Latest Deals from Law Firms and Legal Services Providers:25th June 2025

Allen & Gledhill has advised DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank, as the joint lead managers, on the issue of S$220 million (US$170m) 4.40 percent notes due 2030 by Hotel Properties, under its S$1 billion (US$775m) multicurrency debt issuance programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill is also advising PEC on its S$215 million (US$167m) proposed privatization via a scheme of arrangement, through the acquisition of all of the shares in PEC by Alliance Energy Services. The firm is also advising PEC’s key management personnel, who have entered into management reinvestment arrangements with Alliance, as well as certain PEC shareholders, who have given irrevocable undertakings to Alliance, in respect of the scheme. Partners Christopher Koh, Zhao Jiawei and Wong Yi Jia led the firm’s team in the transaction.

Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised Tencent Music Entertainment Group on a definitive merger agreement for its proposed acquisition of a 100 percent stake in Ximalaya, one of the leading online audio platforms in China. The transaction consideration includes US$1.26 billion in cash, along with Class A ordinary shares not exceeding 5.1986 percent of Tencent Music’s total issued and outstanding shares. Additional Class A ordinary shares not exceeding 0.37 percent of the company’s total shares will be issued to Ximalaya’s founder shareholders, subject to the terms of the merger agreement. Upon closing of the transaction, Ximalaya will become a wholly-owned subsidiary of Tencent Music. Fen Xun partner Hong Zhang (Shanghai), supported by FenXun partner Luis Zhang (Shanghai) and Baker McKenzie US partners Derek Liu and Roger Bivans and Hong Kong partners Tracy Wut, Bryan Ng and Sophia Man, led the two firms’ team in the transaction, which is subject to relevant regulatory approvals and certain other closing conditions.

Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have also helped secure a landmark win for Rockit Global in a trade dress infringement case in China. The case involved a dispute with a local company that was found to sell its apple products in a local fruit market using tube packaging and marks similar to Rockit’s. The Zhejiang High People’s Court recognized the deliberate nature of the infringement, and ruled that the defendant acted in bad faith by copying and imitating Rockit’s intellectual property rights, thereby infringing upon Rockit’s trade dress and trademark rights. The Court’s ruling has affirmed that Rockit’s distinctive tube packaging has attained widespread recognition among Chinese consumers, and has established a stable connection with the Rockit brand. As a result, it is protectable under the China Anti-Unfair Competition Law. Additionally, the Court noted that despite updates to Rockit’s tube packaging, it has preserved a high degree of consistency, with no substantial alterations to the tube’s shape, overall design, pattern style or color layout. As a result, the strong association between the tube packaging and the Rockit brand remains unaffected. Baker McKenzie IP partner Andrew Sim, with FenXun partner Zheng Zhou, led the two firms’ team in the matter.

Clifford Chance has advised Foshan Haitian Flavouring and Food Company (Haitian) on its IPO and listing in Hong Kong, raising approximately US$1.29 billion. Haitian, which is also listed in Shanghai, is the largest producer of condiments in China. Most recognised by its household ‘Haday’ brand of soy sauce and condiments, Haitian plans to strengthen its market leadership and expand into new categories, and further upgrade and optimise its technological capabilities, production capacity and supply chain. Partners Tim Wang, Jean Thio and Tianning Xiang led the firm’s team in the transaction.

Clifford Chance has also advised Cuckoo International on the international aspects of its IPO and listing in Malaysia, raising approximately RM184.8 million (US$43.6m). Cuckoo International is the Malaysian subsidiary of South Korean home appliance maker Cuckoo Holdings. Partner Jean Thio led the firm’s team in the transaction, while Rahmat Lim & Partners advised on Malaysian law.

JSA is advising Bharat Coking Coal on its proposed IPO of equity shares, comprising an offer for sale of up to 465.7 million equity shares, by Coal India. Bharat Coking Coal filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) and the stock exchanges on May 31, 2025. The proposed offering is part of the Government of India’s broader disinvestment initiative, and marks a key milestone for Bharat Coking Coal. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, is leading the firm’s team in the transaction.

JSA is also advising Central Mine Planning & Design Institute (CMPDI) on its proposed IPO of equity shares, comprising an offer for sale of up to 71.4 million equity shares by Coal India. CMPDI filed its Draft Red Herring Prospectus with the SEBI and the stock exchanges on May 27, 2025. The proposed offering is part of the Government of India’s broader disinvestment initiative, and marks a key milestone for CMPDI, a premier consultancy in coal exploration, mine planning and design. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, is also leading the firm’s team in the transaction.

Moreover, JSA is advising Lalithaa Jewellery Mart and M Kiran Kumar Jain, the promoter selling shareholder, on the proposed IPO of equity shares aggregating to Rs17 billion (US$196m). The IPO comprises a fresh issue of Rs12 billion (US$138.4m) and an offer for sale of Rs5 billion (US$57.6m) by the promoter selling shareholder. Partner Arka Mookerjee, supported by partners Pracheta Bhattacharya and Anshu Bansal, is leading the firm’s team in the transaction.

Maples has acted as Cayman Islands counsel to WF International on its IPO of 1.4 million ordinary shares on the Nasdaq. WF International is an integrated electromechanical solutions company specializing in the supply, installation, fitting-out and maintenance of HVAC systems, floor heating systems and water purification systems. The offering, which closed on April 2, 2025, raised approximately US$5.6 million. Hong Kong corporate partner Juno Huang led the firm’s team in the transaction, while Ellenoff Grossman & Schole advised on US law and Yuan Tai Law Offices advised on Chinese law. The underwriters for the offering were advised by ArentFox Schiff on US law and PacGate Law Group on Chinese law.

Maples has also acted as Cayman Islands counsel to Decent Holding on its IPO of 1.25 million ordinary shares of Decent on the Nasdaq. Decent specializes in providing industrial wastewater treatment, ecological river restoration and river ecosystem management, as well as microbial products that are used for water quality enhancement and pollutant removal. The offering, which closed on January 23, 2025, raised approximately US$5 million. Partner Matt Roberts led the firm’s team in the transaction, while Ortoli Rosenstadt advised on US law and Guantao Law Firm advised on Chinese law. Craft Capital Management and EF Hutton, the underwriters for the offering, were advised by The Crone Law Group on US law and Shihui Partners on Chinese law.

Moreover, Maples has acted as Cayman Islands counsel to Shepherd Ave Capital Acquisition Corporation on its IPO of up to 8.625 million units, including 1.125 million units issued upon the underwriters’ full exercise of the over-allotment option, and its listing on the Nasdaq. The issuer is a special purpose acquisition company formed to pursue business combination targets. The offering, which closed on December 6, 2024, raised approximately US$86.25 million. Partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole acted as US counsel. Winston Strawn acted as US counsel to the underwriters.

Paul Hastings has advised China International Capital Corporation Hong Kong Securities, Goldman Sachs (Asia) and Morgan Stanley Asia, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners and joint lead managers, and other underwriters on the US$1.3 billion offering and listing of Foshan Haitian Flavouring and Food Company in Hong Kong. As China’s leading condiments company with a long-standing heritage, Shanghai-listed Haitian is dedicated to providing quality condiment products serving the seasoning needs for home cooking and dining experiences. The transaction is the first “A+H” dual-listed company in Chinese condiments industry, and is one of the largest “A+H” IPOs in Hong Kong in 2025. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan, Steven Hsu and Crystal Liu, supported by corporate partner David Hearth on US Investment Company Act related matters, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Ms Namrata Soni, the co-founder and promoter of Simply Nam Beauty, on a strategic investment by Bhaane Group, led by Anand S Ahuja and Sonam Kapoor Ahuja. The investment marks a significant growth milestone for Simply Nam Beauty in the beauty, wellness and fashion retail sector, combining capital infusion with industry expertise and influencer impact. Partner Roopal Kulsrestha led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised PNC Infratech and PNC Infra Holdings on sale of 10 hybrid annuity road assets jointly-owned by PNC Infratech and PNC Infra Holdings to KKR-sponsored Highway Infrastructure Trust. The deal, which closed on May 23, 2025 and is valued at approximately US$1 billion, is the largest road / highway sector transaction in India involving sale of interests in projects assets developed on a hybrid annuity model. Partners Kushal Sinha and Dhrupad Pant led the firm’s team in the transaction.

Trilegal has represented Mahindra Lifespace Developers on its rights issue of equity shares aggregating to Rs15 billion (US$173m). Mahindra Lifespace is a pan-India real estate developer, and part of the Mahindra group, one of India’s leading conglomerates. The proceeds of the issue are proposed to be used to repay loans. This issue is one of the first rights issues launched following the notification of SEBI’s revised rights issue framework, which significantly overhauled the regulatory landscape. The transaction set important market precedents, and required a ground-up approach to navigating several newly introduced compliance requirements, making it a defining transaction in India’s post-reform capital markets regime. Capital markets partner Richa Choudhary led the firm’s team in the transaction.