transaction.
Assegaf Hamzah & Partners has also advised Bank Rakyat Indonesia, one of the largest banks in Indonesia, on the establishment, together with Pegadaian and Permodalan Nasional Madani, of the holding company for ultra-micro SOE. By establishing this ultra-micro holding group, the government hopes to further facilitate convenience in lending by lowering the cost of borrowing funds, as well as widening financial inclusion and accessibility, especially the ultra-micro segment, who require financing below Rp10 million (US$703,635). Partners Ahmad Fikri Assegaf, Indira Yustikania, Putu Suryastuti, and Mita Kartohadiprodjo also led the firm’s team in the transaction.
AZB & Partners is advising Electronics Mart India on its IPO of equity shares aggregating up to Rs5 billion (US$66.2m). The Draft Red Herring Prospectus dated September 20, 2021 was filed with the SEBI on September 21, 2021. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction.
AZB & Partners is also acting as Indian counsel to Kotak Mahindra Capital, Credit Suisse Securities (India), Jefferies India and JM Financial, as the book-running lead managers, on Global Health’s IPO of equity shares, comprising a fresh issue aggregating up to approximately Rs5 billion (US$66.2m), and an offer for sale of up to 48.44 million equity shares. The Draft Red Herring Prospectus dated September 29, 2021 was already filed with the SEBI. Partners Varoon Chandra and Agnik Bhattacharyya are also leading the firm’s team in the transaction.
Clifford Chance has advised on the sale of Zenith Group by Australian private equity fund manager Five V Capital and other shareholders to FE fundinfo, a portfolio company of global private equity firm Hg Capital. Zenith Group is a leading investment research, funds ratings, managed accounts and consulting services provider in Asia Pacific. FE fundinfo is an independent fund data and technology provider to European asset managers and distributors. The transaction brings together two of the leading fund data and research providers in Europe and Asia Pacific, with a complementary set of asset manager and adviser-focused services. Partner Jacob Kahwaji led the firm’s team in the transaction.
Clifford Chance has also advised Beijing Capital Group (BCG) on the privatization, through its wholly-owned subsidiary, of Beijing Capital Land (BCL), a company incorporated in China and listed in Hong Kong. The privatization was implemented via merger by absorption, and was announced on July 9, 2021. The merger has become effective, and the shares of BCL have been delisted in Hong Kong on September 30, 2021. BCL is a leading large integrated real estate developer in China. BCG is a state-owned enterprise under the direct supervision of the Beijing Municipal Government. Partners Amy Lo, Connie Heng, Angela Chan, Torrance Shi, Vicky Ma and Terry Yang led the firm’s team in the transaction.
Drew & Napier has acted as Singapore counsel to Hong Kong-based F&B company Tam Jai International on its IPO in Hong Kong. The offering is a global offering. The company is offering 335 million new shares at HK$3.33 (US$0.428) per share. Trading of its shares commenced on October 7, 2021, and the company raised about HK$1 billion (US$128.5m), after deduction of relevant listing expenses. Tam Jai is a restaurant chain operator of the leading and renowned TamJai and SamGor branded fast casual restaurants. The restaurants have over 24 and 12 years of history, respectively, and have successfully established a strong reputation in Hong Kong’s food culture for providing quality and tasty MiXian. Aside from its operations in Hong Kong, it also operates three restaurants in Singapore, and intends to open another 24 restaurants in Singapore in the next three years. Tam Jai intends to use the proceeds from the global offering to enter the Japan and Australia markets in the next few years. Director Gar Wan led the firm’s team in the transaction.
Grant & Eisenhofer has represented individual investors on a US$300 million shareholder settlement in a derivative litigation. Acting as co-counsel with Reid Collins and other firms, the firm helped secure the settlement against China-based Renren on behalf of minority shareholders. Shareholders accused Renren’s insider owners of defrauding them by controlling an investment portfolio derived from a previous IPO, to the detriment of minority shareholders. Investors also accused company insiders of illegally transferring Renren’s most valuable assets, including a substantial stake in fast-growing lender Social Finance for far less than fair market value to a private company owned and controlled by Renren’s CEO Joseph Chen. The US$300 million settlement may be the largest direct payment to resolve claims in a derivative lawsuit, where investors bring suit on behalf of the company. The case was brought in New York state court against Renren, a China-headquartered company registered in the Cayman Islands, and legal claims had to be litigated under Cayman law. Director Christine Mackintosh led the firm’s team representing the clients.
J Sagar Associates has advised Creation Investments India III, a Chicago-based investment fund, on a fund raise of US$90 million by CredAvenue, a subsidiary of Vivriti Capital. Majority-owned by Creation, Vivriti Capital connects institutions, investors, small enterprises and individuals that lack efficient access to financial services in India. Following this funding round, which was led by Sequoia Growth Investments, Lightspeed India Partners III, TVS Shriram Growth Fund III, Lightstone Global Fund and CRED, Vivriti Capital will continue to own a 58.5 percent majority stake in CredAvenue. CredAvenue is an online debt platform. Incorporated in 2017, the platform has facilitated over Rs550 billion (US$7.3b) of debt, and has a network of over 150 lenders and 800 financial institution corporate borrowers. It has specialized sub-platforms for pool transactions, loans, bonds, fulfilment, analytics, and risk management solutions. The investment was made in the subsidiary company, CredAvenue, where the holding company was majority-owned by a private equity fund. The rights of the private equity fund had to be provided in the subsidiary company through the holding company, which made the transaction complex. Partners Lalit Kumar and Bharati Joshi led the firm’s team in the transaction.
Khaitan & Co has advised InnoVen Capital Asia on the joint venture to set up the Innoven Triple Blue Capital entities, which will act as the investment manager and sponsor to InnoVen Capital India Fund, a venture debt fund registered with SEBI as Category II alternative investment fund. The firm also advised InnoVen Capital on its anchor investment of Rs7.4 billion (US$98m) in the first closing of the fund. The fund is stage and sector agnostic, with primary focus on consumer internet, B2B commerce, enterprise software, fintech, health-tech and logistics sectors. A joint venture between Seviora Holdings, a wholly-owned subsidiary of Temasek, and United Overseas Bank, InnoVen Capital is the first dedicated venture debt provider in India, and a leading venture debt platform in the region. In India, it has executed over 250 transactions with more than 180 start-ups. Since 2017, the platform has disbursed approximately US$400 million to Indian start-ups. Partners Siddharth Shah and Divaspati Singh led the firm’s team in the transaction.
Khaitan & Co has also advised India’s largest retailer Reliance Retail Ventures and 7-India Convenience Retail on the master franchise agreement with 7 Eleven, the largest convenience store retailer in the world, to establish and operate convenience stores under the “7 Eleven” brand in India. Partner Vivek Sriram led the firm’s team in the transaction, which was completed on October 7, 2021. Plave Koch (USA) advised 7 Eleven.
King & Wood Mallesons has acted as Hong Kong counsel to China Property and Casualty Reinsurance (China Re P&C), as the sponsor, on its establishment of Greater Bay Re, the first Hong Kong-incorporated special purpose insurer (SPI) authorized by the Insurance Authority to issue insurance-linked securities (ILS) in Hong Kong. Aon Securities acted as the arranger and insurance manager for the transaction. This marks the first-ever SPI authorization approval granted by the Insurance Authority, and the issuance of the first catastrophe bond in Hong Kong by Greater Bay Re, which provides protection against typhoons in the Mainland. The successful launch of this transaction reflects the strong foundation of the legislative and regulatory framework for ILS in Hong Kong, which paves the way for Hong Kong to tap into the burgeoning China reinsurance market, and to become a leading domicile for issuing ILS, including catastrophe bonds. China Re P&C is a wholly-owned subsidiary of China Reinsurance (Group), one of the largest and only state-owned reinsurance companies in China with a global footprint in major business locations, and the largest company in China that specializes in providing domestic property and casualty reinsurance services. Partners Richard Mazzochi, Minny Siu and Cindy Shek led the firm’s team in the transaction, while Cadwalader, Wickersham & Taft acted as offshore counsel.
King & Wood Mallesons has also advised Hang Seng Bank on the public offering of unlisted equity-linked investments over US-listed stocks authorized by the Securities and Futures Commission (SFC) of Hong Kong. This marks the first SFC-authorized unlisted structured investment product linked to overseas underlying stocks, since the revamp of the SFC product authorization regime under the Code on Unlisted Structured Investment Products in 2010. Hang Seng Bank is the first issuer in the Hong Kong retail market to launch such product. Partners Minny Siu and Angus Sip led the firm’s team in the transaction.
Majmudar & Partners has acted as Indian counsel to ZoomInfo Technologies, a global leader in go-to-market intelligence solutions, on the completion of its acquisition of RingLead, a comprehensive data quality management tool that automates sales, marketing and revenue operations throughout the entire customer lifecycle. M&A practice head partner Rukshad Davar and partner Ravishankar Raghavan led the firm’s team in the transaction, while Lane Powell and Goodwin Procter advised on US law aspects of the acquisition.
Majmudar & Partners has advised RPS Consultancy, a leading provider of training programs on emerging technologies for experienced technology professionals, on NIIT’s acquisition of a 70 percent majority stake in RPS. NIIT will acquire the remaining 30 percent stake in subsequent tranches. NIIT is a global skills and talent development company, and a leading provider of managed training services. South India head partner N Raja Sujith led the firm’s team in the transaction. Shardul Amarchand Mangaldas & Co advised NIIT.
O’Melveny has advised CJ CheilJedang and Bibigo®, the top brand of Korean cuisine in the US and globally, on their multi-year global marketing partnership with the Los Angeles Lakers, including the official jersey patch rights, beginning in the 2021-22 NBA season. CJ CheilJedang is Bibigo’s parent company. As the new official global marketing partner of the LA Lakers, Bibigo will collaborate with the team to create and share inspiring content, drive consumer engagement, and offer unique opportunities to introduce fans to the delicious taste and benefits of Korean food. Bibigo will deploy its marketing programs through Lakers’ properties, such as in-arena signage, digital content elements on Lakers.com, and the jersey patch designation. Entertainment, sports and media group co-head Amy Siegel and Korea corporate practice head Daniel Kim led the firm’s team in the transaction.
Shearman & Sterling has advised Qxpress on its acquisition of Korchina Logistics Holdings. Qxpress is a pan-Asia cross-border logistics company with an extensive global supply chain network and distribution centers in nine countries, including Japan, Korea and Singapore. Its logistics solutions are used by sellers on some of Asia’s leading e-commerce platforms. Korchina is an international freight forwarding and third party logistics company headquartered in Hong Kong. Its network spans 17 countries and covers markets, including Japan, Korea, China, Thailand and Singapore. Qxpress will be able to provide key expanded services for Korchina’s extensive customer base, including access to D2C logistics capabilities and an expanded footprint for an end-to-end logistics platform. Qxpress expects to benefit from the expanded geographic network of Korchina, as well as long-term business relationships with vendors and other partners that will allow for reduced freight and customs-related processing costs. Partners Kyungwon (Won) Lee (Hong Kong-capital markets) and Karl Pires (Tokyo-M&A) led the firm’s team in the transaction, which closed on October 1, 2021.
WongPartnership has acted for DBS Bank and United Overseas Bank, as the joint lead managers, on the issuance by Sembcorp Financial Services (SFS), a wholly-owned subsidiary of Sembcorp Industries (SCI), of S$400 million (US$295m) 2.45 percent green notes due 2031, under the S$3 billion (US$2.2b) multicurrency debt issuance program established by SCI and SFS. It was the first certified green bond issued under the Climate Bonds Standard by a Singapore-based energy company. Partner Trevor Chuan led the firm’s team in the transaction.
WongPartnership has also acted for United Venture Development (2021), as the successful tenderer, on a private housing site at Ang Mo Kio Avenue 1. Partner Monica Yip led the firm’s team in the transaction.