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

Allen & Gledhill has advised the Housing and Development Board on the issue of S$1 billion (US$779.3m) fixed rate notes due 2035, under its S$42 billion (US$32.7b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as Singapore counsel to Fubon Life Singapore on its issue of US$650 million 5.45 percent Tier 2 subordinated dated capital bonds due 2035. The bonds are irrevocably and unconditionally guaranteed by Fubon Life Insurance. Partners Margaret Chin, Maree Quinn, Andrew Chan and Sunit Chhabra led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised PSA Treasury and PSA International on the issue of S$600 million (US$467m) 2.23 percent guaranteed green notes due 2035, under their US$5 billion global medium term note programme. The notes are unconditionally and irrevocably guaranteed by PSA International. This was PSA Treasury’s inaugural issue of green notes, and net proceeds will be used exclusively to finance or refinance new or existing projects, which fall within the Eligible Green Project Categories (as defined in the PSA Green Finance Framework 2025), with a two-year lookback period for refinancing projects, and which meet the Eligibility Criteria described in the PSA Green Finance Framework 2025. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised JM Financial India Fund II, a scheme of JM Financial India Trust II, on its sale of more than five percent stake in India Home Loan to Skybridge Ventures. Partners Anand Shah and Kinshuk Jhunjhunwala led the firm’s team in the transaction, which was completed on September 3, 2025.

AZB & Partners is also advising Westinghouse Air Brake Technologies on its Rs85 billion (US$957m) acquisition of Couplers Holdco (Dellner Couplers), including its Indian subsidiary Dellner (India), from EQT VIII Fund. Partner Roxanne Anderson is leading the firm’s team in the transaction, which was signed on March 18, 2025 and is yet to be completed.

Moreover, AZB & Partners is advising FIH Mauritius Investments, Mr Navin Kumar Sinha and Mr Raghav Dipak Agarwalla on the Rs6.6 billion (US$74m) sale by FIH Mauritius Investments of stake in Saurashtra Freight to Kamigumi. Partners Darshika Kothari and Devika Nayak are leading the firm’s team in the transaction, which was signed on September 12, 2025 and is yet to be completed.

Baker McKenzie advised China Pacific Insurance (Group) on its issuance of HK$15.556 billion (US$2b) zero-coupon convertible bonds due 2030, under general mandate. This deal is not only the biggest zero-coupon HK$-denominated convertible bonds issuance in history, but also sets records as the first offshore convertible bond issued by a state-owned financial enterprise listed simultaneously on domestic and foreign markets, the first Hong Kong convertible bond with a negative yield in nearly 20 years, and the largest overseas secondary fund-raising project in the financial institution sector in the Asia Pacific region in 2025. A leading integrated insurance group in China, China Pacific Insurance is the first insurer simultaneously listed in Shanghai, Hong Kong and London. These convertible bonds will be listed in Hong Kong, and convertible into Honk Kong-listed H shares. The proceeds from this issuance will be used to further develop its insurance business; implement strategic development initiatives in health services and elderly care, AI+ and internationalization; and support general corporate purposes. In 2020, the firm assisted the company in the offering and listing of its global depositary receipts in London, enabling the company to become the first Chinese mainland insurer to be listed in Shanghai, Hong Kong and London simultaneously. JP Morgan, UBS, Huatai International, BofA Securities and Morgan Stanley are the joint global coordinators, joint book-runners and joint lead managers in this deal. Partner and China capital markets co-head Wang Hang led the firm’s team in the transaction, with support from FenXun, the firm’s joint operation partner in China.

Clifford Chance has advised Haier Group subsidiary COSMOPlat Energy Technology on the global antitrust filings for its acquisition of controlling interest in Shanghai Discovery Energy Service. Founded in 1984, Haier is a global provider of better life and digital transformation solutions. Shanghai Discovery is a comprehensive energy and carbon management service provider in China. It integrates artificial intelligence and low-carbon technologies in its services, and offers comprehensive one-stop solutions throughout the entire lifecycle for the pan-semiconductor industry and major energy-consuming clients. Partner Yong Bai led the firm’s team in the transaction.

Clifford Chance is also acting as international counsel for Dongfeng Motor on its proposed merger via absorption with its Hong Kong-listed subsidiary Dongfeng Motor Group (DMG). Under the terms of the merger, Dongfeng Motor will pay a cash consideration of HK$14.7 billion (US$1.89b) to DMG’s H-shareholders, excluding those H-shares already held directly by Dongfeng Motor. Subject to the satisfaction of the merger conditions, DMG will be delisted in Hong Kong. Simultaneously, DMG’s shareholding in VOYAH Automotive Technology will be distributed to DMG’s shareholders. VOYAH intends to pursue a listing by introduction of its H-shares, conditional upon completion of the distribution. A state-owned enterprise directly administered by China’s State-owned Assets Supervision and Administration Commission, Dongfeng Motor manufactures commercial vehicles, passenger vehicles, electric vehicles and ancillary services and products. VOYAH is a non-wholly-owned subsidiary of DMG, and specialises in the research and development, production, sales and after-sales services of high-end new energy vehicles. China practice chair and partner Tim Wang and partner Tommy Tam, supported by partners Jean Thio, Tianning Xiang and Vicky Ma, are leading the firm’s cross-border, multidisciplinary team in the transaction.

Moreover, Clifford Chance has advised Vitruvian Partners and 65 Equity Partners on their anchor investment in UltraGreen.ai, a global leader in surgical imaging and diagnostics, at an entry equity valuation of US$1.3 billion. Through its subsidiary Diagnostic Green, Singapore-headquartered UltraGreen.ai is the world’s largest provider of indocyanine green (ICG), a key imaging agent used in over 90 percent of fluorescence-guided surgery procedures globally. The transaction marks a strategic partnership for UltraGreen.ai, enabling it to leverage the deep expertise of established international investors to scale healthcare technologies across global markets, as it continues strategic expansion and diversification. Partner Tom Lin, supported by partners Stephen Reese, Alex Walker and Renee Latour, led the firm’s team in the transaction.

Davis Polk has advised GenFleet Therapeutics (Shanghai) on its IPO and listing in Hong Kong, and its Rule 144A / Regulation S international offering. The gross proceeds of the offering were approximately HK$1.82 billion (US$234m), prior to the exercise of the over-allotment option. GenFleet is a biopharmaceutical company with proven success in developing RAS-pathway targeted therapies. It is focused on developing novel treatment options in the fields of oncology, covering different lines of treatments of multiple solid tumors, as well as autoimmune and inflammatory diseases. Partners Xuelin (Steve) Wang and Jason Xu led the firm’s cross-border team in the transaction.

DLA Piper has advised the sponsors and the underwriters of Chinese healthcare platform 160 Health International on its IPO in Hong Kong, which raised approximately HK$400 million (US$51.45m). The company commenced trading on September 17, 2025. Shenwan Hongyuan Capital (HK) and Zero2IPO Capital are the joint sponsors. 160 Health is an experienced pharmaceutical and healthcare product wholesaler, and a leading digital healthcare integrated service provider in China. Through its Healthcare 160 platform, which is recognised as the largest digital healthcare and wellness service platform in the digital healthcare integrated service industry in China, it delivers comprehensive digital healthcare and wellness solutions to a broad network of participants, including businesses, medical institutions, professionals, individual users and third-party merchants. Partner and EMEA & Asia Pacific equity capital markets co-head George Wu, supported by Shanghai Kaiman Law Firm, led the firm’s team in the transaction.

Baker McKenzie’s Joint Operation Partner in China, FenXun Partners (FenXun), and Baker McKenzie Wong & Leow have acted as China and Singapore law counsel, respectively, to CapitaLand Investment (CLI) on the first public offering of a foreign-issued sustainability-linked Panda bond, raising Rmb1.2 billion (US$169m). This offering comprises a three-year bond of Rmb900 million (US$126m) with a coupon rate of 2.35 percent, and a five-year bond of Rmb300 million (US$42m) with a coupon rate of 2.50 percent, which marks the first five-year sustainability-linked Panda bond in the market. The issuance attracted significant interest from both Chinese and foreign banks, as well as active non-bank institutional investors, such as insurance companies, brokers, public funds and trust companies. This broad participation further diversifies CLI’s investor base, and marks a new milestone for the company in China’s bond market. The bonds include a sustainability performance target, which aligns with CapitaLand’s sustainability commitments, and supports the goals outlined in its 2030 Sustainability Master Plan, including achieving a renewable electricity usage share (excluding tenants) of no less than 45 percent by 2030. China International Capital Corporation was the lead underwriter and book-runner, while China Merchants Bank and Mizuho Bank (China) were the joint lead underwriters for this transaction. In 2024, the firm also advised CLI on the issuance of two sustainability-linked bonds, raising a total of Rmb2 billion (US$281m). FenXun banking and finance senior partner Shirley Wang and Baker McKenzie Wong & Leow principals Min-tze Lean (M&A) and Allen Tan (tax), supported by Baker McKenzie Wong & Leow principal Jeremiah Soh, led the two firms’ cross-border team in the transaction.

JSA has advised Sumitomo Mitsui Banking Corporation (SMBC) on its on-market sale of its entire approximately 1.65 percent shareholding in Kotak Mahindra Bank for approximately Rs62.56 billion (US$705m). Corporate partner Vikram Raghani and partner Birbahadur Sachar led the firm’s team in the transaction.

JSA has also advised Avaana Sustainability Fund on its investment in Bacalt BioSciences. Founded in 2023 by Shruti Kutmutia and Pranav Nair, the Bangalore-based start-up develops sustainable alternatives to conventional specialty ingredients by producing biopolymers from agro-industrial waste through advanced bio-manufacturing processes. The funding round, which also saw participation from Lubrizol Advanced Materials Europe (a subsidiary of the global specialty chemicals provider Lubrizol), raised primary capital infusion, which Bacalt intends to deploy to scale its R&D processes, establish pilot production facilities, expand its team, and develop go-to-market strategies for international expansion. Partner Siddharth Mody, supported by partner Anurag Shrivastav, led the firm’s team in the transaction.

Moreover, JSA has advised Theobroma Foods and its shareholders, including promoters and ICICI Ventures, on the sale of a substantial majority in Theobroma to ChrysCapital. Founded in 2004 as a single outlet in Cusrow Baug at Colaba Causeway, Theobroma has grown into one of India’s largest D2C consumer food brands, with a strong nationwide footprint of over 250 stores across more than 30 cities. The transaction is valued at approximately Rs20 billion (US$227m), subject to adjustments and customary closing conditions. Partner Vikram Raghani, with partners Yashvi Singh, Rishabh Gupta, Vaibhav Choukse, Ela Bali and Probir Roy Chowdhury, led the firm’s team in the transaction.

Latham & Watkins has advised Aster Chemicals and Energy (ACE) on its US$1 billion sustainability-linked debt financing from a consortium of global banks and credit funds, comprising a US$700 million initial facility, with an up to US$300 million greenshoe option, which has been fully exercised as of date. The debt financing was arranged by DBS and OCBC, as the mandated lead arrangers, underwriters and book-runners, and coordinating banks, with lenders, including Clifford Capital, Indonesia Eximbank, Bangkok Bank, Bank Mandiri, Bank Rakyat Indonesia, Standard Chartered Bank, First Abu Dhabi Bank, Bank Negara Indonesia and Mizuho Bank. ACE is indirectly majority-owned and operated by Chandra Asri, and minority-owned by Glencore, via a joint venture through their respective subsidiary companies. ACE comprises a crude oil refinery, an ethylene cracker on Bukom Island, and downstream chemical assets on Jurong Island. The loan incorporates certain sustainability-linked adjustments, and will support ACE’s general corporate purposes. The firm also previously advised Chandra Asri on the initial formation of the joint venture with Glencore, and the acquisition of ACE from Shell Singapore. Singapore partners Timothy Hia and Kong Chuan Wei led the firm’s team in the transaction.

Latham & Watkins has also advised a syndicate of banks on the restructuring of Yuzhou Group Holding’s US$6.7 billion offshore debt. A property developer headquartered in Shanghai and Shenzhen, Yuzhou Group develops both residential and commercial properties. Hong Kong restructuring partner Howard Lam led the firm’s team in the transaction.

Moreover, Latham & Watkins has advised the underwriters on the public offering and Singapore secondary listing of AvePoint, the global leader in data security, governance and resilience. The offering consists of approximately 13.3 million shares of its common stock, par value S$0.0001, at a public offering price of S$19.50 (US$15.20) per share, and raised approximately S$259 million (US$202m) in proceeds for the selling shareholders. Jefferies, Morgan Stanley & Co, Oversea-Chinese Banking Corporation and UBS Securities acted as joint global coordinators and joint book-runners for the offering. Singapore partner Sharon Lau, supported on FRSA matters by New York partner Gail Neely, led the firm’s team in the transaction, which represents the first US-registered follow-on offering and concurrent secondary listing in Singapore.

Shardul Amarchand Mangaldas & Co has advised Urban Company on its IPO aggregating to approximately Rs19 billion (US$214m), comprising a fresh issue and an offer for sale by certain shareholders, including affiliates of Accel, Bessemer, Elevation Capital, Tiger Global and Vy Capital. The book-running lead managers were Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities and JM Financial. This is also the most oversubscribed IPO among new-age companies in India, with overall demand exceeding 103x, including aggregate QIB demand of over 140x. National capital markets head Prashant Gupta and partner Ruth Chenchiah led the firm’s team in the transaction, which marked the first listing of a home services provider on the Indian stock exchanges. Partner Manjari Tyagi led the firm’s team advising the selling shareholders, namely Accel India IV (Mauritius), Bessemer India Capital Holdings II, Elevation Capital V and VYC11. Partner Devesh Pandey and managing partner Pallavi Shroff provided strategic inputs.

Shardul Amarchand Mangaldas & Co has also represented Blue Tokai Coffee Roasters (Muhavra Enterprises) on its bridge funding round valued at approximately US$25 million. The round saw participation from the company’s existing investors A91, Verlinvest Anicut Capital and 12 Flags. Partner Nikita Goyal led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has successfully represented PMI Electro Mobility Solutions, one of India’s leading e-bus manufacturers, on a high-stakes dispute before the Delhi High Court, wherein the Court quashed the order by Convergence Energy Services cancelling PMI’s successful bids in the ‘PM e-Bus Seva’ tender, concerning over 700 e-buses with total worth of approximately Rs37 billion (US$417m). Convergence Energy Services is a wholly-owned subsidiary of India’s state-owned Energy Efficiency Services that focuses on clean energy solutions, like electric mobility and renewable energy. Partner Manu Nair led the firm’s team in the transaction.

Simpson Thacher is advising the Sumitomo Mitsui Financial Group (with certain of its subsidiaries, SMBC Group) on the significant expansion of its global strategic alliance with Jefferies Financial Group. SMBC Group and Jefferies signed a memorandum of understanding to expand their global strategic alliance by establishing a joint venture in Japan to conduct their wholesale Japanese equities business. With a view to further deepening the strategic partnership, SMBC plans to increase its economic investment in Jefferies to up to 20 percent on an “as converted and fully diluted basis”. SMBC will continue to own less than five percent of a voting interest in Jefferies. The increased economic investment in Jefferies is subject to receipt of required regulatory approvals. Financial institutions partners Sven Mickisch (New York), Timothy Gaffney (New York) and Brian Christiansen (Washington DC); financial regulatory partners David Blass (Boston/Washington DC) and Owen Lysak (London); and anti-trust partners Étienne Renaudeau (London/Brussels) and Peter Guryan (New York) led the firm’s team in the transaction.

Skadden has advised the underwriters on Sumitomo Life Insurance Company’s US$1.2 billion principal offering of 5.875 percent step-up callable subordinated notes due 2055. The notes were listed in Singapore. Sumitomo Life Insurance Company is a private life insurance company in Japan offering a wide range of products, including individual and group life insurance and annuities, and other insurance products. Tokyo office head and corporate partner Kenji Taneda led the firm’s team in the transaction.

Skadden has also advised NIO, a pioneer and a leading company in the global smart electric vehicle market, on its US$1.16 billion offering, consisting of American depositary shares and Class A ordinary shares. Hong Kong partners Shu Du (corporate) and Jonathan Stone (corporate & M&A) led the firm’s team in the transaction, which closed on September 17, 2025.

Moreover, Skadden has advised bitcoin treasury company Metaplanet on its approximately ¥212 billion (US$1.4b) Rule 144A/Regulation S international common stock offering. Metaplanet is the largest publicly-listed bitcoin holder in Asia, and one of the largest publicly-listed bitcoin holders globally. Metaplanet plans to use the proceeds of the offering primarily to purchase additional bitcoin. Tokyo office head and corporate partner Kenji Taneda and corporate partner Kenton King (Palo Alto), supported by Palo Alto tax partner Nathan Giesselman, led the firm’s team in the transaction.

S&R Associates has represented State Bank of India and seven listed private sector banks, namely HDFC Bank, Kotak Mahindra Bank, Axis Bank, ICICI Bank, IDFC First Bank, Bandhan Bank and Federal Bank, on the Rs134.83 billion (US$1.52b) sale of an aggregate 20 percent of the share capital of listed private sector bank Yes Bank to Sumitomo Mitsui Banking Corporation, a part of Sumitomo Mitsui Financial Group. Partners Rajat Sethi and Dhruv Nath, supported by competition head Simran Dhir and partners Akshat Kulshrestha, Sumit Bansal and Ajinkya Gunjan Mishra, led the firm’s team in the transaction, which is the largest cross-border investment in an Indian private sector bank.

Trilegal has advised Marathon Nextgen Realty (MNR) on the qualified institutions placement of equity shares aggregating to Rs9 billion (US$101m). MNR is a listed real estate developer with a legacy of over four decades, primarily operating in the Mumbai Metropolitan Region, including Panvel, Thane, Dombivli, Mulund, Bhandup, Lower Parel and Byculla. They have a diversified portfolio, which includes commercial projects and residential projects with a focus on luxury, mid-size/township developments and affordable residential projects. MNR intends to utilise the proceeds from the QIP towards investment in subsidiaries to fund certain of their ongoing projects, repayment / pre-payment of certain outstanding borrowings availed by MNR and its subsidiaries, acquisition of land or land development rights, and general corporate purposes. Partner Abhinav Maker led the firm’s team in the transaction.

Trilegal has also acted as Indian counsel to Motilal Oswal Investment Advisors, HDFC Bank and IIFL Capital Services (formerly known as IIFL Securities), as the book-running lead managers, on the proposed IPO of equity shares by RSB Retail India, a leading multi-format apparel retailer based in Hyderabad. The proposed IPO comprises a fresh issue aggregating up to Rs5 billion (US$56m), and an offer for sale of up to 29.9 million equity shares by the selling shareholders. Capital markets partner Vijay Parthasarathi led the firm’s team in the transaction.

Moreover, Trilegal is advising Chartered Speed on the IPO of shares. The proposed IPO, aggregating up to Rs8.55 billion (US$96m), comprises a fresh issue aggregating up to Rs6.55 billion (US$73.4m) by the company, and an offer for sale by the promoter selling shareholders aggregating up to Rs2 billion (US$22.5m). Chartered Speed is a passenger mobility company in India with an operational bus fleet of over 2,000 vehicles, as of June 30, 2025. With over 15 years of experience in the mobility sector, its extensive network spans 500 cities, serving approximately 350,000 passengers daily. As part of the company’s inter-city and intra-city services, it undertakes purchase, operation and maintenance of buses, including EV buses. It targets to convert 25 percent of its fleet into EV buses by Fiscal Year 2027, with an intention of phasing out its current fossil-fueled vehicles. Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers. Capital markets partner Vijay Parthasarathi is also leading the firm’s team in the transaction, which is the first IPO in the bus mobility sector.

TT&A has advised Jefferies India, as the broker, on the secondary sale by Sumitomo Mitsui Banking Corporation of up to 16.4 million equity shares with face value of Rs10.00 (US$0.113) each in Kotak Mahindra Bank. The sale was done via one or more share sales, amounting to approximately Rs62.56 billion (US$705m), on the Indian stock exchanges. Partner Abhinav Kumar led the firm’s team in the transaction, while Ashurst acted as international counsel. JSA Advocates and Solicitors advised Sumitomo Mitsui Banking Corporation.