Featured Deals

Kudun and Partners has acted as lead counsel to Hatton Equity on the β2.38 billion (US$71m) proposed acquisition of shares in DRJL Group, a renowned cosmetic brand which manufactures and distributes products under the brand name “Dr. Jill”. The proposed transaction involves the merger acquisition and project financing from the offshore lender. Partners Kongkoch Yongsavasdikul and Mayuree Sapsutthiporn led the firm’s team in the transaction.

Kudun and Partners has also represented Giztix on the series B fund raising led by Bualuang Ventures and WHA Group, with total funding of more than β260 million (US$7.7m), to develop the startup’s technology and transportation services, expand its network to provide pan-country logistics services, and invest in marketing and sales. Giztix is an online logistics marketplace that gathers transporters for shippers for various types of full truck load services, imports and exports. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to ARA Asset Management on its US$1 billion sustainability-linked loan facilities from DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Banking Corporation Singapore Branch (SMBC), Malayan Banking Singapore Branch, The Bank of East Asia Singapore Branch and Crédit Agricole Corporate and Investment Bank. DBS, OCBC and SMBC were appointed sustainability advisors, and DBS was also appointed facility agent. This is the first sustainability-linked loan for ARA, and one of the largest sustainability-linked loans for real estate asset management companies in Singapore. The facility is also the largest facility to be pegged to the Singapore Overnight Rate Average (SORA). Partners Jafe Ng and Ong Kangxin led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Daiwa House Asset Management Asia, as manager of Daiwa House Logistics Trust (DHLT), and Daiwa House Industry, the sponsor of DHLT, on the S$540 million (US$395m) IPO and listing of DLHT in Singapore. Valued at approximately ¥80.6 billion (US$713m), DHLT’s initial portfolio of 14 high-quality modern logistics properties in Japan has a balanced mix of freehold and leasehold assets, and a blue-chip tenant base. DHLT is the first Singapore real estate investment trust to be listed in Singapore this year. In connection with the IPO, DHLT issued ¥3 billion (US$26.4m) perpetual securities to Daiwa House Industry, and the proceeds of the issuance were applied towards part financing of the acquisition of DHLT’s initial portfolio. Managing partner Jerry Koh and partners Foong Yuen Ping and Jonathan Lee led the firm’s team in the transaction.

Allen & Overy has advised the Government of the Hong Kong Special Administrative Region of China (HKSAR) on the multi-tranche Reg S issuance of green bonds, under its HK$100 billion (US$12.8b) Global Medium Term Note Programme. The issuance comprises five tranches, including US$1 billion 1.75 percent ten-year bonds, €1.25 billion (US$1.4b) zero coupon five-year bonds, €500 million (US$562m) 1.00 percent 20-year bonds, Rmb2.5 billion (US$393m) 2.8 percent three-year bonds and Rmb2.5 billion (US$393m) 3.00 percent five-year bonds. The firm advised the HKSAR Government on the establishment of the Global Medium Term Note Programme dedicated to green bond issuances, as well as on its multi-tranche issuance of US$2.5 billion green bonds under the programme in February 2021. Partners Agnes Tsang and Jaclyn Yeap led the firm’s team in the transaction.

Ashurst has represented Hong Kong-listed companies Far East Consortium and New World Development on the acquisition of Rich Fast International, owner of a multi-residential development plot located at Kai Tak (Kowloon Lot 6591) Hong Kong, jointly held by Hong Kong-listed Chinese developer Kaisa Group and Mr Chen Zhuangrong. The transaction represents a disposal by Kaisa Group of a major property development asset in Hong Kong. Global co-head of finance, funds and restructuring partner Jini Lee and corporate partners Chin Yeoh and Li Jiang, supported by restructuring partners Sophie Lyall and Rob Child, led the firm’s team in the transaction.

Assegaf Hamzah & Partners has represented K2ID Strategic Infrastructure, a subsidiary of the digital infrastructure company K2 Data Centres, on the purchase of approximately 7.5 hectares of vacant lands in Indonesia from Suryacipta Swadaya. This land acquisition marks the first acquired land to be developed further as a data centre in the industrial area of Karawang Regency. Partner Yogi Sudrajat Marsono led the firm’s team in the transaction.

AZB & Partners is advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs3 billion (US$39.7m) acquisition of equity stake, via Series D equity funding round, in Poncho Hospitality, operator of cloud kitchens for the manufacture and sale of food products under the brands “Box8” and “MOJO Pizza”. Partners Ashwath Rau, Srinath Dasari and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on November 25, 2021 and is yet to be completed.

AZB & Partners is also advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs9 billion (US$119.3m) acquisition, along with other investors, of equity stake, via Series B equity funding round, in Garagepreneurs Internet, operator of Indian digital financial service platform “Slice it”. Partners Ashwath Rau, Srinath Dasari, Nanditha Gopal and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on November 28, 2021 and is yet to be completed.

Baker McKenzie has acted as international and Vietnamese laws counsel to the Export-Import Bank of Thailand (Thai EXIM Bank) and the Commercial Bank for Investment and Development of Vietnam (BIDV) on the granting of US$35 million credit facilities to Truong Thanh Quang Ngai Power and High Technology (TTQN). Vietnamese project company TTQN is the subsidiary of Sermsang Power Corporation (SSP), which has developed, constructed, owned and been operating a solar power plant in Binh Nguyen province in Vietnam with an approximately 50 MW generation capacity. One of the innovative features of this project financing is that the BIDV, as onshore lender, also granted a Vietnamese dong term loan to TTQN, and took security over immovable properties, which the Thai EXIM Bank is not eligible to take. The imbalance in security package taken by Thai EXIM Bank and the BIDV, respectively, has led to a remarkably complex and heavily negotiated inter-creditor agreement and cash waterfall terms and conditions, which set up unique features in the Vietnamese renewable project financing space. Bangkok renewable energy partner Vit Vatanayothin, supported by Vietnam banking and finance and capital markets practice head partner HoangKimOanh Nguyen, led the firm’s team in the transaction.

Clifford Chance has advised Iris Energy on its IPO and listing on the Nasdaq, raising approximately US$230 million, and valuing the company at US$1.5 billion upon listing. Iris Energy is an Australian-headquartered sustainable Bitcoin mining company. It focuses on building, owning and operating data centres and electrical infrastructure, which are currently utilised to mine Bitcoin. Iris Energy’s centres are located in regions such as British Columbia, Canada, where it can access abundant and under-utilised renewable energy to power its operations and support local communities. The IPO follows a successful period of business growth and fundraising from private capital markets, where the firm has assisted Iris Energy to raise over US$220 million in convertible note and SAFE instrument fundraising rounds. Partner Reuben van Werkum, supported by partner Tim Grave, led the firm’s team in the transaction.

Khaitan & Co has advised unlisted public company Gateway Rail Freight on an internal corporate restructuring exercise, via reverse triangular merger, pursuant to the filing of a composite scheme of amalgamation before the NCLT, Mumbai. Gateway Rail Freight is the resultant surviving transferee entity, pursuant to the amalgamation of publicly-listed Gateway Distriparks and its wholly-owned subsidiary Gateway East India. Partner Prasenjit Chakravarti, supported by partners Prasenjit Chakravarti, Raj Panchmatia and Peshwan Jehangir, led the firm’s team in the transaction, which was announced on December 2, 2021.

Khaitan & Co has also advised Investcorp India Asset Managers and Omidyar Mauritius on their Rs1.24 billion (US$16.4m) Series B2 investment in Wingreens Farms. Partner Bharat Anand and Tanvi Kumar led the firm’s team in the transaction, which was completed on November 10, 2021. Antares Legal has also advised on the deal.

King & Wood Mallesons has acted as Chinese and international laws counsel to the joint lead managers on the issuance by SF Holding Investment 2021 of three series of guaranteed notes in the aggregate amount of approximately US$1.2 billion. The notes were guaranteed by SF Holding, China’s largest comprehensive logistics service provider, and the fourth largest express enterprise worldwide, in terms of market capitalization, as of June 30, 2021. Partners Haotian Sun (Guangzhou) and Song Yue (Hong Kong) led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands and BVI counsel to Helenbergh China Holdings on its issue of US$102 million 11 percent green senior notes due 2023, and a concurrent exchange offer of its outstanding 12.875 percent senior notes due 2021 issued to certain holders thereof. Together with its subsidiaries, the Helenbergh China Holdings group is an expanding Chinese real estate developer primarily engaged in the development of residential properties. Partner Juno Huang led the firm’s team in the transaction, while Sidley Austin advised on US and Hong Kong laws, and Commerce & Finance advised on Chinese law. The initial purchasers were advised by Linklaters as to US law and by Global Law Office as to Chinese law.

Maples and Calder has also acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issue of US$100 million aggregate principal amount of 5.00 percent senior notes due 2022. The notes are listed in Singapore. The issuer is a leading property developer in China specialising in the development and operation of high-quality, large-scale, integrated commercial and residential complexes. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Dorsey & Whitney advised on US, English and Hong Kong laws, and Commerce & Finance Law Offices advised on Chinese law. Skadden, Arps, Slate, Meagher & Flom acted as the US counsel, while JunHe acted as Chinese law counsel to the initial purchasers.

Rajah & Tann Singapore has advised Pace Enterprise Holdings, a Singapore-based Buy Now Pay Later solution, on its US$40 million Series A investment round, which raised capital from Japan’s Marubeni Ventures, South Korea’s Atinum Partners, Taiwan’s AppWorks, Indonesia’s Alpha JWC, and Singapore’s UOB Venture Management, Vertex Ventures Southeast Asia & India, and Genesis Alternative Ventures. Partner Terence Quek, supported by partners Benjamin Liew and Cheryl Tan, led the firm’s team in the transaction.

S&R Associates is representing IRB Infrastructure Developers, one of India’s largest private roads and highways infrastructure developers, on equity fund raises aggregating to Rs53.47 billion (US$709m), through proposed preferential allotments to Cintra INR Investments, a 100 percent subsidiary of Cintra Global, for up to 24.9 percent of IRB’s share capital, and to Bricklayers Investment, an affiliate of GIC (Singapore’s sovereign wealth fund), for up to 16.9 percent of IRB’s share capital. Partners Sandip Bhagat, Rajat Sethi and Sudip Mahapatra, supported by competition practice head Simran Dhir, led the firm’s team in the transaction.

WongPartnership has acted for the shareholders of Greenpac on the sales of their shares to Treis Group. Partner Chan Sing Yee led the firm’s team in the transaction.

WongPartnership has also acted for the consortium comprising 65 Equity Partners Holdings and Tower Capital Asia on the consortium’s pre-conditional voluntary conditional general offer for Asia Pacific’s leading corporate-services and business solutions provider Boardroom, valued at approximately S$312 million (US$228m). Partners Low Kah Keong and Quak Fi Ling led the firm’s team in the transaction, together with partners Alvin Chia, Kylie Peh and Chan Jia Hui.

Allen & Gledhill has advised DBS Group Holdings on the issue of US$700 million 1.169 percent notes due 2024, and US$300 million floating rate notes due 2024, under its US$30 billion global medium term note program. DBS Bank was appointed sole global coordinator for the notes. Partner Glenn Foo led the firm’s team in the transaction.

Allen & Gledhill has also advised Housing and Development Board on the issue of S$1 billion (US$731m) 1.645 percent fixed rate notes due 2026, under its S$32 billion (US$23.4b) multicurrency medium term note program. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Ashurst, together with its Singapore formal law alliance Ashurst ADTLaw, has advised DBS Bank and United Overseas Bank, as mandated lead arrangers, lenders and hedging banks (and the related agency functions), on their S$86.8 million (US$63.4m) green loan financing of a portfolio of rooftop solar projects developed under the SolarNova 4 program. The SolarNova program is a whole-of-government effort led by Singapore’s Housing & Development Board and Economic Development Board to promote and aggregate demand for solar PV systems to achieve economies of scale and drive growth for Singapore’s solar industry. SolarNova 4, the fourth phase of the program, is the first project in the SolarNova program to be project- financed. It is a complex project involving approximately 40 different component sub-projects, each with its own power purchase agreement, across more than 1,200 public housing blocks and 49 government sites, with counterparties comprising a number of key Singapore ministries and statutory bodies, with the power produced to be used via a mix of on-site consumption and sales into the power grid at the prevailing market price; as well as a “virtual power purchase agreement” with Facebook. It will have a capacity of 70 megawatt-peak (MWp) and potentially up to 102 MWp, and is estimated to generate 96,775 megawatt-hours (MWh). This project has been described as Singapore’s largest clean energy project to date, and is equivalent to powering up to 20,400 four-room apartments and potentially offsetting more than 68,583 tones of carbon emissions per annum. The loan utilizes the project developer Sunseap’s Green Financing Framework, which is aligned to the International Capital Market Association’s Green Bond Principles 2018, the Loan Market Association’s Green Loan Principles 2018, and ASEAN Green Bond Standards 2018. Partner Alfred Ng and global co-head of international projects Richard Guit, supported by partners Michelle Phang and Jean Woo, led the firms’ team in the transaction.

AZB & Partners has advised Footpath Ventures on the acquisition from Think Investments by Footpath Ventures SPV II, along with other investors, of equity stake in Dream Sports, which operates online fantasy sports platform “Dream 11”, through its Indian subsidiary Sporta Technologies. Partners Vaidhyanadhan Iyer and Vasudha Asher led the firm’s team in the transaction, which was valued at Rs22.6 billion (US$301m) and was completed on October 13, 2021.

AZB & Partners has also advised Internet Fund V, a fund managed by Tiger Global Management, on its acquisition, along with other investors, of equity stake via Series E equity funding round in NoBroker Technologies Solutions, operator of real estate online portal (www.nobroker.com) and mobile application NoBroker. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at Rs16 billion (US$213m) and was completed on November 24, 2021.

Baker McKenzie has acted as lead counsel to Aztiq on its US$475 million acquisition, via a consortium formed with co-investor Innobic (Asia), of a 100 percent stake in Alvogen Emerging Markets Holdings (AEMH) from its existing shareholders. This transaction, among the largest in the healthcare industry this year, will result in the Aztiq-Innobic consortium becoming the lead shareholder in the global oncology pharmaceutical company Lotus Pharmaceuticals, and the sole shareholder of Alvogen Malta Holding, the owner of Adalvo, a global business-to-business pharmaceutical company. The alliance between Aztiq and Innobic, and with the completion of the AEMH deal, will create a global pharmaceuticals enterprise with extensive resources, networks and reach all over the world. AEMH is currently owned by Alvogen Lux Holdings, which include CVC Capital Partners and Temasek Holdings of Singapore, as well as Aztiq, as its key shareholders. Alvogen Lux will remain a leading shareholder in the generic pharmaceuticals company Alvogen US, including specialty pharma company Almatica, as well as the second largest shareholder in global biosimilars company Alvotech. Singapore M&A partner Kay Moon, supported by partners Robert Wright (Hong Kong), Stephen Crosswell (Hong Kong) and Hao-Ray Hu (Taipei), led the firm’s team in the transaction.

Baker McKenzie has also advised Beijing Capital Jiaye Property Services on the successful global offering and Hong Kong listing. The company’s H shares commenced trading in Hong Kong on November 10, 2021. Beijing Capital Jiaye Property Services is a leading integrated property management service provider based in the capital city of China. Owned by Beijing Municipality, the company manages many residential, commercial and public properties in China, including the National Stadium, more commonly known as the Bird’s Nest. China International Capital Corporation Hong Kong Securities (CICC) is the sole global coordinator, while CICC, Zhongtai International Securities, BOCOM International Securities, CMBC Securities, CCB International Capital and CMB International Capital are the joint book-runners and joint lead managers for the transaction. Beijing partner Hang Wang and Bing Han of FenXun Partners (Beijing) led the firm’s team in the transaction.

Clifford Chance has advised Guotai Junan Securities on the landmark issuance of US$300 million 1.6 percent Yulan bonds due 2024, under Guotai Junan Holdings’ US$3 billion medium term note program, guaranteed by Guotai Junan Securities. The bond issuance is the second transaction under the Yulan bond structure, and the first Yulan bond transaction from a non-bank financial institution in China. Guotai Junan Securities is an integrated financial services provider and investment bank. Named after the city flower of Shanghai (magnolia), Yulan Bonds are a new asset class of Chinese corporate bonds denominated in foreign currencies. The structure launched in December 2020, and is designed to enable Chinese issuers to gain direct exposure to a wider foreign investor base, providing access to a greater liquidity pool and delivering improved cost efficiencies. Partner David Tsai led the firm’s team in the transaction.

JSA has represented Juniper Green Energy and Nisagra Renewable Energy on an appeal before the Appellate Tribunal for Electricity challenging the disallowance of change in law claims for solar projects set up in Maharashtra. The Appellate Tribunal set aside the order of the Maharashtra Commission, and allowed change in law compensation for solar projects, based on the actual DC capacity installed by the developer. At a time when States are looking to re-open, renegotiate or cancel PPAs, this judgment reinforces the principle that PPA, executed and duly-approved, is valid and binding, and that any change can only be prospective. The judicial recognition of DC Overloading and its benefits to procurers will lend certainty and clarity on the compensatory mechanism for solar projects. Partner Vishrov Mukerjee led the firm’s team representing the clients.

Khaitan & Co has advised Kesoram Industries on its rights issue of approximately 80 million partly paid up equity shares, aggregating up to Rs4 billion (US$53m). Kesoram Industries is a key player in the cement industry in Southern India. The rights issue has been undertaken on a fast-track basis to partly/fully redeem the high-cost debentures issued by the company to repay its existing loans, capital expenditure and working capital requirements. Executive director Sudhir Bassi and partner Arvind Jhunjhunwala led the firm’s team in the transaction, which was completed on October 27, 2021. Dentons acted as special purpose international legal counsel for advising on selling restrictions to the lead manager.

Khaitan & Co has also acted as Indian counsel to the global coordinators and the book-running lead managers, composed of Morgan Stanley India, Goldman Sachs (India) Securities, JP Morgan India, Citigroup Global Markets India, Axis Capital, ICICI Securities and HDFC Bank, on the IPO of approximately 85.1 million equity shares of One 97 Communications for cash at Rs2,150 (US$28.63) per equity share, including a share premium of Rs2,149 (US$28.61) per equity share, aggregating to Rs183 billion (US$2.44b). Partners Abhimanyu Bhattacharya and Aditya Cheriyan led the firm’s team in the transaction, which was completed on November 11, 2021. Shardul Amarchand Mangaldas & Co, Latham and Watkins, Shearman & Sterling, Trilegal, Algo Legal, J Sagar Associates, IndusLaw, Morrison & Foerster and Cyril Amarchand Mangaldas also advised on the deal.

L&L Partners has advised the Carlyle Group on the acquisition of 100 percent stake of Appcure Labs, and the acquisition of majority stake in Appco Pharma, through its generic pharma platform Viyash Life Sciences. Partner Anshuman Mozumdar, supported by partner Anshuman Mozumdar, led the firm’s team in the transaction. Ropes and Gray acted as US counsel to Carlyle Group / Viyash on the acquisition of Appco Pharma.

L&L Partners has also advised the Carlyle Group on setting up integrated generic pharmaceuticals platform Viyash Life Sciences, in partnership with ex-Mylan senior executive Dr Hari Babu Bodepudi and ex- founder of Laurus Labs Dr Srihari Raju Kalidindi. The firm also advised Carlyle on all its follow-on investments into Viyash over a period of time. While Carlyle Group has a well-established history of investing in the healthcare sector, both in India and globally, this is the first time that Carlyle has built a generic pharmaceuticals platform in India to create value through its prior expertise in the sector and close partnerships with the management. Partner Anshuman Mozumdar, supported by partners Anshuman Mozumdar Sr, Abdullah Hussain, Rudresh Singh and Shonali Choudhry, led the firm’s team in the transaction. Clifford Chance acted as foreign counsel to Carlyle Group on the initial investment by Carlyle into Viyash.

Maples and Calder has acted as Cayman Islands counsel to CK Property Finance (MTN) on the update of its US$5 billion euro medium term note program, which are guaranteed by CK Asset Holdings. The program is listed in Hong Kong, via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction. Linklaters acted as English law counsel to the dealers.

Maples and Calder has also acted as Cayman Islands counsel to Guangdong-Hong Kong Greater Bay Area Holdings (formerly known as Hydoo International Holding), on its offer to exchange the outstanding US$293.5 million 14 percent senior notes due 2021 for the issuer’s US$235.72 million 13.85 percent senior notes due 2023, and on the issuance of an aggregate of US$41.500 million 13.85 percent senior notes due 2023. The firm also acted as BVI counsel to certain BVI subsidiaries of the issuer, who guaranteed the notes. The notes are listed in Singapore. Partner Juno Huang led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong and US counsel, and Global Law Office acted as Chinese counsel. Shearman & Sterling acted as US counsel, while Jingtian & Gongcheng acted as Chinese counsel to the joint book-runners, including Haitong International, Guotai Junan International, Potomac Capital and Zhongtai International.

Mayer Brown has advised Chubu Electric Power on its acquisition of 20 percent of the ordinary shares in Bitexco Power Corporation (BPC), Vietnam’s leading private renewable power company. The transaction marks Chubu’s first investment abroad in a renewable power company in Asia. One of the largest regional electricity companies incorporated in Japan, Chubu is listed in Tokyo and Nagoya, with a market capital of approximately US$8 billion, as of November 17, 2021. Chubu currently owns more than 9.1 GW of generation capacity, including hydropower, solar and wind power plants. BPC owns and operates 21 hydropower plants and one solar power plant in Vietnam, with a total gross generation capacity of about 1,038 MW (as of February 2021), making it a leading renewable energy company focused on hydroelectric and solar PV generation in the Vietnam private sector. Vietnam, where approximately 2,000 Japanese companies have established business activities in, as of December 2020, is experiencing remarkable population growth and economic development, and electricity demand is expected to continue to grow. Partners Rupert Burrows (Tokyo), Gordon Palmquist (Tokyo) and David Harrison (Ho Chi Minh City), supported by partner Ben Thompson (Singapore), led the firm’s team in the transaction.

O’Melveny has advised CJ ENM, the leading South Korean entertainment company, on a definitive agreement to acquire an 80 percent stake of the scripted business of US-based global premium content studio Endeavor Content from its parent company Endeavor Group Holdings for an enterprise valuation of US$850 million. The transaction was announced on November 18, 2021, and is expected to close early in the first quarter of 2022. CJ ENM is best known for its recent multiple Academy Award-winning film “Parasite”. CJ ENM’s entertainment division engages in a wide array of businesses across the industry spectrum, including media content, music, film, performing arts and animation. This acquisition is the largest M&A for CJ ENM, which first invested in DreamWorks and jumped into the content business 26 years ago. Based in Beverly Hills, California and launched in 2017, Endeavor Content is a production advisory, sales and distribution studio that has owned, financed and/or sold more than 125 films and television series that have garnered more than 69 Emmy wins and nominations and 59 Academy Award wins and nominations. Korea corporate practice head Daniel Kim, entertainment, sports and media group co-head Amy Siegel and partner Silvia Vannini, supported by partner Robert Fisher, led the firm’s team in the transaction.

Rajah & Tann Singapore and Christopher & Lee Ong are acting for HKBN Group on its sale of a 60 percent stake in each of HKBN JOS (Singapore) and HKBN JOS (Malaysia) to StarHub, and its joint venture with StarHub. Rajah & Tann Singapore partner Favian Tan and Christopher & Lee Ong partner Por Chuei Ying are leading their firm’s respective team in the transaction.

Rajah & Tann Singapore has successfully defended Oxley Jasper on a dispute, where the Singapore court considered the kind of mistake for which rectification is available, and the scope of rectification that is allowed. The judgment provided helpful clarification on the law of rectification in the context of unilateral mistake. Partner Kelvin Poon, supported by partner Devathas Satianathan, is leading the firm’s team which represented the client.

Simpson Thacher has represented The Norinchukin Bank on a Rule 144A / Regulation S offering of US$500 million aggregate principal amount of 1.284 percent senior notes due 2026, and US$500 million aggregate principal amount of 2.08 percent senior notes due 2031. The bank intends to use the net proceeds from the sale of the notes to finance, in whole or in part, existing and future qualifying environmentally-related projects, under the Green Bond Framework adopted by the bank. First established in 1923, the bank is a national-level financial institution created to support and contribute to the development of Japan’s agriculture, fishery and forestry industries and to national economic prosperity by facilitating access to financial resources. JP Morgan Securities and Crédit Agricole Corporate and Investment Bank acted as representatives of the initial purchasers. Tokyo partner Alan Cannon led the firm’s team in the transaction.

S&R Associates has represented Aavishkaar Bharat Fund on an investment in Altum Credo Home Finance, a leading affordable housing finance company, as part of a US$12 million funding round also involving Amicus Capital and certain existing investors. The firm also represented Aavishkaar Bharat Fund on an earlier investment in Altum Credo Home Finance in 2018. Partner Viral Mehta led the firm’s team in the transaction.

S&R Associates has also represented Axis Capital, Edelweiss Financial Services and IIFL Securities, as the book-running lead managers, on the Rs8 billion (US$106.4m) IPO by SJS Enterprises, one of the leading players in the Indian decorative aesthetics industry. Partner Jitesh Shahani led the firm’s team in the transaction.

WongPartnership has acted for the Attorney-General on the application for judicial review commenced by 13 inmates. Deputy chairman Tan Chee Meng, senior counsel and partner Lionel Leo led the firm’s team in the matter.

DEALS

Allen & Gledhill has acted as transaction counsel to Beacon Venture Capital, a wholly-owned corporate venture capital fund of Kasikornbank, on its investment into Ficus Asia Investment. Alongside the investment, Kasikornbank affiliate Kasikorn Vision entered into a collaboration agreement with Ficus, under which such partnership will provide merchants and consumers in Vietnam with financial services, including payment solutions, SME lending and other adjacent services, such as insurance and wealth management. This takes place as Ficus continues to cement its position as the leading New Retail ecosystem in Vietnam, spanning across New Retail technology solutions, F&B, fashion, groceries and other consumer products. Managing partner Oh Hsiu-Hau (Vietnam) and partners Tran Thi Phuong Thao (Vietnam) and Alexander Yap (Singapore) led the firm’s team in the transaction.

Allen & Gledhill has also advised Asia Partners, as the lead investor, on the US$65.7 million Series C financing round of Doctor Anywhere, a regional tech-enabled, omnichannel healthcare company. Headquartered in Singapore and with a presence in six countries across the region, Doctor Anywhere currently serves more than 1.5 million users across Southeast Asia. This Series C financing round brings the total capital raised by Doctor Anywhere to more than S$140 million (US$102.5m), making it one of the largest private funding rounds raised by a healthtech company in Southeast Asia. Partners Koh En Ying and Eugene Ho led the firm’s team in the transaction.

Allen & Overy has advised the joint lead managers on the multi-tranche Reg S offering of €4 billion (US$4.5b) sovereign bonds by China’s Ministry of Finance. The issuance comprises three tranches:  €1.5 billion (US$1.7b) zero coupon three-year bonds, €1.5 billion (US$1.7b) 0.125 percent seven-year bonds, and €1 billion (US$1.12b) 0.625 percent 12-year bonds. The firm advised Bank of China, Bank of Communications, China International Capital Corporation, BofA Securities, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Société Générale Corporate & Investment Banking, Standard Chartered Bank and UBS. Partners Agnes Tsang and Jaclyn Yeap led the firm’s team in the transaction.

AZB & Partners has advised Tata Digital, an affiliate of Tata Sons, on its acquisition of more than 50 percent majority stake in Tata 1MG Technologies, formerly known as 1MG Technologies. Partner Nilanjana Singh led the firm’s team in the transaction, which was signed on April 23, 2021 and was completed on October 6, 2021.

AZB & Partners is also advising TPG Asia VII SF and Norwest Venture Partners X- Mauritius, as the investor selling shareholders, on the IPO of equity shares by Five Star Business Finance, via an offer for sale by the selling shareholders. Partners Varoon Chandra, Lionel D’Almeida and Roxanne Anderson are leading the firm’s team in the transaction.

Baker & McKenzie has advised leading global investment firm KKR on its acquisition of leading Japanese chemical storage tank operator Central Tank Terminal (CTT) from an affiliate of Macquarie Infrastructure and Real Assets. Tokyo corporate/M&A partner Tetsuo Tsujimoto, supported by Tokyo partners Toshio Shimada and Taijiro Suzuki, led the firm’s team in the transaction, which is expected to be completed by Q4 2021, subject to regulatory approvals and closing conditions.

Baker McKenzie has also advised pension fund manager APG Asset Management, the largest pension provider in the Netherlands, on its launch of a new Asia Pacific healthcare platform, CBC Healthcare Infrastructure Platform (CBC HIP), in partnership with CBC Group, Asia’s largest healthcare-dedicated investment firm. The launch coincides with APG’s US$400 million cornerstone investment into CBC China Life Science Infrastructure Venture (CLSIV), a China-focused life science venture established by CBC HIP targeting US$1.5 billion in total equity commitments. To address changing demands and more complex healthcare challenges, CBC HIP intends to develop and invest in high-quality healthcare assets. CLSIV has held a first close of US$500 million, and looks to provide best-in-class facilities for life science research, manufacturing and support services catering to biotechnology incubators through to large multinational pharmaceutical companies in China. Global funds group co-chair partner Jason Ng, supported by partner Stephen Crosswell and Baker McKenzie’s joint operation partner in the Shanghai Free Trade Zone FenXun Partners partner Alex Gong, led the firm’s team in the transaction, which marks APG’s debut life sciences real estate investment in the Asia Pacific region, and the first Asia Pacific-focused healthcare partnership between APG and CBC Group.

Clifford Chance has advised China Three Gorges (Europe) (CTGE) on the 100 percent equity stake acquisition of a 181MW operating wind portfolio from EDP Renováveis for an enterprise value of approximately €307 million (US$345.5m), subject to customary closing adjustments. The transaction comprises 12 wind farms located in Spain, with an average age of 12 years, all but one operating under a 20-year regulated remuneration scheme. The transaction allows CGTE to boost its existing renewables portfolio in Spain to 23 wind farms and 14 solar plants. CTGE is part of China Three Gorges, the largest clean energy group in China and the largest hydropower enterprise in the world. Partner Terence Foo, supported by partners Samir Azzouzi (Spain), Bai Yong (China), José Luis Zamarro (Spain) and Vicky Ma (Hong Kong), led the firm’s team in the transaction, which is subject to regulatory and other customary precedent conditions.

JSA has advised Wonderchef Home Appliances on its Series C round funding, via a combination of primary and secondary transactions. The funding series was led by Sixth Sense Ventures and the Godrej family office, and saw participation from the Malpani group and certain other renowned HNIs. Wonderchef is a premium kitchenware brand co-founded by renowned chef Sanjeev Kapoor and Ravi Saxena. It offers over 600 products, which it retails through 25 exclusive outlets, over 10,000 multi-brand outlets and a vast network of direct salespersons. Partner Anand Lakra led the firm’s team in the transaction, which was valued at Rs1.5 billion (US$20m).

JSA has also represented leading paper manufacturer Satia Industries and its officer bearer before the Competition Commission of India (CCI) on a suo moto case initiated against the 21 paper manufacturers and their association for cartelisation in fixing the prices of writing and printing paper. The case was initiated suo moto by the CCI, pursuant to a note received from the Office of the Director General (DG), based on material discovered in the course of another on-going investigation relating to the cartelisation among paper manufacturers. In December 2016, the CCI directed the DG to investigate the matter. During the course of the investigation, one manufacturer filed a leniency application, disclosing the existence of alleged cartel. The firm argued before the DG that the client has not indulged in any anti-competitive activities. Upon investigation, the DG found certain manufacturers indulging in cartelization, but did not find any evidence of alleged cartelization by Satia Industries. On 18 November 2021, the CCI passed its final order exonerating Satia Industries and its officer bearer from the allegation of cartelization, and dismissed the case against them. However, it found eleven other paper manufacturers and their office bearers guilty of indulging in cartelization, and imposed a monetary penalty on them. Partner Vaibhav Choukse led the firm’s team representing the client.

King & Wood Mallesons has advised Hong Kong-based fintech company Qupital on the establishment of its inaugural US$150 million warehouse securitisation facility, with Citi as senior financier and Integrated Alternative Credit Fund as mezzanine financier. Qupital is a rapidly growing e-commerce financing platform backed by Alibaba Entrepreneurs Fund, which focuses on offering digitalised financing solutions to cross-border e-commerce merchants. The first e-commerce financing securitisation in Hong Kong, the facility includes a variety of innovative structural features, blending traditional securitisation techniques with the unique digitalised funding platform operated by Qupital. Partners Anne-Marie Neagle and Angus Sip led the firm’s team in the transaction.

L&L Partners has acted for SVL-SME Fund on its recent Series B round of investment in Chakr Innovation, designer and developer of all kinds of emission control and reduction devices, air quality treatment devices, water treatment devices, equipment and apparatus for environment safety and sustainability, system software, application software. Chakr Innovation was founded by a team of IIT Delhi graduates. Its primary product is Chakr Shield, a technology sanctioned by the National Accreditation Board for Testing and Calibration Laboratories. The company has already leveraged its innovation to capture 500 kilograms of particulate matter. Chakra Shield preserves the pollutant particles to be reused as raw material for inks and paints, instead of converting it into another form of pollution. The present investment was via a primary investment in the compulsorily convertible preference shares of the Series B funding round. With this transaction, Chakr Innovation will aim to scale its productivity, and expand its operations covering a larger geographical area. It is currently active in Delhi NCR, Pune and Bangalore, having successfully deployed its emission-control technology at over 70 sites, in association with companies like Titan, Hindustan Petroleum and Mahindra World City. Partner Jay Parikh led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to Hualu International Finance (BVI) on its issue of US$300 million 2.2 percent guaranteed bonds due 2026. The bonds are guaranteed by Hualu Holdings and listed in Hong Kong. Hualu Holdings and its subsidiaries are engaged in coal chemicals, pharmaceuticals and other critical industries primarily operating in Shandong province. Partner Derrick Kan led the firm’s team in the transaction, while King & Wood Mallesons advised on English law and Tahota Law Firm advised on Chinese law. The joint global coordinators, the joint book-runners and the joint lead managers were advised by Linklaters as to English law, and by Jingtian & Gongcheng as to Chinese law.

Maples and Calder has also acted as BVI counsel to Zhuji Development, a wholly-owned subsidiary of Zhuji State-owned Assets Management, on its issuance of US$520 million 3.2 percent guaranteed bonds due 2024, guaranteed by Zhuji State-owned Assets Management. The bonds are listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while King & Wood Mallesons acted as English counsel and Zhejiang Zhuosong Law Firm acted as Chinese counsel for the issuer and the guarantor. Latham & Watkins acted as English counsel to the joint lead managers and the trustee, while JunHe acted as Chinese counsel for the joint lead managers.

Rajah & Tann Singapore has acted for DBS Bank on the joint development with JP Morgan and Temasek of Partior, a common and open industry platform for payments, trade and foreign exchange settlement through the use of blockchain solutions. Partners Sandy Foo (M&A), Goh Jun Yi (M&A), Rajesh Sreenivasan (TMT), Benjamin Cheong (TMT), Kala Anandarajah (competition and antitrust and trade), Tanya Tang (competition and antitrust and trade) and Regina Liew (financial institutions group) led the firm’s team in the transaction.

Rajah & Tann Singapore is also representing the Respondent, a private electricity company in India which is part of one of India’s largest and oldest industrial groups, on a dispute, which involves alleged breaches of two non-disclosure agreements, and claims for wasted expenditure and loss of opportunity, in respect of a mining concession in Siberia, Russia. Senior partner Francis Xavier SC is leading the team representing the client, together with partner Alina Chia.

Simpson Thacher has represented the international managers on a ¥843 billion (US$7.3b) offering of shares of Japan Post Holdings by the selling shareholder, Japan’s Minister of Finance. The global offering included an international offering to institutional investors outside Japan, in reliance on Rule 144A and Regulation S. Japan Post Holdings offers mail and parcel, banking and life insurance services, through its principal operating subsidiaries, namely Japan Post, Japan Post Bank and Japan Post Insurance. Goldman Sachs, JP Morgan, Daiwa, Mizuho and BofA Securities acted as the joint lead managers for the international offering. Tokyo partner Alan Cannon led the firm’s team in the transaction.

Simpson Thacher has also represented PHC Holdings on its ¥82.5 billion (US$721m) global offering of shares, including an offering to institutional investors outside Japan, pursuant to Rule 144A and Regulation S under the Securities Act. The international offering consisted of newly issued shares and existing shares sold by KKR PHC Investment, Mitsui & Co, Life Science Institute and Panasonic. PHC Holdings is a diversified diagnostics and life sciences company serving global markets with operations in more than 125 countries. The international joint lead managers for the international offering were Goldman Sachs International, Merrill Lynch International, JP Morgan Securities, Morgan Stanley & Co International, KKR Capital Markets, SMBC Nikko Capital Markets and Mizuho International. Tokyo partners Alan Cannon and Noritaka Kumamoto and New York partner Andrew Purcell led the firm’s team in the transaction.

WongPartnership has acted for Hypefast on its US$14 million Series A funding round, led by Monk’s Hill Ventures. Partner Kyle Lee led the firm’s team in the transaction.

WongPartnership has also acted for ESR-REIT on its launch of S$125 million (US$91.4m) unsecured fixed-rate notes due 2026 at 2.6 percent per annum. Partner Trevor Chuan led the firm’s team in the transaction.

Allen & Gledhill has advised CLI Treasury and CapitaLand Investment on the establishment of a S$6 billion (US$4.4b) euro medium term note program by CLI Treasury, pursuant to which CLI Treasury may issue notes, including perpetual notes, from time to time. Notes issued under the program will be guaranteed by CapitaLand Investment. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill is also advising PropertyGuru on its US$1.78 billion proposed listing in New York, through a business combination with Bridgetown 2 Holdings, a NASDAQ-listed special purpose acquisition company. Partners Hilary Low, Richard Young and Chong Zhuo Chen led the firm’s team in the transaction.

Allen & Overy has advised Exploration and Production (PTTEP), Thailand’s national petroleum exploration and production company, on the establishment of its medium-term note program and public offering of digital bonds under the program, valued at β6 billion (US$183m) in what is Asia’s first fully-digitalised corporate bond via a digital wallet. PTTEP’s digital bonds were issued in cooperation with Krungthai Bank, Thailand’s second largest commercial bank by assets, which acted as sole lead arranger on the transaction. They were made available for purchase on Krungthai’s ‘Pao Tang’ mobile application, which is Thailand’s largest electronic financial platform/digital wallet with more than 33 million active users. The issuance also marks the first time in the region that a corporate bond offered in the primary market can be traded anywhere and at any time into cash in the secondary market, via a digital wallet. The ‘Pao Tang’ mobile application is designed as an ‘open digital platform’ and can be used by any Thai citizen in the country, including those without an existing Krungthai bank account. This was the first time in ten years that PTTEP has issued bonds to the general public in Thailand. The bonds also have a tenor of five years, and include a step-up interest rate with a minimum of two percent per annum and a maximum of 2.75 percent, averaging 2.25 percent per annum. Bangkok banking practice head partner Stephen Jaggs led the firm’s team in the transaction.

AZB & Partners is advising Go Digit General Insurance on the Rs14.86 billion (US$200m) acquisition of equity stake in the company by Faering Capital Growth Fund III, Faering Capital International Growth Fund III, Ithan Creek Master Investors (Cayman), Wellington Hadley Harbor AIV Master Investors (Cayman) III, SCI Growth Investments III, IIFL Special Opportunities Fund-Series 8, IIFL Monopolistic Market Intermediaries Fund and miscellaneous individual investors and employees of Go Digit. Partners Darshika Kothari and Arvind Ramesh are leading the firm’s team in the transaction, which was signed on November 8, 2021 and is yet to be completed.

AZB & Partners has also advised International Finance Corporation on its Rs3.36 billion (US$45m) acquisition of equity stake in UpGrad Education, operator of a technology-driven online higher education (above K12) platform UpGrad. Partner Dushyant Bagga led the firm’s team in the transaction, which was signed on June 30, 2021 and was completed on July 28, 2021.

Baker McKenzie and its Singapore member firm Baker McKenzie Wong & Leow have advised Muang Thai Life Assurance (MTL) on its debut issuance of US$400 million regulatory-compliant tier 2 capital notes. The notes have a maturity period of 15.25 years, with an early redemption option in the fifth year of issue, and are offered to investors outside Thailand and the US, pursuant to Regulation S; there is no step-up coupon feature. This landmark deal was the first tier 2 offering by a Thai insurer to investors overseas, and one of the first from SE Asia. The notes are listed in Singapore. Bangkok partners Amnart Pitakgorn and Kowit Adireksombat and Singapore partner Xavier Amadei, supported by Bangkok partners Chaveewan Likhitwattanachai and Sivapong Viriyabusaya, led the firm’s team in the transaction, which also marked one of the highest allocations to asset managers in Asia.

Baker McKenzie and its Singapore member firm Baker McKenzie Wong & Leow have also acted as lead legal counsel to EDP Renewables (EDPR) on its acquisition, via an agreement with Sunseap major shareholders, of an 87.4 percent stake in Sunseap for €600 million (US$680m), which represents an enterprise value of €870 million (US$986m). This substantial investment in Sunseap will make EDPR, which is the world’s fourth largest renewable energy producer, further establish its presence in the Asia Pacific renewable energy market. Sunseap’s portfolio includes 5.5 GW of renewable projects at different stages of development. This investment complements EDPR’s footprint in the rest of the world, and enhances the deployment of a portion of its US$22 billion investment plan through 2025. In addition, this tie-up will also enable knowledge transfer from EDPR to Sunseap for the Asian market, including in wind energy, while generating opportunities for collaboration in areas of energy storage and green hydrogen. Between signing and closing, EDPR may upsize its stake to 91.4 percent. Singapore principals Ashok Lalwani and Kenny Kwan, supported by Baker McKenzie Wong & Leow principals Caryn Ng, Martin David, Kim Hock Ang, Kah Chin Chu, Dennis Lim, Ken Chia, Zhao Yang Ng and Harikumar Pillay, and Baker McKenzie partners Lan Phuong Nguyen (Vietnam) and Ean Mac Pherson (Japan ), led the firm’s team in the transaction, which is subject to regulatory and other customary precedent conditions.

Bird & Bird has advised 90 Seconds and its founder on its business combination with Murri Holdings, a special purpose acquisition company sponsored by Bombora Investment Management. With the A$11 million (US$8m) fund raise as a result of Bombora’s investment, the transaction puts 90 Seconds at a market capitalization of A$86 million (US$63m) ahead of its planned Australia listing. 90 Seconds is a cloud-based corporate video creation company, and its platform is currently being used by more than 13,700 creators. Some of its existing investors include major VC funds Sequoia Capital, AirTree Ventures and SIG. Singapore partner Marcus Chow led the firm’s team in the transaction.

Clifford Chance has advised global investment group Caisse de dépôt et placement du Québec (CDPQ) on the approximately US$2.7 billion co-investment in the Greater Changhua 1 offshore wind farm and associated holdco financing. This transaction marks the first time holdco financing, which is more common in Europe’s offshore wind market, is deployed in Asia Pacific’s offshore wind market. In December 2020, CDPQ, together with minority local investor Cathay PE, entered into a share purchase agreement to acquire 50 percent of Greater Changhua 1 from Ørsted, a leading Danish multinational power company. Ørsted will continue to own the remaining 50 percent, while also contracting with the project company to construct and operate the project. The 50-50 partnership is the first of its kind in the Asia Pacific offshore wind sector. It also represents CDPQ’s first direct investment in Taiwan through its infrastructure team, which has a long track-record in the renewable energy sector. Upon approval of the investment by Taiwanese authorities, completion of the share sale and financial close under the holdco financing occurred in early November 2021. Proceeds of the holdco financing are used by the investors to pay the consideration for the share purchase and fund their portion of construction and development costs. The funding was provided to Mercury Taiwan Holdings, the joint investment vehicle of CDPQ and Cathay PE, by 17 international and Taiwanese commercial banks and life insurers, along with Export Development Canada (participating in its first offshore wind financing in Taiwan). The commercial banks and life insurers benefit for a portion of the financing cover from EKF, K-SURE, Atradius and UK Export Finance. The 605MW offshore wind farm, which is located off the coast of Changhua County in Taiwan, will be supplying clean power to over 650,000 Taiwanese families. Construction is underway and is scheduled to be completed in 2022. Singapore partner Ross Howard, supported by Singapore partners Valerie Kong and Paul Landless, led the firm’s team in the transaction.

JSA has advised Creation Investments India IV on its investment in Vastu Housing Finance. Vastu is backed by Multiples Asset Management and senior industry leaders from the BFSI sector. In this round, Vastu raised about US$200 million, led by Creation Investments and Norwest Partners. IIFL Asset Management also invested in this round. The transaction involved primary equity infusion of about US$125 million, and the balance was via secondary sale by current investors. Vastu is a digitally-enabled retail affordable finance company. Vastu has also set up Vastu Finserve, a nonbank financial company, for vehicle and MSME financing to become a diversified consumer lender. Partner Lalit Kumar, supported by partners Bharati Joshi, Kumarmangalam Vijay, Manish Mishra and Anjana Potti, led the firm’s team in the transaction.

JSA has also advised State Bank of India, Union Bank of India, UCO Bank, Bank of Maharashtra and Indian Bank on a secured term loan facility of R44 billion (US$578m) extended to MSRDC Tunnels (MTL), a wholly-owned subsidiary of Maharashtra State Road Development Corporation. MTL has been awarded the concession, on design, build, finance, operate and transfer basis involving a blend of both annuity and toll models, for designing and constructing the missing link of the Mumbai Pune Expressway, as well as to augment the existing section of Mumbai Pune Expressway between Khalapur Toll Plaza and Khopoli Exit. This will reduce travel time by bypassing the congested and geometrically deficient Lonavala Ghat section of the existing Mumbai Pune Expressway. The facility will be utilised for part-financing this project. Partner Dina Wadia, supported by partner Soumitra Majumdar, led the firm’s team in the transaction, which was valued at US$580.43 million.

L&L Partners has advised Virescent Renewable Energy Trust on the private placement of up to 10,000 non-convertible debt securities aggregating up to Rs10 billion (US$134m) across three, five and seven- year tranches. Virescent runs with the objective of undertaking investment activities as an InvIT, in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations 2014. The transaction is the first issuance by a renewable energy InvIT in India. The proceeds of the issuance will be primarily utilized in refinancing of existing debt at the SPV level, as well as funding of holding companies and the SPVs. Partner Karan Mitroo, supported by partner Purvi Dabbiru, led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to TDCX, a Singapore-based Cayman Islands company, on its IPO and listing in New York. TDCX is a high-growth digital customer experience solutions provider for innovative technology and other blue-chip companies in Southeast Asia, Europe and Latin America. The offering, which closed on October 5, 2021, raised approximately US$348.5 million. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom, Thanathip & Partners and Zhong Lun Law Firm acted as US, Thai and Chinese counsels, respectively. Latham & Watkins acted as US counsel to Goldman Sachs and Credit Suisse, as the underwriters.

Maples and Calder has also acted as Cayman Islands counsel to NIO, a pioneer and a leading company in the premium smart electric vehicle market in China, on its sale up to US$2 billion of its American depositary shares, each representing one Class A ordinary share of the company, through an at-the-market equity offering program to certain sales agent. Partner Lorraine Pao led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Latham & Watkins acted as US counsel to the sales managers.

Rajah & Tann Singapore has advised Nanyang Technological University on the establishment of its S$1 billion (US$737m) multicurrency medium term note program, and its subsequent issuance of S$650 million (US$479m) 2.185 percent sustainability-linked notes due 2036, under the program. The notes are the world’s first publicly-offered sustainability-linked bonds by a university. Partners Lee Xin Mei, Eugene Lee and Lee Weilin led the firm’s team in the transactions.

Rajah & Tann Singapore is also advising Asian Tour on the establishment of its partnership with LIV Golf Investments to boost the Asian Tour. The partnership will introduce a new premier professional golf league sanctioned by the Asian Tour, and has a projected commitment totaling US$200 million over the next 10 years, beginning 2022. Partner Lau Kok Keng is leading the firm’s team in the transaction.

Wong & Partners has acted for XCL SG Holdings, an affiliate of XCL Education, on its acquisition from GEMS Holdings and Varkey Group of 100 percent of the equity interest in GEMS Education Malaysia, which owns and operates the GEMS International Schools. Partner Stephanie Phua led the firm’s team in the transaction, which was completed on October 13, 2021. White & Case acted as international counsel to XCL SG Holdings.

WongPartnership has acted for KKR, as shareholder of PropertyGuru, on the US$1.8 billion merger with Bridgetown 2 Holdings, a special purpose acquisition company backed by Richard Li and Peter Thiel. Managing partner Ng Wai King and partners Kyle Lee and Soong Wen E led the firm’s team in the transaction.

WongPartnership has also acted for a global investment company on its Series D investment into newly-minted FinTech unicorn Nium. Partner Kyle Lee led the firm’s team in the transaction, together with partner Tian Sion Yoong.

Kudun and Partners has represented Thammasat University on the preparation of the licensing agreement with Antitoxin, a German company founded in 1966, which specializes in the development of certified blood-typing reagents for automated and manual applications. Through this collaboration, the research team in Thailand aims to further develop advanced biomedical technologies (Deep Tech) and envisions bringing the university’s research on biomolecular science to the international market. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction.

Kudun and Partners has also represented Meticuly on the series B funding for AI technology software to design medical implants and improve the bone surgery process to enhance patients’ personalized care. Meticuly is a Thailand-based start-up that provides 3D-printing medical technology on personalized implant solutions for bone-related surgeries. Partner Kongkoch Yongsavasdikul also led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel for JK Global Treasures on its S$926.48 million (US$687.4m) voluntary unconditional cash offer for Fragrance Group. Following the close of the offer on September 10, 2021, Fragrance Group was delisted in Singapore on October 6, 2021. Partner Lee Kee Yeng led the firm’s team in the transaction.

Allen & Gledhill has also advised Credit Suisse (Singapore), DBS Bank and United Overseas Bank, as dealer managers, on the tender offer exercise by Tuan Sing Holdings of the outstanding 7.75 percent notes due 2022, under its S$900 million (US$668m) multicurrency medium term note program. Tuan Sing invited the holders of the existing notes to offer to sell for cash to Tuan Sing, in an amount not exceeding the maximum acceptance amount, all or some of the outstanding existing notes held by the noteholders, subject to and upon the terms and conditions of the invitation memorandum. The firm also advised Tricor Barbinder Share Registration Services (a division of Tricor Singapore), as tender agent, and DBS Trustee, as trustee, in relation to the invitation. Tuan Sing also issued new S$200 million (US$148.4m) 6.9 percent Singapore dollar-denominated fixed rate notes due 2024. In connection with the invitation and the new issue, Tuan Sing has accepted for purchase S$40 million (US$29.7m) in principal amount of the existing notes, and issued S$200 million (US$148.4m) in principal amount of the new notes. Partners Margaret Chin, Sunit Chhabra and Ong Kangxin led the firm’s team in the transaction.

Allen & Overy has advised Thailand-listed Indorama Ventures on the issuance of a β10 billion (US$305m) triple-tranche sustainability-linked bond (SLB) to institutional and high-net-worth investors in Thailand. Bangkok-headquartered Indorama Ventures is the world’s largest manufacturer by volume of 100 percent recyclable polyethylene terephthalate (PET). The transaction is the largest SLB issued in Thailand, and the first SLB in Thailand that offers sustainable investment opportunities. The triple-tranche structured issuance includes five, seven and 10.5-year tenors, which offer coupon rates from 2.48 percent to 3.6 percent per annum. The issuance takes into consideration Indorama’s Sustainability-Linked Financing Framework, which guides its approach and strategy towards sustainability-linked instruments that are correlated to the achievement of sustainability performance targets. Bangkok banking practice head partner Stephen Jaggs led the firm’s team in the transaction.

Allen & Overy has also advised the joint lead managers and joint book-runners on the sustainability re-linked bond offering by Bank of China London Branch. This marks the world’s first sustainability re-linked bond issuance. The transaction comprises US$300 million one percent notes due 2024, under Bank of China’s US$40 billion MTN program, which are issued in alignment with the re-linking mechanism, as described in the Bank of China Sustainability Re-Linked Bond Management Statement. The bond references the four core components of relevant International Capital Market Association principles, and refers to the five core components of Sustainability-Linked Loan Principles 2021. The bond coupon comprises two parts: a base rate of one percent and, where relevant, a coupon adjustment rate, which is determined by reference to the performance of the relevant sustainability performance target(s) of the underlying Sustainability Linked Loans, as designated by Bank of China, with reference to the criteria and standards described in the BOC SRLB Management Statement. Each coupon adjustment is subject to a cap and a floor, which will not be cumulative. Partners Jaclyn Yeap, Agnes Tsang and Yvonne Siew led the firm’s team in the transaction.

AZB & Partners is advising Vitruvian Partners on the acquisition by its affiliate, Portobello Holdco, along with other investors, of equity stake via Series E equity funding round in SmartShift Logistics Solutions, formerly known as Resfeber Labs and operator of “Porter”, a tech-based on-demand intra-city transportation and logistics platform. Valued at Rs7.5 billion (US$101m, the deal was signed on October 22, 2021 and is yet to be completed. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction.

AZB & Partners is also advising FSN E-Commerce Ventures on its IPO, comprising a fresh issue of up to approximately Rs6.3 billion (US$85m), and an offer for sale of up to 42 million equity shares by the selling shareholders. Partners Zia Mody, Varoon Chandra, Lionel D’Almeida and Roxanne Anderson are leading the firm’s team in the transaction, which is yet to be completed.

Baker McKenzie has advised Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure New Markets Fund I (CI NMF), on the acquisition of a 50 percent interest in a 400 MW portfolio from Auko subsidiary Akuo Energy Indonesia, and on related equity funding and joint venture arrangements with Akuo. This transaction continues the firm’s previous work, advising CIP through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors on the US$3 billion project development and financing of a 589 MW offshore wind farm project in Taiwan. Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar, and run of river hydro projects in Indonesia. This transaction represents CI NMF’s first investment in the Indonesian renewable energy market. This investment comes amid the Indonesian government’s prioritization of renewable energy projects development, as Indonesia seeks to achieve its target of 23 percent of renewable energy in its energy mix by 2025. Baker McKenzie Indonesia member firm HHP Law Firm acted as Indonesian and joint international counsel; Singapore member firm Baker McKenzie Wong & Leow (BKWL) acted as Singapore and joint international counsel; and Netherlands member firm Baker McKenzie Amsterdam (BKA) acted as Netherlands counsel. Akuo Energy Indonesia was advised by Herbert Smith Freehills. Norman Bissett, HHP partner Nadia Soraya, BKWL principals Kim Hock Ang and Andrew Zaw, and BKA partner Kim Tan led their respective firm’s teams in the transaction.

Clifford Chance has advised Everbright Overseas Infrastructure Investment Fund (EOIIF), a fund sponsored and managed by China Everbright, on the proposed conditional sale of Boreal Holding and its subsidiaries to Vauban Infrastructure Partners, a European asset management firm based in Paris. Boreal is one of the largest operators in the Norwegian public transportation market, operating medium- to long-term contracts granted by public transport authorities in four segments – bus, car ferry, fast ferry and light rail. EOIIF acquired Boreal from Cube Infrastructure in April 2018, and has achieved substantial growth in its contract portfolio through expansion into new counties and winning larger tenders, on top of Boreal’s expansion into Sweden. Under EOIIF’s ownership, Boreal has also transformed itself into a global pioneer in sustainable transportation through its operation of battery-powered electric ferries and electric buses across Norway. Partner Bryan Koo led the firm’s team in the transaction.

Dentons has acted as international and Chinese counsel for Kunming-headquartered Yunnan Communications Investment and Construction Group, an integrated transport infrastructure investor, public road construction developer and industry-financial services provider, on the Regulation S global offering of its English law-governed US$100 million 3.8 percent guaranteed notes due 2026, to be listed in Hong Kong. China Industrial Securities International was the sole global coordinator, while ICBC International, ICBC Asia, Industrial Bank Hong Kong Branch, China Minsheng Banking Corp Hong Kong Branch, Shenwan Hongyuan (HK), Guotai Junan International and Glory Sun Financial were the joint lead managers and joint book-runners. Hong Kong capital markets partners Gordon Ng and Man Chiu Lee and Kunming senior partners Ma Wei and Li An led the firm’s team in the transaction.

JSA has advised Deepak Fertilisers and Petrochemicals and IIFL Securities on the qualified institutions placement of equity shares aggregating to Rs5.1 billion (US$68.8m). Deepak filed a placement document on October 22, 2021. Deepak is one of India’s leading manufacturers of industrial chemicals and fertilizers. Partner Arka Mookerjee led the firm’s team in the transaction.

JSA has also advised assisted Spayee Labs and its founders (Gourav Kakkar, Aniruddha Singh, Vijay Singh and Sandeep Singh) on the sale of 100 percent of their stake in Spayee to Sorting Hat Technologies (Unacademy). As part of this transaction, Times Internet and other existing Spayee investors received successful exit. Pursuant to this deal, the Spayee team and Graphy, part of Unacademy group, aim to empower brick-and-mortar educators through digitization and build the world’s largest creator community. The firm also advised and negotiated the terms of the founders’ engagement with Unacademy, post this acquisition. Partner Kartik Jain led the firm’s team in the transaction, which was valued at US$25 million.

Khaitan & Co has acted as India counsel to the global coordinators, book-running lead managers, and book running lead managers on the IPO of the equity shares of Aditya Birla Sun Life AMC, aggregating to approximately Rs27.7 billion (US$373.6m), through an offer for sale of equity shares by Aditya Birla Capital and by Sun Life (India) AMC Investments. The firm advised a syndicate consisting of eleven lead managers, namely Kotak Mahindra Capital, BofA Securities India, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India). Partners Abhimanyu Bhattacharya and Soumya Mohapatra led the firm’s team in the transaction, which was completed on October 11, 2021. Sidley Austin acted as international counsel. S&R Associates acted as India counsel to Sun Life AMC, while Cyril Amarchand Mangaldas also acted as India counsel on the transaction.

Khaitan & Co has also advised Standard Chartered Bank and Axis Bank on the subscription to listed, senior, rated, secured non-convertible debentures aggregating to Rs10.9 billion (US$147m) issued by Renew Sun Waves. Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on September 30, 2021.

L&L Partners has advised SCI Growth Investments III (Sequoia) on the Series C round of investment in Twin Health, a company which provides an all-inclusive health monitoring service, along with consultations with health care providers. The present investment was undertaken via primary in Twin Health’s Series C funding round. The investment round involved existing investors like Sequoia, with participation from new investors like ICONIQ, Sofina, WR Biotech (Ray Chambers), Rick Schnall, FW Investments, Tom Bernthal and Sheryl Sandberg, and other investors, amounting to total investment of approximately US$155 million. Partners Navin Syiem and Nitin Gera led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to Broncus Holding on its IPO of approximately 89.35 million shares, and the listing in Hong Kong. Broncus is a medical device company focused on the development of interventional pulmonology products. The offering, which closed on September 24, 2021, raised approximately HK$1.67 billion (US$214.4m). Partner Derrick Kan led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and King & Wood Mallesons advised on Chinese law. The joint sponsors, Goldman Sachs and Haitong International Capital, and the underwriters were represented by Sullivan & Cromwell (Hong Kong) as to Hong Kong and US laws, Dentons as to Hong Kong law, and Han Kun Law Offices as to Chinese law.

Maples and Calder has also acted as Cayman Islands counsel to PepperLime Health Acquisition on its IPO of 15 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing on the Nasdaq. PepperLime is a special purpose acquisition company formed for to pursue business combination targets, which focuses on completing combinations in businesses at the intersection of technology and consumer health and wellness. The offering, which closed on October 19, 2021, raised approximately US$150 million, plus a 15 percent underwriter over-allotment option. Partner Matt Roberts led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer acted as US counsel. DLA Piper acted as US counsel to Oppenheimer & Co, as the underwriter.

Paul Hastings has advised Goldman Sachs, JP Morgan and Samsung Securities, as the joint book-runners, on the US$1.3 billion global offering and listing of Kakaopay in Korea. A subsidiary of Kakao Corporation, Kakaopay operates Korea’s leading mobile financial services platform. Corporate partner Dong Chul Kim led the firm’s team in the transaction.

Simmons & Simmons has advised Samsung Asset Management (Hong Kong) on the launch of the Samsung Bloomberg Global Semiconductor ETF, the first global semi-conductor ETF listed in Hong Kong. The ETF was listed on November 9, 2021 in Hong Kong, and currently comprises 20 global companies that derive significant revenue from semi-conductor business. Partner Eva Chan led the firm.

Simpson Thacher has represented the underwriters in the IPO and Rule 144A / Regulation S offering by Shanghai MicroPort MedBot (Group). MicroPort MedBot offered 36.2 million H shares in its global offering, prior to the exercise of the underwriters’ overallotment option. The base offering size was HK$1.56 billion (US$200m). The H shares of MicroPort MedBot are listed in Hong Kong. JP Morgan and CICC acted as joint sponsors, joint global coordinators, joint book-runners and joint lead managers. Founded in 2015, MicroPort MedBot is a top-tier surgical robot company dedicated to designing, developing and commercializing surgical robots to assist surgeons in performing complex surgical procedures. Hong Kong partner Christopher Wong led the firm’s team in the transaction.

Wong & Partners has acted for Tenby Educare, a subsidiary of International Schools Partnership, on the acquisition of 100 percent of the equity interest in Straits International Education Group, which operates Straits International School Penang and Straits International School Rawang, from SIEG Holdings, Dato Ong King Seng, GUH Capital, Dato Sri Tiew Soon Thung, CYF Ventures Holding and Choo Kian Woon. Managing partner Munir Abdul Aziz led the firm’s team in the transaction, which was completed on October 13, 2021. Wan Emiliana Advocates & Solicitors advised the sellers.

WongPartnership has acted as fund counsel for Indies Capital Partners on the establishment of Indies Strategic Investment Fund II, which has a target fund size of US$80 million. Partner Felicia Ng led the firm’s team in the transaction.

WongPartnership has also acted for JP Morgan (SEA), as the sole issue manager, on the listing of CapitaLand Investment in Singapore. Partners Gail Ong and Loh Jen Vern led the firm’s team in the transaction, together with partner Chan Sing Yee.

Allen & Gledhill has advised Oversea-Chinese Banking Corporation, as arranger, and DBS Bank and United Overseas Bank, as dealers, on the establishment of a S$1 billion (US$741m) multicurrency medium term note program and issue of US$650 million sustainability-linked notes by Nanyang Technological University (NTU). The notes were issued under NTU’s sustainability-linked bond framework, which was prepared in line with the Sustainability-Linked Bond Principles 2020 by the International Capital Market Association. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Mapletree Logistics Trust Management, as manager of Mapletree Logistics Trust, on the issue of S$400 million (US$296.4m) 3.725 percent fixed rate perpetual securities, under its S$3 billion (US$2.22b) euro medium term securities program. Partner Glenn Foo led the firm’s team in the transaction.

Allen & Overy has advised the joint lead managers and joint book-runners, namely Bank of China, Bank of Communications, China Construction Bank, China International Capital Corporation, ICBC, BofA Securities, Citigroup, Crédit Agricole CIB, CTBC Bank, Deutsche Bank, Goldman Sachs, JP Morgan, Mizuho Securities and Standard Chartered Bank, on the multi-tranche Reg S and Rule 144A offering of US$4 billion sovereign bonds by China’s Ministry of Finance. The issuance comprises four tranches: 1) US$1 billion three-year bonds; 2) US$1.5 billion five-year bonds; 3) US$1 billion ten-year bonds; and, 4) US$500 million 30-year bonds. This is another significant issuance by the Ministry of Finance, and its second Reg S and Rule 144A US dollar offering. The firm also advised on the country’s first US dollar bond offering open to US investors in October 2020. Partners Agnes Tsang, Jaclyn Yeap and Alex Stathopoulos led the firm’s team in the transaction.

Allen & Overy has also advised the joint lead managers and joint book-runners on Industrial and Commercial Bank of China’s (ICBC) multi-branch issuance of green bonds. The bonds are listed across Hong Kong, Singapore, Luxembourg, London and Macao. Issued under ICBC’s US$20 billion medium term note program, the four-currency, five-tranche transaction comprised: 1) US$1 billion 1.625 percent bonds due 2026 by ICBC Hong Kong Branch; 2) US$1.05 billion one percent bonds due 2024 by ICBC Singapore Branch; 3) €500 million (US$579m) 0.125 percent bonds due 2024 by ICBC Luxembourg Branch; 4) £250 million (US$340m) 1.625 percent bond due 2025 by ICBC London Branch; and, 5) Pt2 billion (US$249.5m) 0.60 percent bond due 2023 by ICBC Macau Branch. The proceeds will be used to finance and/or refinance eligible green assets, which promote environmental protection, sustainable economic development, and combating climate change in the eligible green asset categories, as defined in the ICBC Green Bond Framework. Partners Agnes Tsang and Aloysius Tan led the firm’s team in the transaction.

Ashurst has advised UBS Australia Branch and Merrill Lynch Equities (Australia), as the joint lead managers, on the issuance of A$400 million (US$297m) 1.625 percent senior unsecured convertible notes by Australia-listed Flight Centre Travel Group (FLT). The notes are convertible into FLT ordinary shares, and have a final maturity date of November 1, 2028. Certain shareholders entered into stock borrowing and lending arrangements with an affiliate of UBS Securities Australia, up to an aggregate maximum amount of 20 million FLT shares. Concurrently with the convertible notes issuance, a delta placement of approximately 3.5 million ordinary shares has been executed. The firm also advised the clients on FLT’s convertible bond offering in November 2020. FLT is one of the world’s largest travel groups, with a vast leisure and corporate travel sales network that extends throughout Australia and New Zealand, the Americas, EMEA and Asia. Hong Kong partner Jini Lee, supported by Sydney partners Jamie Ng (global markets), Caroline Smart (global markets), Greg Golding (corporate), Ross Zaurrini (competition) and Vivian Chang (tax), led the firm’s team in the transaction.

AZB & Partners has advised TA Associates, through its affiliate Wagner, on the sale of its more than 30 percent equity stake in Ideal Cures to Berwind, through its affiliate entities BPSI Holdings and Colorcon Netherlands. Partners Darshika Kothari and Vasudha Asher led the firm’s team in the transaction, which was completed on October 13, 2021.

AZB & Partners has also advised WestBridge India on its acquisition, along with other investors, of equity stake in VnF Ideas, operator of a direct-to-consumer brand in the fresh vegetables and fruits category via offline mode, online mode and mobile application named Fraazo. Partners Gautam Saha and Amrita Patnaik led the firm’s team in the transaction, which was valued at Rs3.8 billion (US$51m) and was completed on October 8, 2021.

Baker & McKenzie has advised Pacifico Energy, one of Japan’s largest renewable energy developers, on an agreement with SSE Renewables, one of the world’s largest offshore wind energy developers, on the formation of a jointly owned company that will pursue offshore wind energy development projects in Japan. The creation of this jointly owned company, SSE Pacifico, involved the US$208 million acquisition by SSE Renewables of an 80 percent interest in an offshore wind development platform from Pacifico Energy and its affiliates. The acquisition was completed and became effective on October 29, 2021. The Japanese government has set a target of installing 30-45 GW of offshore wind power by 2040, as part of its plan to achieve carbon neutrality by 2050. SSE Pacifico will collaborate fully and openly with local communities and authorities to provide best-in-class integration of offshore wind farms with local environments. Tokyo partners Gavin Raftery and Kiyoshi Endo led the firm’s team in the transaction.

Baker McKenzie Wong & Leow has advised Cargill on its acquisition of Aalst Chocolate, which will significantly expand Cargill’s Asia-Pacific footprint and also its cocoa and chocolate offerings. Upon completion of the transaction, all Aalst assets, including its state-of-the-art manufacturing plant in Singapore, R&D capabilities in Singapore and Shanghai, and its over 200 employees across the region, will join Cargill’s cocoa and chocolate Asia-Pacific operations. Cargill is a multinational company which provides food, agriculture, financial and industrial products. Aalst Chocolate is the first Singaporean-owned chocolate manufacturer. Its customer base spans across more than 50 countries, exporting to industrial, retail and foodservice clients in key global markets. Managing principal and co-head of M&A practice group Andrew Martin led the firm’s team in the transaction.

Clifford Chance has advised the joint lead managers on the international aspects of Woolworths Group’s €550 million (US$638m) 0.375 percent sustainability-linked fixed rate notes due 2028, A$350 million (US$262m) 1.85 percent sustainability-linked fixed rate notes due 2027, and A$350 million (US$262m) 2.75 percent sustainability-linked fixed rate notes due 2031, under its medium term note programme. The notes are structured with a direct link to Woolworths’ sustainability goals to reduce carbon emissions. The joint lead managers included Citigroup, BNP Paribas, HSBC, MUFG, SMBC Nikko, Commonwealth Bank of Australia and Westpac Banking. Partner Mark Chan led the firm’s team in the transaction.

JSA has advised B Capital on its US$50 million Series B investment in EpiFi Technologies, a neo-banking start-up that provides a unique and new consumer banking experience through its mobile application ‘Fi Money’. Post the fund raise, Epifi will be valued more than US$300 million. Fi Money is an app which allows users to open a bank account on the app directly, and manage their expenditures and monies better. One of its unique features is tracking and moderating users’ expenses on e-commerce apps. At the backend, Epifi has partnered with Federal Bank for opening of bank accounts. Partner Manvinder Singh led the firm’s team in the transaction.

JSA has also advised B Capital and Tribe Capital on their US$90 million primary investment in Kyte Technologies, which develops and operates, through its Indian subsidiaries ADJ Utility Apps and SiliconVeins, the KhataBook mobile application. The app helps merchants with simple, reliable and efficient means of ledger maintenance. The investment also saw participation from other marquee investors. Kyte raised approximately US$90 million in the primary round. Partner Manvinder Singh also led the firm’s team in the transaction.

Khaitan & Co has advised Softbank Vision Fund on its US$450 million Series F investment in Global Car Group, the holding company of the ‘Cars24’ group. Partners Bharat Anand and Nidhi Killawala, supported by partners Sagardeep Rathi and Pranjal Prateek, led the firm’s team in the transaction, while Cooley SG advised on Singapore law.

Khaitan & Co has also advised RPSG Ventures and RP-Sanjiv Goenka Group on the successful bid for a new Indian Premier League (IPL) franchise. The IPL is one of the biggest brands in India, and an IPL franchise is a highly coveted asset for business groups in India and across the world. Two new cricket team franchises were being offered through a tender process conducted by the Board of Control for Cricket in India (BCCI). At the bidding process conducted by the BCCI in Dubai, RPSG Ventures was declared as one of the successful bidders. The new franchisee at Lucknow Stadium will be owned and operated, through a newly incorporated company, by RPSG Ventures, along with private/unlisted companies of the RP-Sanjiv Goenka Group. Gross payment for the new franchise is Rs70.9 billion (US$950m), payable over ten years. With a US$6 billion asset base and US$4 billion revenue, the RP-Sanjiv Goenka Group is one of India’s fastest growing conglomerates with a significant global presence. Its businesses include power and energy, carbon black manufacturing, retail and consumer, IT-enabled services, media and entertainment, sports and agriculture. Senior partner Haigreve Khaitan and partners Ashish Razdan and Ashraya Rao led the firm’s team in the transaction, which was announced on October 25, 2021.

K&L Gates has advised China-headquartered growth capital private equity fund Lingfeng Capital on the recent Series A funding round of LeapXpert, a Hong Kong-based communications and messaging platform provider. Lingfeng Capital led the investment with Summer Capital, with four other international investors also participating. The current round brings the total funds raised by LeapXpert to US$14.1 million since its inception in 2017. Founded in 2015, Lingfeng Capital manages both US$ and Rmb funds. It invests in innovative fintech and technology companies in the Greater China region, and provides strategic advice to portfolio companies looking to enhance their business models, integrate resources and increase enterprise value. LeapXpert assists enterprises in integrating consumer messaging applications into their business-critical systems and processes via a centralized platform, enabling these enterprises to have real-time visibility of conversations over all messaging channels. Hong Kong corporate partner William Ho led the firm’s team in the transaction.

L&L Partners has acted for Dr Lal Path Labs (LPL) on the acquisition of 100 percent of the equity share capital of Suburban Diagnostics (India) (SDI). LPL is a provider of diagnostic and related healthcare tests and services in India, while SDI is a leading player in the diagnostics business in Western India. The deal was valued at Rs9.25 billion (US$124m), plus certain performance linked payments capped at Rs2.25 billion (US$30m), subject to certain adjustments. The deal was structured as an auction, which attracted a lot of interest from strategic and financial investors. LPL emerged as the highest initial bidder, and successfully entered into an exclusivity arrangement with SDI. LPL hopes to leverage on SDI’s strong consumer and medical brand recognition, wide network and professional management team to further accelerate its growth. Senior partner HS ‘Bobby’ Chandhoke and partners Shonali Choudhry and Jay Parikh, supported by partners Abdullah Hussain and Rudresh Singh and partner designate Subhash Bhutoria, led the firm’s team in the transaction.

Rajah & Tann Singapore (R&TS) and Christopher & Lee Ong (C&LO) are advising Esteel Enterprise on its US$122 million acquisition of Antara Steel Mills from Malaysia-listed Lion Industries. R&TS partners Danny Lim and Cynthia Wu and C&LO partner Yon See Ting are leading their respective firm’s team in the transaction.

Rajah & Tann Singapore is also acting for United Overseas Bank and UOB Kay Hian, as the joint book-runners and underwriters, on the private placement of new units in United Hampshire US Real Estate Investment Trust to raise gross proceeds of approximately US$35 million. Partner Raymond Tong is leading the firm’s team in the transaction.

WongPartnership has acted for Go Ventures as lead investor on the US$4.8 million funding round of Vara. Partner Kyle Lee led the firm’s team in the transaction, together with partner Kylie Peh.

WongPartnership has also acted for a global investment company on the US$20 million extended seed funding round of Next Gen Foods. Partner Kyle Lee led the firm’s team in the transaction, together with partners Kylie Peh and Chan Jia Hui.

Zul Rafique & Partners has represented Maxis Mobile Services before the Court of Appeals (CA) on an unfair dismissal claim originating from the Industrial Court (IC). The case concerns the dismissal of an employee for exiting the WhatsApp Groups at work without her superior’s approval, and her failure to submit the daily sales reports on seven occasions. The IC found that the dismissal was with just cause. The respondent applied for judicial review to quash the decision. The High Court overturned the IC’s decision, and ordered the case to be remitted to the IC to be heard anew by another chairman. Maxis appealed the decision. The CA ruled that the IC’s findings were not plainly wrong, and that there were no valid grounds for the High Court to interfere with those findings. As such, the IC award was reinstated, and the respondent was deemed to have been dismissed with just cause. Employment and industrial relations partners Wong Keat Ching and Teoh Alvare led the firm’s team representing the client.

Allen & Gledhill has acted as transaction counsel to DBS Bank, United Overseas Bank and Sumitomo Mitsui Banking Corporation Singapore Branch, as the mandated lead arrangers and book-runners, on the S$1.8 billion (US$1.3b) term loan facility to Boulevard View to finance its acquisition of the Marina View white site located in Singapore’s Central Business District. The white site, intended for a mixed-used development with residential, hotel, commercial and/or serviced apartments, can yield 905 private homes, 2,000 square meters in gross floor area of commercial space and 540 hotel rooms. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to Oversea-Chinese Banking Corporation, CIMB Bank Singapore Branch, Qatar National Bank Singapore Branch, The Bank of East Asia Singapore Branch and The Hongkong and Shanghai Banking Corporation Singapore Branch, as the mandated lead arrangers, on the S$540 million (US$401m) sustainability-linked term and revolving credit facilities to DBS Trustee, as trustee of OUE Commercial Real Estate Investment Trust. The facilities will be used for financing the capital expenditure, working capital requirements and other general corporate funding purposes. OCBC was also appointed as sustainability adviser. Partner Lim Wei Ting also led the firm’s team in the transaction.

AZB & Partners has advised Amansa Investments and Steadview Capital Mauritius on their Rs26.23 billion (US$350m) acquisition of equity stake, via Series G pre-IPO funding round, in API Holdings, a company involved in the operation of online healthcare and medicine delivery platform “PharmEasy”. Partners Vaidhyanadhan Iyer and Vasudha Asher led the firm’s team in the transaction, which was signed on September 27, 2021 and completed on October 14, 2021.

AZB & Partners has also advised Tree Line Asia Master Fund (Singapore), a fund managed by Tree Line Investment Management, on its Rs8.6 billion (US$114.7m) acquisition, along with other investors, of equity stake in Thalappakatti Hotels. Partner Dushyant Bagga led the firm’s team in the transaction, which was signed on August 31, 2021 and completed on September 16, 2021.

Baker McKenzie has represented ChildLife on successfully obtaining a landmark interlocutory injunction in Hong Kong High Court. ChildLife is a US-based company that specializes in pediatrician-developed nutritional vitamin supplements. ChildLife’s ex-distributor used to be its exclusive distributor in Mainland China, Hong Kong and Macao, and has been operating certain flagship stores in cross-border e-commerce platforms, through its Hong Kong-registered affiliates. The distributorship agreement was terminated in March 2021, upon discovery of various serious breaches by the ex-distributor. Notwithstanding the termination, the ex-distributor not only refused to transfer the flagship stores to ChildLife after the agreement has ended, but it has even started to sell its own brand of nutritional supplements with highly similar packaging designs, including the use of ChildLife’s distinctive red heart logo, on the flagship stores. The injunction order by the Hong Kong High Court restrains the defendants from committing passing off and copyright infringement acts in Mainland China. This is the first successful Hong Kong injunction concerning a cross-border e-commerce platform based on double actionability, allowing the court to take into consideration torts committed by defendants outside of Hong Kong. This rule signifies the possibility of using Hong Kong as a potential avenue to pursue legal actions against infringement acts that take place in Mainland China. Partner Andrew Sim led the firm’s team representing the client.

Baker McKenzie has also advised CMB International Capital, as the financial adviser, and CMB International Finance, as the financier, to Great Success Enterprises Holdings, the offeror, on the privatization of Bestway Global Holding, via scheme of arrangement pursuant to the Companies Act of the Cayman Islands. The cash consideration paid by the offeror was approximately HK$1.029 billion (US$132.5m). Bestway Global’s shares were delisted in Hong Kong on October 12, 2021. Bestway Global manufactures and sells high quality and innovative PVC sporting and leisure products in Europe, North America, Asia Pacific and other global markets. Partners Christina Lee (capital markets/public M&A), Kenneth Ching (finance), Simon Leung (finance) and Gerry Wong (finance) led the firm’s team in the transaction.

Bird & Bird ATMD has acted for Haitong International Financial Products (Singapore) on its subscription for HK$200 million (US$25.7m) in principal amount of secured and guaranteed structured notes. The notes were issued in September 2021 by a family office entity set up by a high net-worth individual. Partner Marcus Chow led the firm’s team in the transaction.

JSA has advised B Capital on its primary investment in Meesho, operator of the website meesho.com and the associated mobile application in India, which facilitates the sale and purchase of goods between the suppliers and the resellers or buyers, through its subsidiaries Fashnear Technologies, Meesho Payments and Popshop Commerce. The investment also saw participation from other marquee investors. The total amount raised by the company in the primary round was approximately US$570 million. Meesho has more than doubled its valuation in less than six months. The fund raise doubled Meesho’s valuation to US$ 4.9 billion. Partner Manvinder Singh led the firm’s team in the transaction.

JSA has also advised B Capital on its primary and secondary investment in API Holdings (PharmEasy), a pre-IPO stage company engaged in the wholesale trade of pharmaceutical, nutraceutical and FMCG products, and provides healthcare solutions using technology. The investment also saw participation from other marquee investors. The total amount raised by the company in the primary round was approximately US$200 million. PharmEasy intends to use the proceeds for its general corporate purposes, to enlarge its footprint in business and make further investments. Partner Manvinder Singh also led the firm’s team in the transaction.

Khaitan & Co has advised Epack Durable (formerly known as Epack Durables Solutions) and the promoters on the Rs1.6 billion (US$21.3m) fund raise from funds advised/managed by ICICI Ventures Funds Management. Partner Mayank Singh led the firm’s team in the transaction, which was completed on September 24, 2021. J Sagar Associates also advised on the deal.

Khaitan & Co is also advising Tata Motors on its agreement with TPG Rise Climate, where TPG shall invest in a subsidiary of Tata Motors to be incorporated. TPG Rise Climate, along with co-investor ADQ, shall invest Rs75 billion (US$1b) to secure 11 percent to 15 percent stake in Tata Passenger Electric Mobility, translating to an equity valuation of approximately US$9.1 billion. Part of the US$109 billion Tata group, Tata Motors is a US$34 billion organization, which is a leading global manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. Tata Motors is India’s market leader in commercial vehicles, and among the top three in the passenger vehicles market. Partners Haigreve Khaitan, Zakir Merchant and Ashraya Rao are leading the firm’s team in the transaction. TPG Rise Climate was represented by Shardul Amarchand Mangaldas as Indian counsel and by Cleary Gottlieb as offshore counsel.

Kudun and Partners has represented BG Energy Solution, an affiliate of BG Container Glass and Bangkok Glass, on a 70 percent cross-border acquisition of existing shares in My Son 1 Solar Power and My Son 2 Solar Power, with an approximate value of US$26.3 million and US$21.8 million, respectively, totaling US$48.1 million for both companies. Each of the companies is owner/investor of solar power plant projects, which include the power plant, the transmission line and other related land areas, in Ninh Son District, Ninh Thuan Province, Vietnam. Partners Kudun Sukhumananda, Kongkoch Yongsavasdikul and Chai Lertvittayachaikul led the firm’s team in the transaction.

Kudun and Partners has also represented Living Mobile (FoodStory) on the Series B funding led by Beacon VC, the venture capital arm of Kasikornbank, with participation from JWD InfoLogistics. The funds will be used to support product development to increase restaurant efficiency. FoodStory also intends to improve the Thai restaurant ecosystem by transforming data into insights for restaurant owners, so that they may better understand and optimize their companies for long-term success. Living Mobile is a leading mobile application development company crafting a unique, exciting and challenging mobile application project. They are currently empowering thousands of restaurant businesses through FoodStory, the powerful mobile point-of-sale. Partner Eakchai Chotpitayasunon led the firm’s team in the transaction.

L&L Partners has acted as lead counsel to Kotak Realty Fund, one of the premier private equity real estate funds in India, on the Rs2 billion (US$26.7m) subscription of NCDs in the project SPV of BPTP group. The firm advised Kotak Realty Fund on structuring the joint venture between the project SPV (Ridgecraft Homes), erstwhile developer, land owning entities and BPTP. Partner Vaibhav Suri led the firm’s team in the transaction.

L&L Partner has also advised Midland Microfin on the investments received from ICICI Bank and Kitara Capital PIIN 1501. Midland is a debt-listed entity which provides microfinance services of all kinds directly or indirectly to the economically active poor with no or limited access to financial services, to improve their standard of living and help them and their families come out of poverty. The investment was undertaken via primary investment of approximately Rs744 Million (US$10m) by ICICI and Kitara in the equity shares of Midland. Senior partner HS ‘Bobby’ Chandhoke and partners Saurabh Tiwari and Kanchan Sinha led the firm’s team in the transaction.

O’Melveny has advised Korea-based SK E&S, a global leader in clean energy solutions, on its up to US$400 million equity investment in REV Renewables, an LS Power company focused on the development, acquisition and operation of renewables and energy storage. Announced on October 18, 2021, the investment is subject to regulatory approvals and other closing conditions. The investment will help accelerate the expansion of REV’s portfolio of renewable power and energy storage projects. In return, SK E&S will receive an ownership stake in REV’s renewables and energy storage platform, and will hold one seat on REV’s board of directors. Seoul-headquartered SK E&S is Korea’s largest privately-owned liquefied natural gas player. It is an affiliate of SK Group, one of Korea’s top three business conglomerates with about US$106 billion in annual global revenue. New York-based LS Power is a leading development, investment and operating company focused on the North American power and energy infrastructure sector. Korea partner Daniel Kim led the firm’s team in the transaction.

Rajah & Tann Singapore is acting for Blumont Group on its S$78.36 million (US$58m) acquisition of shares in Mendol Investments, Hinako Investments, Prime Holdings, Enggano Investments and Mesawak Investments. Partners Danny Lim, Tan Mui Hui and Cheryl Tay are leading the firm’s team in the transaction.

Rajah & Tann Singapore is also acting for Blumont Group on its S$41.6 million (US$31m) renounceable non-underwritten rights cum warrants issue. Partners Danny Lim, Tan Mui Hui and Cheryl Tay are also leading the firm’s team in the transaction.

Shearman & Sterling has represented Haitong International, Guotai Junan International and Potomac Capital, as the dealer managers, on the exchange offer by Guangdong-Hong Kong Greater Bay Area Holdings of any and all of its outstanding 14 percent senior notes due 2021 for 13.85 percent senior notes due 2023. In connection with the exchange offer, the company issued US$235.72 million 13.85 percent senior notes due 2023. The firm also represented Haitong International, Guotai Junan International, Potomac Capital and Zhongtai International, as the initial purchasers, on Guangdong-Hong Kong Greater Bay Area Holdings’ concurrent new money offering of US$41.5 million 13.85 percent senior notes due 2023. Previously known as Hydoo International Holding, Guangdong-Hong Kong Greater Bay Area Holdings is a new ecological industrial city service provider with a primary focus on the Greater Bay Area in China. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.

Shearman & Sterling is also representing UBS Securities, Citigroup Global Markets, Credit Suisse Securities (USA) and China International Capital Corporation Hong Kong Securities, as placement agents, on the PIPE in connection with Prenetics Group’s business combination with Artisan Acquisition (Artisan). A global leader in genomic and diagnostic testing, Prenetics has entered into a definitive merger agreement with Artisan, a publicly-listed special purpose acquisition company privately founded by cultural entrepreneur Adrian Cheng, in a transaction valuing Prenetics at an enterprise value of US$1.25 billion, with a combined equity value of approximately US$1.7 billion. Prenetics is expected to receive proceeds of up to US$459 million in cash. The proceeds will be used for strategic acquisitions, R&D, product roll out and geographic expansion into the US, EMEA and Southeast Asia. Subject to satisfaction of closing conditions, the business combination is expected to complete in the fourth quarter of 2021 or the first quarter of 2022. Hong Kong capital markets partner Kyungwon (Won) Lee is leading the firm’s team in the transaction.

WongPartnership is advising a committee of noteholders of Laguna National. Deputy chairman Tan Chee Meng and partner Paul Loy are leading the firm’s team in the matter.

WongPartnership has also acted for an institutional investor in CapitaLand India Logistics Fund II with a fund size of S$400 million (US$297m). Partner Felicia Ng led the firm’s team in the transaction.

Zul Rafique & Partners has advised HSBC Amanah Malaysia on the lodgment to the Securities Commission Malaysia for the establishment by Yinson Holdings of a sukuk wakalah program of up to M$ billion (US$241m). The program involves the issuance of rated and senior ranking sukuk wakalah, with flexibility for Yinson to issue sustainability-linked sukuk wakalah, in addition to ASEAN Green / Social / Sustainability / SRI Sukuk. The first issuance under the program shall be made within 60 business days from the date of the lodgment to the Securities Commission Malaysia. Banking and finance partner Celine Rangithan led the firm’s team in the transaction.

Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$670m) 1.54 percent fixed rate notes due 2028, under its S$32 billion (US$23.8m) 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 transaction counsel to Sembcorp Industries (SCI) on the inaugural issue by Sembcorp Financial Services (SFS) of S$675 million (US$502m) 2.66 percent sustainability-linked notes due 2032, under the S$3 billion (US$2.23b) multicurrency debt issuance programme established by SCI and SFS. The payment obligations of SFS under the notes will be unconditionally and irrevocably guaranteed by SCI. This is Sembcorp group’s first sustainability-linked bond. The sustainability-linked notes is the first for the energy sector in Southeast Asia, and the region’s largest such issuance as of September 29, 2021. This offering is also anchored by a S$150 million (US$111.5m) investment from International Finance Corporation (IFC), a member of the World Bank Group. It marks IFC’s first investment globally in sustainability-linked notes. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.

Ashurst has represented ITOCHU Corporation on the HK$7 billion (US$900m) privatization of CP Pokphand. CPF Investment made an offer to privatise CP Pokphand, via scheme of arrangement, for HK$7 billion (US$900m). ITOCHU is a 25 percent shareholder in CP Pokphand, and has agreed with CPF Investment to roll over its stake after completion of the privatisation. ITOCHU will continue to play a strategic role and contribute to the sustainable development and growth of the company. The rollover arrangement between CPF Investment and ITOCHU amounts to a special deal under the Takeovers Code, requiring the consent of the Takeovers Executive and approval of disinterested CP Pokphand shareholders. Partner Chin Yeoh led the firm’s team in the transaction.

Ashurst has also represented Japan Bank for International Cooperation (JBIC) on its anchor commitment as one of the “catalytic partners”, comprising of other development finance institutions and certain private foundations, to the Climate Finance Partnership Fund SCSp, an innovative climate impact fund sponsored by BlackRock. This fund aims to address the impacts of climate change by investing in wind and solar energy, and assets that support the delivery of renewable power. It has a strong, underlying public policy objective to reduce climate change by decreasing grid intensity through renewables investment in the emerging world. BlackRock has partnered with JBIC and a select group of other like-minded partners to catalyse broader institutional investment across official development assistance eligible emerging markets in Asia, Latin America and Africa. The fund will provide investors access to a globally diversified portfolio of renewable power assets in developing countries seeking to deliver positive environmental and social impact and attractive total returns. It will target measurable impact aligned with the UN Sustainable Development Goals, and plans to scale-up its impact through an innovative capital structure, whereby for every US$1 of capital contributed by JBIC and other partners, BlackRock will aim to raise an additional US$4 of institutional capital, leading to much needed investment from new capital providers. Partner Dean Moroz led the firm’s team in the transaction.

AZB & Partners is advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs15 billion (US$200m) acquisition, along with other investors, of equity stake, via series F funding round, in OFB Tech, a company engaged in the wholesale trading of construction raw materials and other materials, both through offline channels and through its technology platform Ofbusiness. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on September 29, 2021 and is yet to be completed.

AZB & Partners has also advised Coinbase Global on its Rs19.72 billion (US$263m) acquisition of equity stake, via Series C fund raising round, in Chain Labs, parent entity of Bitcipher Labs, the owner and operator of the CoinSwitch Kuber platform. Partners Rachit Bahl, Rohan Bagai and Abhinav Ashwin led the firm’s team in the transaction, which was completed on September 14, 2021.

Baker McKenzie has acted as lead counsel to China National Bluestar (Group) (Bluestar) and REC Solar Holdings on Bluestar’s sale of 100 percent equity interests in REC to Reliance New Energy Solar (RNES), a subsidiary of Reliance Industries (Reliance). REC Solar is a pioneering Norwegian solar energy company with manufacturing and operational hubs all over the world. RNES’ acquisition of REC Solar will help Reliance with a ready global platform, and the opportunity to expand and grow in key green energy markets globally. REC, which has 1,300 employees globally, will become an integral part of Reliance’s mission to drive green energy transition globally. Reliance will also be investing in REC’s planned expansions in manufacturing capacities in Singapore, France and the US. In India, Reliance plans to use REC’s technology in the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, starting with a 4GW per annum capacity and eventually growing to 10GW per annum. Singapore principals Geraldine Ong and Boo Bee Chun, supported by Singapore member firm Baker McKenzie Wong & Leow principals Kah Chin Chu, Sze Shing Tan, Sharon Tan, Ng Zhao Yang and Ting Xiaohui, with Washington DC partner John Fedele, led the firm’s team in the transaction. Fangda Partners also advised REC Solar and Bluestar. AZB & Partners, led by partner Srinath Dasari, also advised REC Solar.

Baker McKenzie is also advising Coolpad Group on its proposed issuance of new shares and unlisted warrants to a group of investors, raising potentially up to HK$1.45 billion (US$186.5m). The proceeds will be used for the expansion of Coolpad Group’s mobile business in China and for general working capital. Coolpad Group principally produces and sells mobile phones and accessories, and provides wireless application services. Partner Lawrence Lee led the firm’s team in the transaction.

Bird & Bird ATMD has advised East Ventures Growth Fund and Vulcan Capital on their Series A investment in Qapita Fintech, a Singapore-based start-up providing software platform designed to enable capitalisation table and ESOP (employee stock ownership plan) management. With the fresh funds, Qapita plans to set up a private online marketplace, where investors and employees can buy and sell secondary shares in high-growth private firms across Southeast Asia and India. Existing investors MassMutual Ventures, Endiya Partners and Alto Partners, among others, also took part in the Series A round, which saw a total of US$15 million being raised. Partner Marcus Chow led the firm’s team in the transaction.

J Sagar Associates has advised Creation Investments Social Ventures Fund V (Creation) on its investment in Shapos Services (Reshamandi), via subscription to equity shares and compulsorily convertible cumulative preference shares in Reshamandi’s Series A round. Reshamandi raised approximately US$30 million in this round. Creation led this round, and invested approximately US$18 million. The other investors were 9unicorns Accelerator Fund-I, Znl Growth Fund Scheme-1, Omnivore Partners India Fund 2, Brijesh Aagarwal and Anjali Bansal. Reshamandi is India’s first and largest B2B marketplace digitizing the silk supply chain. It provides a full-stack digital eco-system in the form of a super app, starting from farm to retail. Partner Lalit Kumar, supported by partner Bharati Joshi, led the firm’s team in the transaction.

Paul Hastings has represented Goldman Sachs and NH Investment & Securities, as joint book-runners, on the US$283 million global offering and listing of K Car in Korea. K Car is the leading retailer of used cars in South Korea, selling various vehicles through its online platform and trading centers. Corporate partner Dong Chul Kim led the firm’s team in the transaction.

Rajah & Tann Singapore and Christopher & Lee Ong have acted for Toptip Holding on its S$233.2 million (US$173.4m) acquisition of shares in NatSteel Holdings. Rajah & Tann Singapore partners Danny Lim and Cynthia Wu and Christopher & Lee Ong partner Yon See Ting led their firms’ respective team in the transaction.

Rajah & Tann Singapore is also advising Metech International on its S$10.36 million (US$7.7m) placement of new shares and warrants via Phillip Securities, as placement agent. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.

WongPartnership has acted for Nova Systems & Engineering on its sale, via management buyout, of Nova Systems (Singapore) to RSA Network. Nova Systems (Singapore) was renamed as Heron Technology. Partner Chan Sing Yee led the firm’s team in the transaction, together with partners Jenny Tsin and Ho Wei Jie.

WongPartnership has also acted for Mobileum on its acquisition of Niometrics. Partner Kyle Lee led the firm’s team in the transaction, together with partner Kylie Peh.

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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.

Allen & Gledhill has advised the National Environment Agency (NEA) on the establishment of its S$3 billion (US$2.2b) multicurrency medium term note program, and issue of S$350 million (US$258m) 1.67 percent notes due 2031 and S$1.3 billion (US$958m) 2.5 percent notes due 2051 under the program. The notes are intended to be green bonds under NEA’s Green Bond Framework. The 30-year notes marks NEA’s longest tenor green bond denominated in Singapore dollars to-date, as well as the longest tenor unrated public green bond in Southeast Asia. The notes also mark the largest inaugural bond issuance by a Singapore statutory board. The notes issued by NEA will be applied towards financing its development of sustainable waste management infrastructure, starting with the Tuas Nexus Integrated Waste Management Facility, Singapore’s first integrated facility to treat incinerable waste, source-segregated food waste and dewatered sludge. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Keppel on the issue of its S$400 million (US$295m) 2.9 percent subordinated perpetual securities. Partners Margaret Chin, Magdalene Leong and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Goldman Sachs on the corporate restructuring of Sapphire Foods India, including the more than US$5 million sale of more than five percent equity stake held by Goldman Sachs in Sapphire Foods India. Partners Gautam Saha, Amrita Patnaik and Punita Gupta led the firm’s team in the transaction, which was completed on August 6, 2021.

AZB & Partners has also advised Baker Hughes Company and its affiliates and General Electric and its affiliates on the approximately Rs2.16 billion (US$29m) sale to Triveni Turbine of 49.99 percent equity stake held by Baker Hughes in the joint venture GE Triveni. Partners Aditya Vikram Bhat, Anind Thomas and Prerak Ved led the firm’s team in the transaction, which was completed on September 6, 2021.

Clifford Chance has advised China Merchants Securities, CMB International Capital, ABCI Capital and ICBC International Capital, as the joint sponsors, on Dongguan Rural Commercial Bank’s US$1.17 billion IPO in Hong Kong. Guangdong-based Dongguan Rural Commercial Bank is the fifth largest rural commercial bank in China, in terms of total assets as of December 31, 2020. Partners Fang Liu and Xiang Tianning, supported by partner Virginia Lee, led the firm’s team in the transaction.

Goodwin has advised New York-listed special purpose acquisition company PTK Acquisition on the completion of its previously announced business combination with Valens Semiconductor. The combined company will be called Valens, and expects its common stock and public warrants to begin trading in New York on September 30, 2021. The business combination was approved at a special meeting of PTK stockholders on September 28, 2021. On May 25, 2021, Valens announced the business combination with PTK, in a transaction valued at approximately US$1.1 billion. The proceeds were used to accelerate development and commercialization of Valens’ next-generation products, and to fully fund the company through profitability. Partners Douglas Freeman, Jocelyn Arel, Dan Espinoza and Chi Pan, supported by partners Yoel Kranz and Todd Pollock, led the firm’s team in the transaction.

J Sagar Associates has advised Premier Energies (PE) and its promoters on its private equity fund raise of up to Rs2 billion (US$26.8m) from GEF Capital Partners. The equity capital is proposed to be utilized by PE for consolidating its presence as a leading integrated solar cell and module manufacturer, by adding additional capacity of 2 GW cell manufacturing and 2 GW of module manufacturing based on the latest technology, along with a planned investment of over Rs12 billion (US$161m) over the next two years. PE is one of India’s leading solar PV cells and module manufacturing companies, providing end-to-end solar power solutions to organizations across India and 30 countries in Europe, Africa and Asia. Partner Manvinder Singh led the firm’s team in the transaction.

J Sagar Associates is also advising ICICI Securities, Axis Capital and JM Financial, as the book-running lead managers, on the IPO of CMR Green Technologies. The IPO consists of a fresh issue of up to Rs3 billion (US$40.3m) CMR equity shares, and an offer for sale by existing shareholders of approximately 33.4 million equity shares. CMR is the largest metal recycler in the Indian aluminum recycling industry, and is among the largest in the world. CMR focuses on the recycling of aluminum, which involves the processing of aluminum-based metal scrap, to manufacture aluminum alloys, and supplying them both in liquid form, as well as solid ingots, and on the manufacturing of zinc alloys. Customers primarily include OEMs and Tier 1 companies supplying to OEMs in the automotive manufacturing sector, including Maruti Suzuki India, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors and India Yamaha Motor, and Toyota Industries Engine India. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

King & Wood Mallesons has acted as Hong Kong and US counsel to Dongguan Rural Commercial Bank (DRC Bank) on the listing of its H shares in Hong Kong on September 29, 2021. The listing was priced at HK$7.92 (US$1.02) per H share, and comprised approximately 1.15 billion H shares. The offer size was approximately HK$9.1 billion (US$1.17b). The net proceeds from the offering will be used to strengthen its capital base by supplementing core tier-one capital, and enhancing capital adequacy indicators to support sustainable business growth. Hong Kong-listed DRC Bank is the fifth largest rural commercial bank in China, and is the largest commercial bank in Dongguan. Its core business focuses on retail and industrial finance, SME and inter-bank financing, as well as digital financing. Partners Candy Chan, Kanne Leung and Yu Wang led the firm’s team in the transaction.

L&L Partners has advised SCI Growth Investments III (Sequoia) and Lightspeed India Partners III and Lightspeed Venture Partners XIII Mauritius on the recent Series A round of investment in CredAvenue, a company which operates a technology-based infrastructure platform for discovery of loans; connects borrowers, issuers, lenders and investors; and provides portfolio and risk management monitoring and other forms of support services to borrowers, issuers, lenders and investors. The present investment was undertaken via primary investment in the equity shares and compulsorily convertible preference shares of the Series A funding round undertaken by CredAvenue. The investment round was led by Sequoia, with participation from Lightspeed, TVS Capital Funds, Lightrock India, CRED and Stride Ventures, amounting to approximately US$90 million. This is the largest Series A round in India, and ascribes the year-old fintech start-up a valuation of US$410 million. Founded in 2020, CredAvenue has already facilitated more than US$9 billion worth of transactions on its platform, on-boarding over 1,500 institutional borrowers and more than 750 investors touching over a million end retail borrowers. The company is planning to use the current funding to expand product capabilities and ramp up the platform’s technology and data science infrastructure. Corporate, M&A and PE partners Navin Syiem and Nitin Gera led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to a biopharmaceutical company on a US$100 million Series D round funding, with CMG-SDIC Capital and Tigermed as the leading investors. The company focuses on discovering and developing new treatments for cancer to improve the patients’ lives by identifying and developing innovative medicines that help people live better and longer. Partner Everton Robertson led the firm’s team in the transaction.

Maples and Calder has also acted as BVI counsel to ENN Clean Energy International Investment on its issuance of US$800 million 3.375 percent guaranteed senior notes due 2026. The bonds are guaranteed by ENN Natural Gas. The ENN Natural Gas group is a leading privately-owned clean energy company in China with an integrated upstream and downstream business portfolio. Its business currently primarily comprises natural gas retail, integrated energy, natural gas wholesale, natural gas direct sales, extended business, construction and installation, and energy production businesses. The bonds are listed in Hong Kong. Partner Juno Huang led the firm’s team in the transaction. Sullivan & Cromwell (Hong Kong) advised the issuer and guarantor on US federal, New York and Hong Kong laws, while Commerce & Finance Law Offices advised on Chinese law. Davis Polk & Wardwell advised the managers on US federal and New York laws, while King & Wood Mallesons advised on Chinese law.

Majmudar & Partners has acted as Indian counsel to leading IT managed services provider Buchanan Technologies on the completion of its acquisition of Cybernoor, including the business operations of Cybernoor India. Cybernoor is a leading global provider of Oracle platform solutions. M&A practice head partner Rukshad Davar and partner Ravishankar Raghavan led the firm’s team in the transaction, which marks the first acquisition for Buchanan Technologies in India.

Mayer Brown has advised Höegh LNG, a company which provides maritime transportation and storage of liquid natural gas (LNG), on the long-term charter and operation and service agreements for a floating storage regasification unit (FSRU). Höegh LNG agreed to receive, store and regasify LNG to supply natural gas, as well as provide other FSRU operations and services, to a subsidiary of New Fortress Energy for ten years. The FSRU, which is scheduled to begin operations in the last quarter of 2021, will be deployed at the Old Harbour Bay in Jamaica. Singapore partner Nick Kouvaritakis, supported by Houston partner Thomas Moore, led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for Koh Brothers Eco Engineering on its S$38.07 million (US$28m) placement of shares to Penta-Ocean Construction. Partners Cheng Yoke Ping and Cynthia Goh led the firm’s team in the transaction.

Shearman & Sterling has advised Osaka Gas and its wholly-owned US subsidiary Osaka Gas USA (OGUSA) on OGUSA’s joint venture with Mitsubishi Heavy Industries (MHI) Group, through its US subsidiary Mitsubishi Heavy Industries America (MHIA), to acquire the 15.7 MWdc Brighter Future Solar Farm project in Caldwell County, North Carolina from project developer Oriden, a fully-owned subsidiary of Mitsubishi Power Americas. The project is expected to commence operation by the end of 2021, and will sell 100 percent of its output under a 25-year power purchase agreement to Blue Ridge Energy, a member-owned electric cooperative serving northwest North Carolina. OGUSA focuses on Freeport LNG liquefaction project, shale gas development and power generation. Tokyo M&A partner Karl Pires led the firm’s team in the transaction.

WongPartnership has acted for UOB’s first dual tranche sustainability bond offering that raised US$1.5 billion. Partner Trevor Chuan led the firm’s team in the transaction.

WongPartnership has also acted for the syndicate of lenders on the grant of the S$1.22 billion (US$900m) green loan facility to South Beach Consortium, in connection with the landmark South Beach complex. Partners Susan Wong and Bernadette Tan led the firm’s team in the transaction, together with partners Dorothy Marie Ng and Bonnie Wong.