Allen & Gledhill has acted as transaction counsel for Singtel Group Treasury on the issue of US$750 million 1.875 percent notes due 2030, under its S$10 billion (US$7.2b) guaranteed euro medium term note programme. The notes are guaranteed by Singapore Telecommunications. Partners Yeo Wico, Bernie Lee, Tan Wee Meng, Yeo Boon Kiat and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel for Oversea-Chinese Banking Corporation on the S$300 million (US$216.2m) term and revolving loan facilities granted to CapitaLand. The interest rate on part of the loan facilities was calculated using a compounded average of daily Singapore Overnight Rate Average (SORA) rates. This is the first loan in Singapore that is pegged to SORA, and is part of the banking industry’s transition towards SORA as the new interest rate benchmark in Singapore. Partner Aloysius Ng led the firm’s team in the transaction.

Ashurst, together with Ashurst ADTLaw, has advised Warburg Pincus-backed Weave Co-Living, a Hong Kong-based lifestyle-focused rental accommodation provider, on a joint venture with Singapore fund management firm 32 Capital in the establishment of an investment company to acquire, develop, refurbish and operate co-living accommodation assets in Singapore. The transaction marks the first step in Weave’s regional expansion beyond their Hong Kong base, where they have quickly developed a reputation as a market leader in developing co-living properties that they own and operate. New York-based private equity firm Warburg Pincus invested US$181 million of growth capital in Weave in November 2018. It has an option to invest a further US$232.5 million, as Weave expands its footprint to other major cities within Asia Pacific. Partners Dean Moroz and Michelle Phang led the firms’ team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted for Genomik Solidaritas Indonesia, a subsidiary of Indika Foundation, a foundation established by Indika Energy, on its fund raising, through the issuance of Rp77.5 billion (US$5.26m) convertible bond, to fund its project in establishing and operating an RT-PCR (reverse transcription polymerase chain reaction) laboratory to conduct testing of Covid-19 in Indonesia. Partner Yanu Wiriasmoko led the firm’s team in the transaction.

AZB & Partners has advised Reliance Industries and Jio Platforms on the acquisition by KKR, through its investment vehicle Omicron Asia Holdings II, of a 2.32 percent equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia led the firm’s team in the transaction, which was valued at Rs113.67 billion (US$1.5b) and was completed on July 13, 2020.

AZB & Partners has also advised Reliance Industries and Jio Platforms on the acquisition by Vista Equity Partners, through VEPF VII AIV I, of an approximately 2.32 percent stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia also led the firm’s team in the transaction, which was valued at Rs113.67 billion (US$1.5b) and was completed on July 13, 2020.

Baker McKenzie’s Bangkok office is representing The Export-Import Bank of Thailand, Industrial and Commercial Bank of China (Thai) and Industrial and Commercial Bank of China Hanoi City Branch on the project financing of a 50 MW photovoltaic solar farm in Vietnam for Thinh Long Phu Yen Solar Power, a wholly-owned subsidiary of Super Energy Corporation. Bangkok renewable energy partner Vit Vatanayothin led the firm’s team in the transaction.

Clifford Chance has acted for an ad hoc committee of certificate holders on the international aspects of the restructuring of Garuda Indonesia’s US$$500 million sukuk, due in June 2020. Publicly-listed national flag carrier Garuda Indonesia, like many other airlines, is facing a challenging continuing operating environment, due to the impact of Covid-19. Garuda Indonesia first issued a global sukuk on June 3, 2015, with a five-year tenure and an annual return of 5.95 percent, which was scheduled for repayment on June 3, 2020. The restructuring was concluded in a condensed time frame to avoid any default, and includes an extension of the scheduled dissolution date of the sukuk by three years until June 3, 2023, and the waiver and suspension of certain covenants for a specified period. The principal amendments were negotiated and agreed between the committee and Garuda Indonesia, and were approved by the required number of certificate holders, and effective June 12, 2020. Global head of Islamic finance and partner Qudeer Latif, supported by partners Gareth Deiner (Singapore), Scott Bache (Hong Kong) and Shaun Langhorne (Singapore) led the firm’s team in the transaction.

Clifford Chance has also acted as international counsel for CCB International, Haitong International Securities, ABC International and CLSA, as the joint sponsors, and the other nine underwriters on China Bohai Bank’s IPO and listing in Hong Kong. Tianjin-based China Bohai Bank is the youngest nationwide joint-stock commercial bank in China. It is also the first nationwide joint-stock commercial bank to introduce a foreign strategic investor at the stage of establishment since 2000. China Bohai Bank’s US$1.78 billion listing is the largest by a Chinese bank in Hong Kong this year. China co-managing partner Tim Wang, together with partners Jean Thio and Tianning Xiang, led the firm’s team in the transaction.

CNPLaw has advised a leading German group in the marine shipping industry on its strategic joint venture in Singapore with a ship management group based in Europe and operating in Asia. Finalised in June 2020, the joint venture strengthens the parties’ existing working relationship in Europe with back-to-back arrangements under such joint venture. Partner Ken Chia led the firm’s team in the transaction.

Dentons Hong Kong has advised Archosaur Games on its IPO in Hong Kong, with a concurrent 144A placement in the US. The offering is aimed at raising aggregate gross proceeds of approximately US$280 million, without considering the over-allotment option. Archosaur Games is a reputable Chinese mobile game developer and operator, which provides mobile game development, production, marketing, and other services. Archosaur Games markets its products throughout China. Capital markets partners Gordon Ng and Man Chiu Lee, led the firm’s team in the transaction. Clifford Chance, led by partners Amy Lo, Tim Wang, Fang Liu and Christine Xu, advised the underwriters, led by China International Capital Corporation.

J Sagar Associates has advised Google on its investment in Jio Platforms. Reliance Industries, Jio Platforms and Google have executed binding agreements for a US$4.5 billion investment by Google into Jio Platforms. Google’s investment will translate into a 7.73 percent equity stake in Jio Platforms, on a fully diluted basis. Partner Probir Roy Chowdhury led the firm’s team in the transaction, which is subject to regulatory and other applicable customary approvals. Freshfields Bruckhaus Deringer US also advised Google. AZB & Partners, led by partners Ashwath Rau, Nilanjana Singh and Bharat Budholia, and Davis Polk & Wardwell advised Reliance Industries and Jio Platforms.

Khaitan & Co has advised Japan International Cooperation Agency and Sumitomo Mitsui Banking Corporation on the ¥10 billion (US$93.6m) and ¥5 billion (US$46.8m), respectively, secured bridge loan facilities to Mahindra & Mahindra Financial Services, in accordance with the RBI ECB Master Directions. The facilities shall be secured by a first ranking exclusive charge over all the rights, title, interest, benefits, claims and demands of the borrower, in respect of its identified existing loans and future receivables. Partner Manisha Shroff led the firm’s team in the transaction, which was completed on June 2, 2020. Norton Rose Fulbright, led by partner Stephen Begley, acted as lenders’ English counsel.

Khaitan & Co has acted as sole external counsel for Siemens Aktiengesellschaft (SA), the parent company of the Siemens Group, on the approximately Rs182.4 billion (US$2.45b) sale, through a block deal in the stock exchange, of its approximately 47.7 percent shares in India-listed Siemens India to SA’s subsidiary, Siemens International Holding. SA will continue to be the ultimate holding company and promoter of Siemens India, following the completion of this transaction. Taken together with the block deal executed by SA on May 19, 2020, where it sold its 24 percent stake in Siemens India for Rs85.2 billion (US$1.14b) to another group entity, Siemens Gas and Power Holding, the combined sale of shares by SA of its 71.7 percent shareholding in Siemens India would be the largest block deal to have been carried out in India, with a total combined value of approximately Rs267.57 billion (US$ 3.6b). Partners Niren Patel and Arindam Ghosh led the firm’s team in the transaction, which was completed on June 23, 2020.

L&L has acted for Total, Oil India, Bharat Petroleum, Oil & Natural Gas Corporation and their affiliate entities on a landmark US$16 billion financing of Mozambique’s first onshore liquefied natural gas project, which is being developed in Area 1 offshore of Rovuma block in Mozambique at an estimated initial cost of US$24.1 billion. This is the largest project financing transaction and the biggest foreign direct investment in entire Africa. The project is a world-scale integrated LNG project with approximately 75 trillion cubic feet of recoverable natural gas, and has a reputable sponsor and concessionaire consortium. Total, the operator’s parent entity and one of the sponsors with 26.5 percent stake in the project, is a French multinational integrated oil and gas company, and one of the seven supermajor oil companies in the world. Bharat Petroleum, Oil & Natural Gas Corporation and Oil India, the flagship oil companies of India, are the sponsors in the project. The other sponsors include Mitsui & Co and Japan Oil, Gas and Metals National Corporation (JOGMEC) of Japan, Exploration and Production Public Company of Thailand, and Empresa Nacional de Hidrocarbonetos of Mozambique. Senior partner Mohit Saraf and partners Late Sameen Vyas, Sundeep Dudeja and Aniket Sengupta led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to JD.com on its recent global offering and dual listing in Hong Kong. JD.com is the largest retail company in China by total revenues in 2019, and has been listed in the Nasdaq since May 2014. The offering, which closed on June 18, 2020, raised approximately HK$30.1 billion and is the largest in Hong Kong in 2020. Hong Kong corporate partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel, and Shihui Partners acted as Chinese counsel. Clifford Chance acted as Hong Kong and US counsel, and Han Kun Law Office acted as Chinese counsel to Merrill Lynch, UBS and CLSA, as the underwriters.

Maples and Calder has also acted as Cayman Islands counsel to NetEase on its global offering and dual listing in Hong Kong. NetEase has been listed in the Nasdaq since June 2000, and is the second largest mobile game company in the world. The offering, which closed on June 11, 2020, raised approximately HK$21 billion (US$2.7m), and is currently the second largest offering in Hong Kong this year. Hong Kong corporate partner Richard Spooner also led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel, and Zhong Lun Law Firm acted as Chinese counsel. Davis Polk & Wardwell acted as Hong Kong and US counsel, and JunHe acted as Chinese counsel to CICC, Credit Suisse and JP Morgan, as the underwriters.

Paul Hastings, led by global partner and chair of Greater China Raymond Li and corporate partners Neil Torpey, Vincent Wang and Chaobo Fan, advised China Bohai Bank.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised on the S$13.6 million (US$9.8m) sale of Emerald Medical Services to IntriCon. Partners Danny Lim and Loh Chun Kiat led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised the Committee of Creditors of Odisha Slurry Pipeline Infrastructure (OSPI) on the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016, and on the subsequent implementation of the approved resolution plan submitted by ArcelorMittal India. The approved resolution plan provided for 100 percent repayment of the principal debt due to each of the financial creditors of OSPI. The aggregate payout under the resolution plan was approximately Rs23.6 billion (US$316.7m). The substantial rate of recovery received under the resolution plan is an exception to the present trend of lenders having to accept significant haircuts in recoveries under the insolvency process. Partner Soummo Biswas, supported by partners Misha, Siddhartha Datta and Yogesh Chande, led the firm’s team in the transaction. L&L Partners and S&R Associates advised ArcelorMittal India.

Shardul Amarchand Mangaldas & Co has also advised QORQL, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm, on the acquisition of 100 percent share capital of Raheja QBE General Insurance. The transaction was signed on July 6, 2020. Partners Iqbal Khan and Ambarish, supported by partner Shailaja Lall, Anu Susan Abraham, Shweta Shroff Chopra, Manika Brar, Abhay Sharma, Amit Singhania, Rajat Bose, Pooja Ramchandani and Mukul Baveja, led the firm’s team in the transaction. Raheja QBE General Insurance and Prism Johnson were advised by Trilegal, while QBE Holdings (AAP) and QBE Asia Pacific Holdings were advised by Cyril Amarchand Mangaldas.

Simpson Thacher has represented AMTD, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R F Lafferty & Co, as the underwriters, on the IPO and listing in the Nasdaq of BlueCity Holdings. The offering comprised 5.3 million American Depositary Shares, representing 2.65 million Class A ordinary shares, before the exercise of the underwriters’ overallotment option. The base offering size was US$84.8 million. BlueCity is a leading online LGBTQ platform, providing a full suite of services aimed at empowering the LGBTQ community in their daily lives. As a central hub of BlueCity’s services and platforms, the Blued mobile app allows users to connect with each other, express themselves, and access professional health related services and family planning consulting services at their fingertips. Blued had connected more than 49 million registered users, as of March 31, 2020. Hong Kong capital markets partners Chris Lin, Daniel Fertig and Yi Gao led the firm’s team in the transaction.

Simpson Thacher has also represented the underwriters on the IPO and listing in the Nasdaq of Agora. The offering comprised 20.125 million American Depositary Shares, representing 80.5 million Class A ordinary shares, after exercise of the underwriters’ overallotment option in full. The total offering size was US$402.5 million. Morgan Stanley and BofA Securities acted as the representatives of the underwriters. Agora is a leading real-time engagement platform-as-a-service provider in China, and also a global leader by market share in this rapidly growing industry. Its platform provides developers simple-to-use, highly customizable and widely compatible application programming interfaces to embed real-time video and voice functionalities into their applications, without the need to develop the technology or build the underlying infrastructure themselves. Hong Kong capital markets partners Chris Lin and Yi Gao led the firm’s team in the transaction.

S&R Associates has represented Aeroports de Paris (Groupe ADP) on its acquisition, in two tranches, of a 49 percent stake in GMR Airports. The first tranche of the acquisition was completed in February 2020, while the second tranche was completed on July 7, 2020. Partners Rajat Sethi and Mohit Gogia, supported by head of competition practice Simran Dhir, led the firm’s team in the transaction.

WongPartnership has acted for ESR Funds (S) Management on the proposed merger of ESR-Reit and Sabana Reit. Partners Andrew Ang, Audrey Chng, Monica Yip, Jerry Tan, Christy Anne Lim and Chan Jia Hui led the firm’s team in the transaction.

WongPartnership has also acted for the SGX on its acquisition of the remaining 80 percent stake in BidFX. Partner Chan Sing Yee led the firm’s team in the transaction, together with partners Lam Chung Nian and Chan Jia Hui.

Allen & Gledhill has advised Singapore Technologies Telemedia (STT), DBS Bank, United Overseas Bank, Credit Suisse (Singapore) and The Hongkong and Shanghai Banking Corporation on the issue of S$375 million (US$269.4m) 4.1 percent subordinated perpetual securities, under the S$2 billion (US$1.4b) multicurrency debt issuance programme by STT. DBS and UOB were appointed joint global coordinators and, together with Credit Suisse and HSBC, as joint lead managers and joint book-runners for the issue. Partners Margaret Chin, Ong Kangxin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised DBS Bank on the S$1.07 billion (US$769m) term and revolving facilities to GWC Commercial and the S$321 million (US$230.6m) term and revolving facilities to GWC Serviced Apartments. The facilities are to refinance, among other purposes, the existing facilities granted in relation to the acquisition of Great World City and Great World Serviced Apartments. Partner Lim Wei Ting led the firm’s team in the transaction.

AZB & Partners is advising the International Finance Corporation on its up to US$25 million US dollar-denominated loan facility to NMB Bank, to be utilised by NMB exclusively towards financing its lending operations to small and medium enterprises, as well as to green projects in Nepal. Partners Gautam Saha and Dushyant Bagga are leading the firm’s team in the transaction, which was signed on June 29, 2020 and is yet to be completed.

AZB & Partners is also advising the International Finance Corporation on its up to US$50 million US dollar-denominated loan to Bank of Maldives, to be utilised exclusively towards financing its lending operations to the tourism and related services sector in Maldives. Partners Gautam Saha and Dushyant Bagga are also leading the firm’s team in the transaction, which was signed on June 30, 2020 and is yet to be completed.

Baker McKenzie has acted for MetLife on the successful sale of its Hong Kong life insurance business to FWD Management Holdings, a member of the FWD Group. Hong Kong partner Martin Tam, head of Asia Pacific insurance, led the firm’s team in the transaction, which was completed on June 30, 2020.

Baker McKenzie has also advised the Japan Bank for International Cooperation (JBIC) on the equity financing documents and related shareholders’ agreements for a joint investment with Mitsui & Co of up to approximately US$23 million (JBIC portion) in FirstElement Fuel (FEF), a US company that operates hydrogen stations in California. Since its incorporation in 2013, FEF has received support from companies, such as Toyota and Honda, and from public agencies, such as the California Energy Commission, California Air Resources Board, South Coast Air Quality Management District and Bay Area Air Quality Management District. FEF currently operates hydrogen stations at 20 locations across California. Hydrogen, which does not emit CO2 when used as a fuel, is drawing global attention as a future clean energy solution. With the release of the Japanese government’s Basic Hydrogen Strategy in December 2017 and the Cabinet Office’s approval of the Integrated Innovation Strategy 2019, Japan has set its sights on leading the world in creating a hydrogen-based society by promoting the development of a globally competitive hydrogen industry. San Francisco partner Emery Mitchell, assisted by Tokyo partners Safari Watanabe, Tetsuo Tsujimoto and Kosuke Suzuki, led the firm’s team in the transaction.

Davis Polk has advised the lead managers on Mizuho Financial Group’s SEC-registered takedown offering of senior notes, which consisted of US$1.1 billion principal amount of 1.241 percent senior fixed-to-floating-rate notes due 2024, US$1 billion principal amount of 2.201 percent senior fixed-to-floating-rate notes due 2031, and US$400 million principal amount of senior floating-rate notes due 2024. The notes are structured to count as total loss-absorbing capacity (TLAC), under the Japanese TLAC regulations. The notes are listed in Singapore. Mizuho Financial Group is a Japanese bank holding company that is the ultimate parent company of the Mizuho Group, one of the largest financial institution groups in the world. Partner Jon Gray led the firm’s team in the transaction.

Davis Polk has also advised the initial purchasers on a US$170 million Regulation S offering by Golden Wheel Tiandi Holdings of its 14.25 percent senior notes due 2023. Hong Kong-listed Golden Wheel Tiandi is an integrated commercial and residential property developer, owner and operator in China. It focuses on developing projects in Jiangsu and Hunan provinces that are connected or close to metro stations or other transportation hubs. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.

J Sagar Associates has successfully defended CG Power and Industrial Solutions on an interim application filed by two ex-employees, on behalf of 256 ex-employees of CG, in a representative suit before the Bombay High Court. The application, heard by videoconference, sought a stay on CG’s discontinuance of premium payments for medical insurance cover for ex-employees. The Court dismissed the application in a judgment dated June 25, 2020. Justice GS Patel observed: 1) Covid-19 cannot not be used to avoid the standard legal requirements for the grant of mandatory injunctions; 2) Promissory estoppel in India has largely been invoked against the government and other statutory authorities; 3) The plaintiffs had acquiesced to the right of CG to alter the insurance coverage; and 4) The plaintiffs had failed to make out a prima facie case for grant of mandatory injunction. Partners Farhad Sorabjee and Pratik Pawar led the firm’s team in the representation.

J Sagar Associates has also advised the Embassy Group and WeWork India Management on the US$100 million investment by WeWork International, a subsidiary of The We Company (WeWork Global), in compulsorily convertible debentures issued by WeWork India. The transaction documents were signed on June 15, 2020, and first closing, aggregating to US$85 million, was completed on June 18, 2020. The remaining US$15 million will be funded in three separate closings within the next twelve months. Joint managing partner Vivek Chandy and partner KZ Kuriyan led the firm’s team in the transaction.

K Law has advised Vertex Ventures SEA Management on its acquisition, together with IQStartup Fund, Shunwei Ventures, 3one4 Capital and angel investors, of certain compulsorily convertible preference shares and equity share of Mebigo Labs (Kuku FM). Senior partner Shwetambari Rao and associate partner Jeevith Belliappa led the firm’s team in the transaction, which was valued at Rs388 million (US$5m) and was completed in February 2020.

K Law has also advised Krishiacharya Technologies on the approximately US$12 million acquisition by Ru-Net Enterprises, Omnivore Partners, Surge Ventures II, ON Mauritius and AL Trust of certain compulsorily convertible preference shares in Krishiacharya Technologies. Partner Alok Sonker and associate partner Jeevith Belliappa led the firm’s team in the transaction, which was completed on April 28, 2020.

Khaitan & Co has advised HDFC Bank on the Rs9.35 billion (US$124.2m) rupee term loan to Gurgaon-Palwal Transmission to, among others, refinance the existing loans availed by it for the implementation of the transmission systems for 400 KV GIS substations in Gurgaon and Palwal areas. Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on June 30, 2020.

Khaitan & Co is also advising Kalpataru Power Transmission on the Rs12.86 billion (US$171m) sale of its stake in its wholly-owned subsidiary Alipurduar Transmission to Adani Transmission. Partner Shivanshu Thaplyal is leading the firm’s team in the transaction, which was announced on July 6, 2020. Cyril Amarchand Mangaldas represented Adani Transmission.

Maples and Calder has acted as Cayman Islands counsel to Kangji Medical Holdings on its IPO of approximately 225.4 million shares and listing in Hong Kong. Kangji is the largest domestic minimally invasive surgical instruments and accessories platform in China. The offering, which closed on June 29, 2020, raised approximately HK$3.1 billion (US$400m). Partner Derrick Kan led the firm’s team in the transaction, while Sidley Austin advised as to Hong Kong and US laws, and Tian Yuan Law Firm advised as to Chinese law. Goldman Sachs, CLSA and Merrill Lynch, the joint sponsors, and the underwriters were represented by Sullivan & Cromwell (Hong Kong) as to Hong Kong and US laws, and by King & Wood Mallesons as to Chinese law.

Maples and Calder has also acted as Cayman Islands counsel to Yeahka on its global offering of shares and listing in Hong Kong. Yeahka is a leading online payments platform in China providing payment and business services to merchants and consumers. The offering, which closed on June 1, 2020, raised over HK$1.6 billion (US$206.4m). Partner Lorraine Pao led the firm’s team in the transaction, while Miao & Co, in association with Han Kun Law Office, acted as Hong Kong counsel, and Han Kun Law Offices acted as Chinese counsel. Simpson Thacher & Bartlett acted as Hong Kong counsel, while Grandall Law Firm acted as Chinese counsel to the joint sponsors and underwriters.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted on the S$51 million (US$37m) acquisition and financing of an eight-storey industrial building with an estimated GFA of 82,941.96 square feet at 6 Kim Chuan Drive, Singapore. Partner Norman Ho led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also advising the founder of HTL International Holdings on the acquisition of the assets and businesses of the company from its interim judicial managers from Deloitte & Touche. Partner Danny Lim is leading the firm’s team in the transaction.

Reed Smith has advised CLSA Capital Markets, CLSA, China International Capital Corporation Hong Kong Securities, Guotai Junan Securities (Hong Kong) and Daiwa Capital Markets Hong Kong, as the sponsor, joint global coordinators and underwriters, on the US$910 million IPO of Smoore in Hong Kong. Smoore’s market capitalisation at the opening bell was over US$18 billion. Smoore is a global leader in offering vaping technology solutions, including manufacturing vaping devices and vaping components. Partners Denise Jong, Gregory Wang, Cori Goldberg, Steven Boranian, Janet Kwuon and Matthew Peters led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has acted as Indian counsel for Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital and Ambit Capital, as the book-running lead managers, on the qualified institutions placement of approximately 13.6 million equity shares of PI Industries at Rs1,470 (US$19.51) each. The deal is valued at Rs20 billion (US$ 265.5m). The allotment of the equity shares was undertaken on July 9, 2020. The QIP generated strong investor participation, and saw a demand of approximately Rs120 billion (US$1.6b) or six times the deal value, despite prevailing market conditions. Capital markets national practice head partner Prashant Gupta and partner Sayantan Dutta led the firm’s team in the transaction, while Sidley Austin advised on US federal securities law. AZB & Partners, led by partners Varoon Chandra and Agnik Bhattacharyya, advised PI Industries as to Indian law.

Shardul Amarchand Mangaldas & Co has also advised SBI Capital Markets on setting up an SPV for implementing the Special Liquidity Scheme (SLS) for NBFCs and HFCs introduced by India’s Ministry of Finance, pursuant to approval of the SLS by the Union Cabinet on May 20, 2020. SLS has been set up to provide short-term liquidity support to the eligible NBFCs and HFCs to augment their lending powers and to deal with their existing liabilities. The date of notification of SLS by the Reserve Bank of India was on July 1, 2020. Partners Veena Sivaramakrishnan, Nikhil Naredi and Soummo Biswas led the firm’s team in the transaction, which was valued at approximately Rs300 billion (US$4b).

Simpson Thacher has advised Navegar on the formation and fundraising of Navegar II, its second Philippines-focused fund. With capital commitments totaling US$197 million, the fund exceeded its original US$150 million target. Navegar is a Philippines-focused, Manila-based private equity firm that provides growth capital to established companies. Navegar invests in both primary and secondary share offerings, and actively seeks to maximise the value of its portfolio companies by providing financial, operational and strategic guidance. Established in 2012, Navegar manages Navegar Fund I and Navegar Fund II, with total assets under management of over US$300 million. Hong Kong private funds partner Adam Furber led the firm’s team in the transaction.

Skadden has advised BlueCity Holdings on its US$85 million IPO of 5.3 million American Depositary Shares and listing on Nasdaq. Blued is China’s leading mobile platform for the LGBTQ community, and is also a market-leader in India, South Korea and Vietnam. Trading commenced on July 8, 2020. Hong Kong partner Julie Gao led the firm’s team in the transaction.

WongPartnership act for SGX in its acquisition of the remaining 80% stake in BidFX. Partner Chan Sing Yee led the firm’s team in the transaction together with partners Lam Chung Nian and Chan Jia Hui.

WongPartnership acted for the borrower in the refinancing of AXA Tower in relation to the divestment by Perennial of 50% stake in AXA Tower to Alibaba. Partner Christy Lim led the firm’s team in the transaction together with partner Serene Soh.

Allen & Gledhill has advised the Housing and Development Board on the issue of S$800 million (US$574m) principal amount of fixed rated notes due 2030, as Series 091 under its S$32 billion (US$23b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised the National University of Singapore (NUS) on the issue of its S$300 million (US$215m) 1.565 percent notes due 2030, under its S$2 billion (US$1.4b) multicurrency medium term note programme. NUS raised S$300 million (US$215m) through the issue of green bonds under the programme, the net proceeds of which will finance the green projects under its new Green Finance Framework. The Green Finance Framework provides the overarching criteria and guidelines for NUS to enter into green finance transactions, and is a move by the university to extend its efforts in addressing climate change and environmental sustainability. NUS is believed to be the first university in Asia to launch a framework on sustainability-linked finance and to issue a green bond. Partners Margaret Chin, Fabian Tan and Sunit Chhabra also led the firm’s team in the transaction.

AZB & Partners is advising International Finance Corporation on its subscription of Rs2.94 billion (US$39.3m) rated, secured, unlisted non-convertible debentures issued by Suguna Foods to meet its working capital and capital expenditure requirements. Partners Gautam Saha, Pallavi Meena and Nikhil Bahl are leading the firm’s team in the transaction, which was signed on June 17, 2020 and is yet to be completed.

AZB & Partners has also advised Warburg Pincus, via its affiliate Bluewater Investment, on its Rs6.32 billion (US$84.5m) sale of its more than 11 percent stake in Laurus Labs. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was signed on June 17, 2020 and was completed on June 29, 2020.

Davis Polk has advised the initial purchaser on the Regulation S offering of high-yield notes by Ronshine China Holdings of US$160 million principal amount of 7.35 percent senior notes due 2023, to be consolidated and form a single series with the existing US$250 million 7.35 percent guaranteed senior notes due 2023 issued on June 15, 2020. Hong Kong-listed Ronshine China is a residential property developer in China. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.

J Sagar Associates has advised Fleur Hotels shareholders APG Strategic Real Estate Pool and Lemon Tree Hotels on APG’s up to Rs3 billion (US$40m) investment, thru the subscription of compulsorily convertible preference shares of Fleur. Under the first tranche, APG invested Rs1.75 billion (US$23.4m), while the remaining investment of up to Rs1.25 billion (US$16.7m) is proposed to be infused subsequently in multiple tranches. Partners Rupinder Malik and Rajul Bohra led the firm’s team in the transaction.

J Sagar Associates has also advised MPS on its acquisition of HighWire Press. The deal included the acquisition of shares of Northern Ireland-based HighWire Press, which had a UK-based subsidiary Semantico, and a forward merger of HighWire’s US entities (HighWire Press Holdings, HighWire Press and HighWire UK Holdings), first among themselves, and then with MPS’s wholly-owned subsidiary in the US, which was freshly incorporated for the acquisition. HighWire is an industry-leading global provider of digital publishing tools and platform solutions across all aspects of the publishing life cycle. Investors in HighWire include Stanford University and mid-market software and technology-focused private equity firm Accel-KKR. Partners Sidharrth Shankar and Shantanu Jindel led the firm’s team in the transaction.

Kudun and Partners has represented state-telecom agency CAT Telecom on its joint venture with satellite operator Thaicom to strengthen Thailand’s telecommunications infrastructure, as well as to boost the growth of the digital economy and satellite industries. Thaicom’s expertise in the satellite industry, coupled with CAT’s extensive know-how in providing digital solutions, will help them leverage advanced solutions and services for various applications and industries. Partners Kom Vachiravarakarn, co-head of corporate and M&A practice, and Kongkoch Yongsavasdikul led the firm’s team in the transaction.

L&L Partners has acted for The Carlyle Group on its approximately 25 percent investment in Nxtra Data, Bharti Airtel’s wholly-owned subsidiary. Carlyle made the investment thru Comfort Investments II, an affiliate of CAP V Mauritius, which is managed and advised by Carlyle’ affiliated entities. Bharti Airtel and Comfort Investments II have entered into an agreement, under which Comfort Investments II shall invest approximately US$235 million in Nxtra Data. Nxtra Data offers secure data centre services to leading Indian and global enterprises, hyperscalers, start-ups, SMEs and governments. Its nation-wide portfolio of ten large data centres and more than 120 edge data centres provides customers with co-location services, cloud infrastructure, managed hosting, data backup, disaster recovery and remote infrastructure management. Nxtra Data’s post-money enterprise valuation is approximately US$1.2 billion. Upon completion of the transaction, Carlyle will hold an approximately 25 percent stake in the business, with Airtel continuing to hold the remaining 75 percent stake. Senior partner Mohit Saraf and partners Sundeep Dudeja, Vaibhav Kakkar and Samarth Gupta led the firm’s team in the transaction. Freshfields Bruckhaus Deringer, with a team led by partner Simon Weller, also advised Carlyle.

Maples & Calder has acted as Cayman Islands counsel to JD.com on its global offering of 133 million shares and secondary listing in Hong Kong. Listed on Nasdaq since May 2014, JD.com is a leading technology driven e-commerce company transforming to become a leading supply chain-based technology and service provider. It is the largest retail company in China, by total revenues in 2019. The offering, which closed on June 18, 2020, raised approximately HK$30.1 billion (US$3.9b). Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates acted as Hong Kong and US counsels and Shihui Partners acted as China counsel. Clifford Chance and affiliates acted as Hong Kong and US counsel, while Han Kun Law Offices acted as China counsel to Merrill Lynch, UBS and CLSA, as the underwriters.

Maples & Calder has also acted as Cayman Islands counsel to NetEase on its global offering of 171.48 million shares and secondary listing in Hong Kong. Listed on Nasdaq since June 2000, NetEase is the second largest mobile game company in the world. The offering, which closed on June 11, 2020, raised approximately HK$21 billion (US$2.7b). Partner Richard Spooner also led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates acted as Hong Kong and US counsels and Zhong Lun Law Firm acted as China counsel. Davis Polk & Wardwell acted as Hong Kong and US counsel, while JunHe acted as China counsel to CICC, Credit Suisse and JP Morgan, as the underwriters.

Paul Hastings has advised Redsun Services Group on its US$54.92 million global offering and IPO in Hong Kong. ABCI Capital acted as the sole sponsor for the listing, while ABCI Capital, CCB International Capital, CMB International Capital and ICBC International Capital acted as the joint global coordinators. A community service provider based in Jiangsu Province, China, Redsun Services manages residential and commercial properties. Raymond Li, global partner and chair of Greater China, and corporate partners Vincent Wang and Chaobo Fan led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for MBK Real Estate Asia on the approximately S$102.9 million (US$73.8m) disposal of its 25 percent equity stake in Ascendas Fusion 5, which owns the property 1 Fusionopolis Place in Singapore, to Ascendas Real Estate Investment Trust. Partners Evelyn Wee, Elsa Chai, Lina Chua and Cynthia Wu led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted as Singapore counsel to Raffles Interior on its IPO and listing in Hong Kong. The market capitalisation of Raffles Interior, as of the date of listing, was approximately HK$500 million (US$64.5m). Partners Howard Cheam and Tan Mui Hui led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised the Navayuga group on the sale of 100 percent share capital of Navayuga Dhola Infra Projects and Navayuga Dibang Infra Projects to Sekura Roads. It is the one of the first domestic infrastructure acquisition deals closed in the prevailing Covid-19 lockdown. The Dhola roads and the Dibang roads are of strategic importance, as they ensure seamless all-weather connectivity between the northeast and the rest of India. Partners Abhishek Guha and Deepto Roy led the firm’s team in the transaction, which closed on June 6, 2020. Cyril Amarchand Mangaldas advised Sekura Roads.

Shardul Amarchand Mangaldas & Co has also advised Metso Oyj and Outotec Oyj on obtaining approval of the Competition Commission of India (CCI) for Outotec’s acquisition of the minerals business of Metso (Metso Minerals). The transaction will be achieved by way of a partial demerger of Metso, to the effect that all assets, rights, debts and liabilities of Metso Minerals will be acquired by Outotec. Metso’s shareholders will receive newly issued shares in Outotec, and will hold approximately 78 percent of the total shares in Outotec. Partners Harman Singh Sandhu and Rohan Arora led the firm’s team in the transaction, which was approved conditionally by the CCI on June 18, 2020 and closed on June 30, 2020. White & Case acted as Metso’s global antitrust counsel, while Hannes Snellman Attorneys acted as Outotec’s global antitrust counsel.

Simpson Thacher is advising KKR on a definitive agreement to purchase a controlling stake in JB Chemicals & Pharmaceuticals, one of the leading Indian pharmaceutical companies specialising in branded formulations. Hong Kong partner Ian Ho led the firm’s team in the transaction.

Skadden has advised Weibo, a leading Chinese social media company, on its public offering of US$750 million aggregate principal amount of its 3.375 percent notes due 2030. The notes have been registered under the US Securities Act of 1933, as amended, and are expected to be listed in Singapore. Weibo expects to receive from the offering net proceeds of approximately US$740 million, after deducting underwriting discounts and commissions and estimated offering expenses. Partners Julie Gao (Hong Kong), Jonathan Stone (Hong Kong) and Haiping Li (Shanghai) led the firm’s team in the transaction.

Skadden has also advised New Oriental Education & Technology Group, the largest provider of private educational services in China, on its offering of US$300 million aggregate principal amount of its 2.125 percent notes due 2025. The notes are being offered outside the US in reliance on Regulation S under the Securities Act of 1933, as amended, and are expected to be listed in Hong Kong. New Oriental expects to receive net proceeds of approximately US$297.1 million, after deducting joint book-runners commissions and estimated offering expenses. Partners Julie Gao (Hong Kong), Jonathan Stone (Hong Kong), Haiping Li (Shanghai), Alex Jupp (London) and Danny Tricot (London) led the firm’s team in the transaction. Davis Polk advised the joint lead managers. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.

Weil, Gotshal & Manges has advised FountainVest Partners, a leading private equity firm in Asia, as one of the lead investors on Zuoyebang’s latest financing round of US$750 million. Zuoyebang is one of the leading K-12 online tutoring platforms in China, with more than 50 million total daily active users, 170 million monthly active users and 800 million total registered users. Private equity partner Charles Ching led the firm’s team in the transaction.

WongPartnership act for Temasek Holdings as lead investor in the US$70 million capital raise by One Championship. Partners Mark Choy and Kyle Lee led the firm’s team in the transaction together with partners Alvin Chia, Khoo Yuh Huey and Kylie Peh.

WongPartnership has also acted for Accordia Golf on the proposed acquisition of Accordia Golf Trust’s interests in all of its golf courses for ¥61.8 billion (US$574.8m). Managing partner Ng Wai King and partner Audrey Chng led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel for Clifford Capital (CC), a global specialist provider of debt financing solutions, on its successful internal reorganisation of the Clifford Capital group, which involved the incorporation of a new holding company, Clifford Capital Holdings (CCH). The internal reorganisation involved CC’s existing shareholders exchanging their existing shares in CC for new shares in CCH. In addition to the share swap, certain shareholders have agreed to contribute additional funds to CCH from time to time, to support the growth and expansion of the Clifford Capital group. Partners Chiam Tao Koon, Ko Xiaozheng, Yeo Wico, Jeanne Ong and Aloysius Ng led the firm’s team in the transaction.

Allen & Gledhill has also advised StarHub on its entry into a strategic technology partnership with PCCW Solutions to enable StarHub to optimise its information technology operations, lower costs and accelerate its technology transformation. This is part of the overall strategic transformation process by StarHub to accelerate its digitalisation efforts. As part of the partnership, a team of technology talent from StarHub will be transferred to PCCW, and the companies will work together and leverage on each other’s industry and technical domain expertise. Partners Tan Wee Meng, Yeo Boon Kiat, Alexander Yap and Mark Quek led the firm’s team in the transaction.

AZB & Partners has advised Asian Development Bank on its Rs4.44 billion (US$58.8m) subscription of secured, rated, unlisted, redeemable, non-convertible debentures issued by Aavas Financiers for onward lending for the affordable housing sector, with a focus on women borrowers. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, which was signed on March 12, 2020 and was completed on March 30, 2020.

AZB & Partners has also advised 91Streets Media Technologies (owner of the ‘PharmEasy’ brand), Ascent Health and Wellness Solutions and API Holdings on the acquisition by MacRitchie Investments of certain stakes in 91Streets Media Technologies, Ascent Health and Wellness Solutions and API Holdings. Partner Bharat Budholia led the firm’s team in the transaction, which was approved by the Competition Commission of India as of June 12, 2020.

Clifford Chance has advised Morgan Stanley, Haitong International Securities and Huatai Financial Holdings, as the lead underwriters, on Hygeia Healthcare Holdings’ US$282 million IPO and listing in Hong Kong. Hygeia Healthcare is a Chinese oncology healthcare group based in Shanghai. The public tranche of this offering attracted more than 300,000 applications, with over 600 times oversubscription, making it one of most sought after IPOs this year. Partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.

Davis Polk has advised Genetron Holdings on its SEC-registered IPO of 16 million American Depositary Shares, each representing five ordinary shares. Genetron has granted the underwriters an option to purchase up to an additional 2.4 million ADSs. The total gross proceeds for the offering are approximately US$256 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the Nasdaq. Genetron is a leading precision oncology platform company in China that specialises in cancer molecular profiling and harnesses advanced technologies in molecular biology and data science to transform cancer treatment. Partners Li He and James Lin led the firm’s team in the transaction. Clifford Chance advised the underwriters, led by Credit Suisse and China International Capital. Partner Fang Liu, supported by New York partners Jonathan Zonis (capital markets), Philip Wagman (tax) and Jefferey LeMaster (regulatory), led the firm’s team in the transaction, which is reportedly the largest precision oncology medicine company IPO.

Davis Polk has also advised China National Petroleum Corporation (CNPC) on the US$600 million principal amount of its 1.125 percent guaranteed bonds due 2023, US$900 million principal amount of its 1.35 percent guaranteed bonds due 2025 and US$500 million principal amount of its two percent guaranteed bonds due 2030, issued by its indirectly wholly-owned subsidiary CNPC Global Capital. The bonds were listed in Hong Kong. CNPC is one of China’s primary oil and gas producers and suppliers, and one of China’s key state-owned enterprises under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council. PetroChina, a controlled subsidiary of CNPC, was listed in New York, Hong Kong and Shanghai. Partners Howard Zhang and Gerhard Radtke led the firm’s team in the transaction.

J Sagar Associates has advised the State Bank of India and the Union Bank of India on a secured term loan facility of up to Rs66.1 billion (US$875m) to IRB MP Expressway. The proceeds of the facility will be used for O&M of the Mumbai Pune Expressway. Partners Dina Wadia and Soumitra Majumdar led the firm’s team in the transaction, which is the largest financing transaction for a single road project in India.

J Sagar Associates has also advised Service Lee Technologies (Servify) on its Series C fund raise led by Iron Pillar Top Up Fund, Blume Ventures and Tetrao SPF. Servify designs and develops solutions for after sales customer engagement and experience to manufactures, retailers or end customers by providing a technology platform to deliver customer care solutions for electronic devices, gadgets and appliances. Partners Vikram Raghani and Birbahadur Sachar led the firm’s team in the transaction.

L&L Partners has advised AES India and AES OPGC Holding, both held by The AES Corporation, on their sale of 49 percent stake in Odisha Power Generation Corporation (OPGC) to Adani Power. The Odisha State Government holds the balance of 51 percent stake in OPGC. Headquartered in Arlington, Virginia, AES is one of the world’s leading power companies, generating and distributing electric power in 15 countries. OPGC operates a 1,740 MW thermal power plant at Banharpalli in Odisha, which is the mainstay of the state’s base load power supply and among the lowest cost power generated in the state. The transaction moves AES closer to its decarbonisation goals, by reducing its coal generation from 45 percent to 35 percent of total generation. AES aims to reduce its generation from coal to below 30 percent by the end of this year, and to less than 10 percent by the end of 2030. Senior partner Mohit Saraf, assisted by partners Apurva Jayant, Arjun Rajgopal and Pallavi Bedi, led the firm’s team in the transaction, which is subject to customary approvals and the consent of the Odisha State Government.

Majmudar & Partners has acted as Indian counsel for Finicity, a leading North American provider of real-time access to financial data and insights, on its sale to New York-listed Mastercard for US$825 million, plus an earn out up to US$160 million, if performance targets are met. The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintech companies across the globe. Open banking gives people and businesses more control over their financial data. Managing partner Akil Hirani, supported by partner Amrit Mehta, led the firm’s team in the transaction.

Simpson Thacher has represented a consortium of investors led by KKR, including Temasek, on its US$650 million investment, by acquiring ordinary shares equivalent to six percent equity stake, in Vinhomes. A subsidiary of Vingroup, Ho Chi Minh City-listed Vinhomes is the largest real estate developer in Vietnam. It develops and trades integrated residential, commercial and industrial real estate, and provides real estate management and related services. Temasek is an investment fund under the Government of Singapore, managing a US$231 billion portfolio, as of March 31, 2019. Partners Jin Park (M&A-Hong Kong), Katharine Moir (tax-Palo Alto) and Shahpur Kabraji (credit-London) led the firm’s team in the transaction, which closed on June 15, 2020.

WongPartnership has acted for DBS, OCBC and Maybank on the grant of a S$350 million (US$251.4m) green loan to Frasers Property for the Fernvale Lane executive condominium project. Partner Alvin Chia led the firm’s team in the transaction together with partner Angela Lim.

WongPartnership has also acted for DBS and UOB, as joint lead managers, on Starhill Global Reit MTN’s issuance of S$100 million (US$72m) 3.15 percent notes due 2025, unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore), as trustee of Starhill Global Reit. Partners Hui Choon Yuen and Trevor Chuan led the firm’s team in the transaction.

Allen & Gledhill has advised StarHub Mobile on the formation of a consortium with M1 and the consortium’s joint proposal submitted to the Info-communications Media Development Authority of Singapore (IMDA) in response to the Call for Proposal for the Provision of Fifth-Generation (5G) Mobile Networks and Services in Singapore (5G CFP). On April 29, 2020, IMDA announced that the consortium was one of the two winners of the 5G CFP, and will be allocated spectrum rights for developing, deploying and operating a fifth generation mobile network in Singapore. Partner Tan Wee Meng led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel for Fernvale Lane on the S$350 million (US$252m) green loan facilities from DBS Bank, Malayan Banking and Oversea-Chinese Banking Corporation. Fernvale Lane is a joint venture company held by Frasers Property and China Construction (South Pacific) Development Co, as sponsors. The facilities are to finance, among other purposes, the development of an executive condominium at Fernvale Lane. The facilities are Singapore’s first green loan for an executive condominium development and also Frasers Property Group’s tenth green financing initiative. OCBC was appointed green loan coordinator to the facilities. Partner Lim Wei Ting led the firm’s team in the transaction.

Ashurst has acted for Natixis and the group of syndicate banks on a US$150 million syndicated loan facility to the Beijing Construction Engineering Group (BCEG) for refinancing its existing indebtedness. BCEG is a Chinese state-owned construction and engineering firm that has built major structures in Beijing and infrastructures overseas, such as the Manchester Airport in the UK, through its international branch. It is ranked as the 50th largest construction and engineering company in the world by revenue. Partner Eric Tan led the firm’s team in the transaction.

AZB & Partners is advising Reliance Industries and Jio Platforms on the Rs45.46 billion (US$600.4m) acquisition by India Markets, a wholly-owned subsidiary of TPG Capital, of a minority stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on June 13, 2020 and is yet to be completed.

AZB & Partners is also advising Reliance Industries and Jio Platforms on the Rs113.67 billion (US$1.5b) acquisition by The Public Investment Fund of an approximately 2.32 percent equity stake of Jio Platofrms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are also leading the firm’s team in the transaction, which was signed on June 18, 2020 and is yet to be completed.

Baker McKenzie has advised Tokyo Gas on its investment in Principle Power, a leading floating wind power technology company based in the US. Principle Power, developer and owner of the proprietary WindFloat® technology, has over 100 MW under construction and advanced developments in Portugal, Scotland and France, along with a multi-GW commercial projects in the pipeline around the world. Tokyo Gas has become one of Principle Power’s primary investors and shareholders in the field of floating offshore wind power generation. The transaction represents the largest equity round closed by Principle Power to date, and is accompanied by a cooperation agreement that will help establish commercial-scale deployment opportunities for the company’s WindFloat® technology within Japan. Samir Desai, co-head of the Tokyo projects group, led the firm’s team in the transaction.

Baker McKenzie is also acting as the English, US and Hong Kong law counsel to China Pacific Insurance (Group) on the approximately US$1.9 billion offering and listing of its global depositary receipts in London. The GDRs, which represent the newly issued A-shares in the company, commence conditional trading in London on June 17, 2020. China Pacific Insurance is the first insurance group simultaneously listed in Shanghai, Hong Kong and London. The offering is the first under the Shanghai-London Stock Connect scheme, where the issuer introduced a European cornerstone investor (Swiss Re) with a long-term lock-up arrangement. China Pacific Insurance is also the first company under the cross-border scheme to hold virtual roadshows, and to be thrown a virtual listing ceremony in London. Partners Wang Hang (Beijing), Adam Farlow (London) and James Thompson (London) led the firm’s team in the transaction. Clifford Chance advised UBS and Huatai International, as joint global coordinators, and HSBC, CICC, Morgan Stanley and JP Morgan, as joint bookrunners. Partners Simon Thomas and Chris Roe (London), Tim Wang (Beijing) and Jean Thio (Singapore) led the firm’s team in the transaction.

Clifford Chance has also advised the joint sponsors Bank of America, UBS and CLSA, and the underwriters on JD.com’s US$3.87 billion IPO and secondary listing in Hong Kong. Nasdaq-listed JD.com is one of China’s largest technology and e-commerce companies. JD.com’s Hong Kong listing is expected to be the city’s largest IPO, and the world’s second largest this year. China co-managing partner Tim Wang and partner Fang Liu led the firm’s team in the transaction.

Davis Polk has advised the initial purchasers on the Regulation S offering of high-yield notes by Ronshine China Holdings of US$250 million principal amount of 7.35 percent senior notes due 2023. Hong Kong-listed Ronshine China Holdings is a residential property developer in China. It focuses on developing projects in the Western Taiwan Straits Economic Zone, Yangtze River Delta regions, the Middle Reaches region of the Yangtze River, the Guangdong Hong Kong-Macau Greater Bay Area, Beijing-Tianjin-Hebei region, Central China region, Chengdu-Chongqing region and northwestern cities of China. Hong Kong partners Gerhard Radtke and Yang Chu are leading the firm’s team in the transaction.

Davis Polk has also advised the initial purchasers on a Regulation S offering by Zhenro Properties Group of US$200 million 8.3 percent senior notes due 2023. Hong Kong-listed Zhenro Properties Group is a property developer that focuses on the development of residential properties and the development, operation and management of commercial and mixed-use properties in China. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.

Han Kun Law Offices has acted as China counsel to UCLOUDLINK Group on its US IPO and listing on the Nasdaq. UCLOUDLINK Group is the world’s first and leading mobile data traffic sharing marketplace.

Khaitan & Co has acted as Indian counsel to Levine Leichtman Capital Partners (LLCP) on its acquisition of SiPM Group, in partnership with management and its founding partners. LLCP is a middle-market private equity firm with a 36-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products. LLCP currently manages US$6.9 billion of assets. SiPM Group provides high- impact e-learning solutions for blue chip corporations worldwide. Partner Rabindra Jhunjhunwala led the firm’s team in the transaction, which was completed on May 4, 2020.

Khaitan & Co has also advised Reliance Industries on its issue of approximately 422.63 million partly paid-up equity shares with face value of Rs10 (US$0.132) each, at Rs1,257 (US$16.61) per rights equity share, aggregating to Rs531 billion (US$7b). Executive director Sudhir Bass and partner Aditya Cheriyan led the firm’s team in the transaction, which was completed on June 11, 2020. The firm also acted as domestic counsel to the global coordinators and lead managers, while Lathan & Watkins acted as international counsel. AZB & Partners acted as domestic counsel, while Sidley Austin acted as international counsel to Reliance Industries.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised Vitol Group on the 100 percent acquisition of Sinanju Tankers Holdings. Partners Lim Wee Hann, Celeste Lee and Chua Choon King led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also acting for ZenRock Commodities Trading, a Singapore-based wholesale crude oil trader, on its efforts to restructure the US$300 million letter of credit liabilities to its bankers. The restructuring highlights the challenges following the widely reported problems at another oil trading company, Hin Leong, where well-known names in trade finance have found themselves exposed to very large losses. Partner Tan Chuan Thye SC is leading the firm’s team in the transaction.

Rajah & Tann Singapore, Christopher & Lee Ong, and Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firms of Rajah & Tann Asia, have advised a consortium of top franchisees, lead investor Exacta Capital Partners, and the Aura Group on the acquisition of the Anytime Fitness master franchise licence in Taiwan, Hong Kong, Macau, Singapore and the rest of Southeast Asia, as well as various gym outlets and gym management businesses across Southeast Asia. Partners Brian Ng,Celeste Lee, and Lee Xin Mei from Rajah & Tann Singapore, Yau Yee Ming and Ooi Ju Lien from Christopher & Lee Ong, and Norma Margarita Patacsil, Mary Thel Mundin, and Roxanne Tadique-Fajardo from C&G Law, led their respective firm’s team in the transaction.

R&T Sok & Heng Law Office, member firm of Rajah & Tann Asia, has acted for a consortium of sellers on their US$603.4 million sale of 70 percent stake in PRASAC Microfinance, Cambodia’s leading deposit-taking microfinance institution. Partners Heng Chhay and Tiv Sophonnora are leading the firm’s team in the transaction.

Skadden is advising the special committee of the board of directors of Bitauto Holdings, a leading provider of internet content and marketing services and transaction services for China’s automotive industry, on its US$1.1 billion going-private acquisition by an investor consortium led by Morespark, an affiliate of Tencent Holdings and Hammer Capital Opportunities Fund. Partners Julie Gao (Hong Kong) and Peter Huang (Beijing) are leading the firm’s team in the transaction, which is expected to close in the second half of 2020 and is subject to customary closing conditions.

Skadden is also acting as US and Hong Kong law counsel to Nasdaq-listed JD.com, China’s largest online retailer, largest overall retailer and largest internet company by revenue, on its US$3.9 billion secondary listing and global offering of new ordinary shares in Hong Kong, exclusive of the 15 percent over-allotment option. This is the largest global offering in Hong Kong this year, and the second largest globally. Trading was expected to begin on June 18, 2020. Hong Kong partners Julie Gao, Christopher Betts, Paloma Wang and Shu Du are leading the firm’s team in the transaction. Han Kun Law Offices acted as China counsel to the joint sponsors.

Weil has represented Jinbo Yao, the chairman of the board and CEO of 58.com and the consortium, on the signing of an agreement and plan of merger with Quantum Bloom Group and its wholly owned subsidiary Quantum Bloom Company. Upon completion, 58.com will be acquired by a consortium of investors, including Jinbo Yao, Warburg Pincus Asia, General Atlantic Singapore Fund, Ocean Link Partners and Internet Opportunity Fund, an entity controlled by Jinbo Yao, in a transaction implying an equity value of approximately US$8.7 billion. Hong Kong private equity partners Tim Gardner and Chris Welty led the firm’s team in the transaction, which is expected to close during the second half of 2020 and is subject to customary closing conditions. Skadden, with a team led by partners Julie Gao (Hong Kong), Peter Huang (Beijing) and Shu Du (Hong Kong), is advising 58.com.

WongPartnership has acted for Hopu Fund Management on its investment in a consortium formed to make a voluntary conditional cash offer for Perennial Real Estate Holdings, as well as the acquisition financing relating to the investment. Managing partner Ng Wai King and partner Quak Fi Ling, led the firm’s team in the transaction together with partners Monica Yip, Low Kah Keong, Christy Lim, Liang Weitan and Chan Jia Hui.

WongPartnership has also acted for Temasek Holdings, as anchor shareholder, on the reorganisation of the Clifford Capital group, which involved the incorporation of a new holding company, Clifford Capital Holdings, as well as the corresponding share swap and additional equity commitments from existing shareholders. Managing partner Ng Wai King and partner Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has advised Alibaba Singapore on its acquisition of a 50 percent stake in Perennial Shenton Holdings, in relation to the redevelopment of AXA Tower, a 50-storey landmark Grade ‘A’ office development with a retail podium sited within Singapore’s Central Business District. Partners Lim Mei, Sharon Wee, Chong Zhuo Chen, Hoo Sheau Farn and Sathiaseelan Jagateesan led the firm’s team in the transaction.

Allen & Gledhill has also advised SEA Diner Holdings on its US$120 million acquisition of 12 percent of the total number of issued and paid-up ordinary shares in Del Monte Philippines. Partners Chiam Tao Koon, Christopher Ong, Ko Xiaozheng, Tham Kok Leong, Jonathan Choo and Nicholas Tan led the firm’s team in the transaction.

AZB & Partners has advised Kotak Mahindra Bank on its qualified institutions placement of up to 65 million equity shares, with a face value of Rs5 (US$0.066) each, at a price of Rs1,145 (US$15.04) per equity share, including a premium of Rs1,140 (US$14.97) per equity share, aggregating up to Rs74.4 billion (US$978m). Partners Ashwath Rau, Varoon Chandra, Kashish Bhatia and Richa Choudhary led the firm’s team in the transaction, which was signed on May 29, 2020.

AZB & Partners has also advised G S E-Commerce and its promoters Shezaan Bhojani and Gita Ramanan on the acquisition by WestBridge AIF I and Fireside Ventures Investment Fund-I of 71.24 percent equity stake in G S E-Commerce. Partners Sai Krishna Bharathan and Bhuvana Veeraragavan led the firm’s team in the transaction, which was completed on May 30, 2020.

Clifford Chance is advising as one of the principal counsels across all three investment tranches on a proposed US$5 billion recapitalisation plan announced by Cathay Pacific Airways. The recapitalisation plan involves a proposed US$2.5 billion issue of preference shares with detachable warrants, a proposed US$1.5 billion rights issue, and a proposed US$1 billion bridge loan facility. The recapitalisation plan is aimed to provide liquidity and to strengthen the capital of Cathay Pacific, in light of the Covid 19 pandemic and the challenges which the airline industry is facing, due to the widespread travel restrictions imposed by many countries. The proposed preference share issue with warrants, and the proposed rights issue will require the approval of the shareholders of Cathay Pacific. Swire Pacific, Air China and Qatar Airways Group, as the three largest shareholders of Cathay Pacific, have given irrevocable undertakings to vote in favour of the recapitalisation plan, where they are not restricted by the Listing Rules, and to subscribe for their pro-rata share of the rights issue. Aviation 2020 will provide the bridge loan facility, and, upon completion of the rights issue, will subscribe in full for the preference shares. Aviation 2020 is wholly-owned by the Financial Secretary Incorporated, as established under the Financial Secretary Incorporation Ordinance. Partners Amy Lo (corporate/public companies), Anthony Wang (finance), Matt Fairclough (debt capital markets) and Virginia Lee (corporate/public companies), supported by partner Paul Greenwell (asset finance), are leading the firm’s team in the transaction.

Davis Polk has advised the underwriters on the secondary listing and IPO of NetEase in Hong Kong. The gross proceeds from the global offering amounted to approximately HK$20.9 billion (US$2.7 billion), prior to the exercise of the over-allotment option. NetEase is a leading internet technology company based in China. It develops and operates some of China’s most popular mobile and PC-client games. Its other innovative service offerings include the intelligent learning services offered by its subsidiary, New York-listed Youdao, music streaming through its leading NetEase Cloud Music business and private label e-commerce platform Yanxuan. The ADSs of NetEase are listed on the Nasdaq. Partners Li He, James Lin and Yang Chu led the firm’s team in the transaction.

Davis Polk has also advised the joint lead managers on the debut offering of US$400 million 2.5 percent bonds due 2025 issued by Blue Bright and guaranteed by Avic Capital, the first financial holding company in China listed in Shanghai. It is a financial holding company of Aviation Industry Corporation of China (AVIC Group), which consists of over a hundred entities spanned across China and 180 countries globally. A wholly-owned subsidiary of Avic Capital, Blue Bright is incorporated with limited liability in the BVI. Partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.

Gide has advised Lesaffre, global key player in the field of yeasts and fermentation, on the acquisition of a majority shareholding in Inner Mongolia Biohymn Biotechnology, a Chinese company specialising in the production of yeast and yeast extracts. Partner David Boitout led the firm’s team in the transaction, which will help strengthen the group’s presence and offering in China.

Han Kun Law Offices has acted as China counsel for Asia-express Logistics on its listing and public offering in Hong Kong. An established air cargo ground handling services provider in Hong Kong, AE Logistics’ air cargo ground handling services principally cover air cargo terminal operation, transportation, and warehousing and other value-added services.

Han Kun’s Hong Kong associated law firm has represented Jiumaojiu International Holdings on its IPO in Hong Kong and Regulation S offering of 333.4 million ordinary shares, prior to the exercise of the over-allotment option, which raised approximately HK$2.2 billion (US$284m) in gross proceeds. The ordinary shares of Jiumaojiu are listed in Hong Kong. CMB International Capital acted as the sole sponsor, and, together with China International Capital Corporation Hong Kong Securities, as joint global coordinators, joint book-runners and joint lead managers. Jiumaojiu is a leading Chinese cuisine restaurant brand manager and operator in China.

HHP Law Firm has advised joint sellers Standard Chartered Bank (SCB) and Astra International on the landmark completion of the US$2.14 billion sale of Bank Permata to Bangkok Bank, Thailand’s largest bank by assets. SCB and Astra sold their 89.12 percent stake as a ‘one-step’ sale to Bangkok Bank, marking this as the first major overseas bank acquisition by a Thai bank. As the high profile sale was completed amid the Covid-19 pandemic via auction, all completion procedures were conducted online — a first for a transaction of this size. Banking and finance partner Erwandi Hendarta, supported by partners Mahardikha Sardjana and Iqbal Darmawan, led the firm’s team in the transaction.

Khaitan & Co has advised Ratna Commercial Enterprises on the sale of its entire equity shareholding in Sanat Products, which sells nutraceutical and pharmaceutical products, to Willmar Schwabe India. Partner Monika Srivastava led the firm’s team in the transaction, which was completed on May 27, 2020. Grover Law also advised on the deal.

Khaitan & Co has also advised the promoters of Emami Group on the sale of their entire shareholding in Emami Power to Pyrite Power, an Indian affiliate of Brookfield Asset Management. A part of the Emani Group, Emami Power is engaged in the renewable power sector, with solar power projects across India. The Emami Group is an Indian conglomerate headquartered in Kolkata, with a presence in diversified sectors, including solar power. Brookfield Asset Management is a leading global alternative asset manager and one of the world’s largest investors in real assets, including renewable power. Partner Surbhi Kejriwal, supported by partner Gahan Singh, led the firm’s team in the transaction, which was completed on March 26, 2020. AZB & Partners advised Pyrite Power.

Skadden has advised Greenhill & Co, as financial adviser to Arcland Sakamoto, a Niigata-based operator of home centres, on its acquisition of a 53.22 percent stake in Lixil Viva from LIXIL Group, for US$480 million. The acquisition comes via a recommended tender offer and a series of other transactions, and represents LIXIL Group’s entire holding in Lixil Viva. Arcland Sakamoto, LIXIL Group and Lixil Viva have signed a memorandum and an agreement regarding a series of transactions, upon the completion of which LIXIL Viva will become a wholly-owned subsidiary of Arcland Sakamoto. Partner and Tokyo office leader Mitsuhiro Kamiya led the firm’s team in the transaction.

Skadden has also advised SM Entertainment Japan, the Japanese subsidiary of SM Entertainment, one of Asia’s leading entertainment groups, on the merger of its newly formed subsidiary, SMEJ, with Stream Media, a Tokyo-listed company which delivers entertainment content from across Asia. Tokyo partner Mitsuhiro Kamiya also led the firm’s team in the transaction, which was announced on May 29, 2020 and is expected to become effective on August 1, 2020, pending the approval of the shareholders of SMEJ and Stream Media.

S&R Associates has represented Bertelsmann India Investments on a follow-on investment in Lendingkart Technologies, a leading Indian fintech company, as part of an Rs862 million (US$11.3m) funding round, also involving Fullerton Financial, Sistema Asia Fund and India Quotient. The firm also represented Bertelsmann India Investments on earlier investments in Lendingkart Technologies. Partner Rachael Israel led the firm’s team in the transaction.

S&R Associates has also represented the broker on the Rs19.86 billion (US$261m) sale of 40 million equity shares of HDFC Life Insurance by a promoter selling shareholder, Standard Life (Mauritius Holdings) 2006, on the Indian stock exchange. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.

WongPartnership has acted for Dynamic Technology on its voluntary conditional offer for Dynamic Colours. Partners Christy Lim, Mark Choy, Cornelia Fong and Jason Chua led the firm’s team in the transaction.

WongPartnership is also acting for ZWC Partners and Openspace Ventures on the independent funding round of GoPlay. Partner Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has advised Australia and New Zealand Banking Group, Bank of America Singapore Branch, Bank of China Singapore Branch, Citibank Singapore Branch, DBS Bank, HSBC Singapore Branch, Mizuho Bank, MUFG Bank, Oversea-Chinese Banking Corporation, Societe Generale Singapore Branch, Standard Chartered Bank (Singapore), Sumitomo Mitsui Banking Corporation Singapore Branch, and United Overseas Bank on the S$2.5 billion (US$1.8m) committed revolving credit facility to Singtel Group Treasury, a subsidiary of Singtel Telecommunications. The facility is guaranteed by Singtel. The proceeds of the facility are to be applied towards refinancing of existing facilities and for general corporate purposes. Partner Mark Hudspeth led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel for Clifford Capital Holdings (CCH) on its joint venture with Asian Infrastructure Investment Bank (AIIB) to establish Bayfront Infrastructure Management, a US$180 million infrastructure financing platform. CCH and AIIB have agreed to contribute up to US$126 million and US$54 million, respectively, to Bayfront, which aims to address the infrastructure financing gap across the Asia-Pacific, and will securitise brownfield projects and infrastructure loans acquired from banks to be sold to institutional investors. Such securities to be sold by Bayfront will be supported by a guarantee provided from the Government of Singapore. Partners Chiam Tao Koon, Ko Xiaozheng, Karen Tiah, Aloysius Ng, Chiam Tao Koon, Ko Xiaozheng, Yeo Wico and Jeanne Ong led the firm’s team in the transaction.

Ashurst is advising CVI Investments on an up to A$200 million (US$139.4m) proposed investment, via the issue of A$100 million (US$69.7m) convertible notes and the exercise of approximately 19.4 million warrants, in Australia-listed Zip Co. CVI Investments is an affiliate of Heights Capital Management (HCM), an affiliate of Susquehanna International Group (SIG), one of the largest privately-held financial services firms globally. HCM invests SIG’s internal capital through direct investments in listed companies in the US, Europe and Asia. SIG has also invested in Tik Tok’s parent company Bytedance, Credit Karma and Fundera. Zip has concurrently announced the acquisition of the remaining shares of “Buy Now Pay Later” (BNPL) US company QuadPay in its quest to be a global leader in the BNPL industry. The issue of the convertible notes and warrants, and the issue of securities in connection with the QuadPay acquisition, are subject to Zip’s shareholder approval and ASX approval. Partners Jini Lee, Sarah Dulhunty, Caroline Smart and Ian Kellock are leading the firm’s team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel for Indonesia Asahan Aluminium (Persero), the holding company for Indonesia’s state-owned mining companies, on the issuance of its US$1 billion 5-year tranche, US$1 billion 10-year tranche and US$500 million 30-year tranche notes, under Regulation S/Rule 144A of the US Securities Act 1933. This issuance marked the largest issuance from an Indonesian corporate since the start of the pandemic outbreak. Partner Bono Daru Adji led the firm’s team in the transaction.

AZB & Partners is advising The Carlyle Group on its acquisition of up to 74 percent equity stake in SeQuent Scientific for Rs15.8 billion (US$209m). Partner Bharat Budholia is leading the firm’s team in the transaction, which was signed on May 8 and is yet to be completed.

AZB & Partners is also advising India’s largest private sector company Reliance Industries and its wholly-owned subsidiary Jio Platforms on the Rs90.93 billion (US$1.2b) acquisition by Abu Dhabi state fund Mubadala Investment, through MIC Redwood 1 RSC, of approximately 1.85 percent equity stake in Jio Platforms, a next-generation technology platform focused on providing high-quality and affordable digital services across India. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on June 4, 2020 and is yet to be completed. Skadden, led by partners Jonathan Stone (Hong Kong), Rajeev Duggal (Singapore), Michael Leiter (national security-Washington DC), Andrew Foster (antitrust-Hong Kong) and Pamela Endreny (tax-New York), is advising Mubadala Investment.

Baker McKenzie has acted as regulatory compliance counsel for the Volkswagen Group on two major investments in China’s electric vehicle (EV) market. Volkswagen is poised to take a 50 percent stake in the state-owned Anhui Jianghuai Automobile Group Holdings, the parent company of Anhui Jianghuai Automobile Group (JAC Motors), and increase its holding in the JAC-Volkswagen joint venture from 50 percent to 75 percent, for around €1 billion (US$1.13b). The transaction is reportedly the biggest M&A deal in the China EV sector, and is part of the State Council’s reform of establishing mixed-ownership systems and an important achievement of Anhui Province’s involvement in the Belt & Road Initiative. Elsewhere, Volkswagen will also invest €1.1 billion (US$1.25b) to acquire a 26 percent stake in Shenzhen-listed lithium-ion battery manufacturer Guoxuan High-Tech Co, and become the biggest shareholder of the EV battery maker. The agreement is also set to make Volkswagen the first global automaker to buy directly into a domestic Chinese battery supplier. Shanghai partner Simon Hui, supported by partner Maggie Chen of Baker McKenzie FenXun (FTZ) Joint Operation in Shanghai and assisted by a team of lawyers from Chinese law firm FenXun Partners, led the firm’s team in the transaction.

Davis Polk has acted as English and US counsel for Tencent Holdings on the update of its US$20 billion global medium-term note program and the offering thereunder pursuant to Rule 144A and Regulation S of its US$1 billion 1.81 percent senior notes due 2026, US$2.25 billion 2.39 percent senior notes due 2030, US$2 billion 3.24 percent senior notes due 2050 and US$750 million 3.29 percent senior notes due 2060. Tencent is a leading integrated internet services company operating a broad range of internet services. Partners James Lin and Gerhard Radtke led the firm’s team in the transaction.

Davis Polk has also advised the arrangers on the establishment of the US$2 billion medium-term note program of Coastal Emerald, an indirectly wholly-owned subsidiary of China Shandong Hi-Speed Financial Group, incorporated in the BVI. The firm also advised the joint lead managers on the drawdown of US$800 million 3.8 percent notes due 2021 under the program, which is guaranteed by China Shandong Hi-Speed Financial Group and has the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking provided by Shandong Hi-Speed Group. As the largest provincially supervised state-owned enterprise in Shandong province, the group constructs and invests in transport infrastructure, such as expressways and railways, and serves as the sole railway infrastructure investment platform of the Shandong Government. Partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.

Han Kun has acted as China counsel to Homeland Interactive Technology on its global offering and listing in Hong Kong. Homeland Interactive is a leading localised mobile card and board game developer and operator in China, with a special focus on localised mahjong and poker games.

Han Kun has acted as China counsel to the joint bookrunners on GSX Techedu’s US IPO and listing in New York. GSX is a leading online K-12 large-class after-school tutoring service provider in China. The company also provides foreign language, professional and interest courses.

Khaitan & Co has advised Kalpataru Power Transmission on the approximately US$41 million sale of stake by Kalpataru Power Transmission and Techno Electric & Engineering Company in Jhajjar KT Transco to India Grid Trust. Partner Shivanshu Thaplyal led the firm’s team in the transaction, which was announced on May 29, 2020. Cyril Amarchand Mangaldas advised India Grid Trust.

Khaitan & Co has also advised Oneil Capital Management India on setting up of an open-ended Category III alternative investment fund O’Neil Quant Fund, which proposes to operate as a quant fund using algorithmic trading strategies for investing in the Indian stock markets. Oneil Capital Management India, the investment manager and sponsor of the fund, belongs to the O’Neil group of companies, a family of businesses dedicated to providing industry-leading financial services and information. William O’Neil India focuses on investments in individual equities, mutual funds, ETFs, and indices across the globe. Partners Divaspati Singh and Bijal Ajinkya led the firm’s team in the transaction, which was completed on April 27, 2020.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is advising CITIC Envirotech on its selective capital reduction of shares subsequent to its delisting in Singapore in January 2020. Based on the offer price of S$0.55 (US$0.396) per share, CITIC Envirotech group is valued at S$1.34 billion (US$965.7m). Partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.

S&R Associates has represented Goldman Sachs (India) Securities, Kotak Mahindra Capital, Morgan Stanley India and SBI Capital Markets, as the lead managers, on the Rs74.43 billion (US$986.5m) qualified institutions placement of equity shares by Kotak Mahindra Bank, a leading private-sector bank in India. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Motherson Sumi Systems (MSS) and Axis Bank, as the arranger, on the funds raised by MSS, through its maiden issuance of 5,000 listed, rated, secured, redeemable non-convertible debentures with a face value of Rs1 million (US$13,243) each. The deal is valued at Rs5 billion (US$66.2m). Partner Shilpa Mankar Ahluwalia led the firm’s team in the transaction, which closed on April 21, 2020.

Shardul Amarchand Mangaldas & Co has also advised ZF Friedrichshafen on its global acquisition of commercial vehicle technology supplier WABCO Holdings, including the indirect acquisition of control of WABCO India. The global deal value of the transaction is approximately US$7 billion. The value of the indirect open offer for the acquisition of 25 percent of the voting share capital of WABCO India is approximately US$438 million. In addition, the firm secured the approval from the Competition Commission of India (CCI) for the transaction, published on May 21, 2020 after a long and detailed review process, subject to the carrying out of certain modifications proposed by ZF. Under the proposed modifications, ZF is required to divest its 49 percent stake in its joint venture company, Brakes India. Partners Raghubir Menon (corporate), Anirban Bhattacharya (corporate), Yogesh Chande (securities) and Aparna Mehra (competition), with managing partner Pallavi Shroff, led the firm’s team in the transaction, which was completed on May 29, 2020. Latham & Watkins acted as global counsel for ZF, while Gleiss Lutz acted as global antitrust counsel. Skadden, Arps, Slate, Meagher & Flom acted as global counsel for WABCO Holdings.

Simpson Thacher is advising Qudian on its definitive agreement with Secoo, pursuant to which Qudian has agreed to purchase a total of approximately 10.2 million newly issued Class A ordinary shares of Secoo for up to US$100 million, reflecting a per share purchase price of US$9.80. Partners Yang Wang (Beijing-M&A) and Yi Gao (Hong Kong-Capital Markets) are leading the firm’s team in the transaction.

Skadden is acting as Hong Kong and US counsel for NetEase, a Nasdaq-listed leading Chinese internet technology company and one of the world’s largest publishers of mobile games, on its global offering of approximately 171.5 million new ordinary shares, which comprises an international offering and a Hong Kong offering, both of which are multiple times oversubscribed. The offer price has been set at HK$123 (US$15.87) per share, gathering commitments worth US$2.7 billion, excluding the over-allotment option. Subject to approval from the Hong Kong Stock Exchange, the shares are expected to begin trading on the main board on June 11, 2020. Partners Julie Gao, Christopher Betts, Paloma Wang (all Hong Kong) and Haiping Li (Shanghai) led the firm’s team in the transaction.

Skadden has also advised Shanghai-based Dada Nexus, a leading on-demand retail and delivery platform in China, on its IPO of 20 million ADS on the Nasdaq. Each ADS, representing four ordinary shares of the company, is valued at US$16, for total gross proceeds of US$320 million. Dada Nexus has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to three million additional ADSs. Trading commenced on June 5, 2020. Hong Kong partner Julie Gao led the firm’s team in the transaction.

WongPartnership has acted for HSBC, as rescue financier, on its extension of a S$50 million (US$36m) debtor in possession financing package to Design Studio Group. Partners Alvin Chia and Smitha Menon led the firm’s team in the transaction.

WongPartnership is also acting for Southern Capital Group on the sale of UG M&E by one of its portfolio companies, Greatearth, to Penta-Ocean Construction. Partners Christy Lim, Jason Chua and Bernadette Tan led the firm’s team in the transaction.

Allen & Gledhill has advised Flex on the issue of US$425 million 3.75 percent notes due 2026 and US$325 million 4.875 percent notes due 2030, pursuant to a registration statement on Form S-3 filed with the Securities and Exchange Commission. Nasdaq-listed Flex is a globally-recognised provider of Sketch-to-Scale services, from conceptual sketch to full-scale production. Partners Tan Tze Gay and Bernie Lee led the firm’s team in the transaction.

Allen & Gledhill has also advised DBS Bank, Industrial and Commercial Bank of China, Singapore Branch (ICBC) and Oversea-Chinese Banking Corporation (OCBC) on extending approximately S$730 million (US$521m) green loan facilities to borrowers, which are joint ventures among GuocoLand (Singapore), Hong Leong Holdings and Hong Realty. The green loan facilities were structured by DBS and OCBC as green loan coordinators and OCBC as green financing adviser, and were granted to finance the acquisition and development of a government land sales site in Tan Queen Lan Street, Singapore. Partner Aloysius Ng led the firm’s team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel for Citigroup Global Markets, Deutsche Bank Singapore Branch, The Hongkong and Shanghai Banking Corporation, Mandiri Securities and MUFG Securities Asia Singapore Branch, as the joint lead managers, on Hutama Karya’s US$600 million 3.75 percent notes due 2030, which is part of its US$1.5 billion medium term notes programme. Hutama Karya is Indonesia’s state-owned leading infrastructure developer. The transaction was the first sovereign-guaranteed global notes issued by an Indonesian state-owned enterprise, and was oversubscribed by six times. Partner Putu Suryastuti led the firm’s team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has also acted as Indonesian counsel for CIMB Bank Labuan Offshore Branch, DBS Bank, Mandiri Securities, MUFG Securities Asia and Standard Chartered Bank, as the dealers, on the second issuance of the euro medium term notes programme by Bank Mandiri, Indonesia’s largest state-owned bank. The notes were priced at US$500 million 4.75 percent due 2025. This issuance marks the first global bonds issuance by an Indonesian bank, since the start of the coronavirus pandemic. Despite the current situation, the issue was oversubscribed by 4.8 times. Partner Putu Suryastuti led the firm’s team in the transaction.

AZB & Partners has advised Platinum Equity, acting through SPV Avatar 360 Holdings, on its acquisition of a more than 30 percent stake into Avatar Growth Capital, for onward investment into SirionLabs. Partners Zia Mody, Ashwath Rau, Prerak Ved, Pallabi Ghosal and Shreya Rao led the firm’s team in the transaction, which was completed on March 18, 2020.

AZB & Partners has also advised Gauge Capital / Schlesinger Global on the acquisition by Schlesinger Global of Market Cube. Partners Ashwath Rau, Prerak Ved, Hufriz Wadia, Veena Gopalakrishnan, Aditya Singh Chandel and Soumit Nikhra led the firm’s team in the transaction, which was completed on February 20, 2020.

CNPLaw has advised a local private real estate fund on its joint venture for a real estate investment project in commercial and industrial property in Singapore. The joint venture leverages on the breadth of expertise of the client’s group of companies to manage assets and property in Singapore. The target property is envisaged to be developed, based on similar concepts and design established by the client in the current property market. Partner Ken Chia led the firm’s team in the transaction.

CNPLaw has also acted as Singapore counsel to a local online e-commerce platform operator on its series B fundraising exceeding S$3.5 million (US$2.5m) from key market players. This strategic investment was completed in May 2020, and allows the client to leverage on the investors’ strong presence in Asia Pacific. Partner Ken Chia also led the firm’s team in the transaction.

Davis Polk has advised the initial purchaser on Sea’s Rule 144A and Regulation S offering of US$1.15 billion principal amount of its 2.375 percent convertible senior notes due 2025, which includes a US$150 million option to purchase additional notes, which was exercised in full. The firm advised also the counterparties to capped call transactions entered into in connection with the offering. Sea operates across digital entertainment, ecommerce and digital payments, and financial services sectors. Partner James Lin, supported by partners John M. Brandow and Yan Zhang, led the firm’s team in the transaction.

Davis Polk has also advised the initial purchasers on Hong Kong-listed Zhenro Properties Group’s Regulation S offering of US$200 million 8.35 percent senior notes due 2024. Concurrently with the notes offering, the firm also advised the dealer managers on a cash tender offer by Zhenro Properties Group for any and all of its outstanding 10.5 percent senior notes due 2020. Zhenro Properties Group is a property developer that focuses on the development of residential properties, and the development, operation and management of commercial and mixed-use properties in China. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.

Gide has advised PSA Group, the French multinational automaker of Peugeot and Citroën-brand vehicles, on the sale of its 50 percent equity interest in Chang’an PSA Automobiles (CAPSA) to Bao Neng Group. Chongqing Chang’an Group has sold, at the same time through public listing process, the other 50 percent equity interest in CAPSA to Bao Neng Group. CAPSA accomplished the shareholders’ registration alternation and company name change on May 21, 2020. Shanghai partner Fan Jiannian led the firm’s team in the transaction.

Han Kun has acted as China counsel for Vipshop, a leading online discount retailer for brands in China, on a share purchase agreement in Shanghai with Shan Shan Group and Ningbo Xingtong Chuangfu Equity Investment Partnership. Pursuant to this agreement, Vipshop will fully acquire Shan Shan Commercial Group for Rmb2.9 billion (US$408.4m) in cash installments, through Vipshop International Holdings, a Vipshop’s wholly-owned subsidiary in Hong Kong.

Han Kun Law Offices and its Hong Kong associated law firm has acted as China and Hong Kong counsel, respectively, for Yeahka on its IPO in Hong Kong and Rule 144A/Regulation S offering of approximately 98.7 million ordinary shares, prior to the exercise of the over-allotment option, which raised approximately HK$1.6 billion (US$206.4m) in gross proceeds. Yeahka’s ordinary shares are listed in Hong Kong. CLSA Capital Markets, Nomura International (Hong Kong) and ABCI Capital acted as joint sponsors, joint global coordinators and joint book-runners. Yeahka is a leading payment-based technology platform in China. Yeahka was the second largest non-bank independent QR code payment service provider in China, in terms of transaction count in 2019. Simpson Thacher, led by Hong Kong partners Christopher Wong and Yi Gao, represented the underwriters.

J Sagar Associates has advised PepsiCo India Holdings on its exit from its joint venture company, NourishCo Beverages, and the sale of its entire 50 percent shareholding to Tata Consumer Products, a listed entity of the Tata group. NourishCo was a decade-old 50.50 joint venture between PepsiCo and Tata, formed to gain foothold and grow market share in India’s fast-growing category of packaged value-added hydration in the non-carbonated, ready-to-drink beverages segment. PepsiCo’s exit from NourishCo is in line with the long-term strategies of both PepsiCo and Tata groups. Partner Kartik Jain led the firm’s team in the transaction.

Khaitan & Co has advised India-listed Siemens on the Rs85.2 billion (US$1.13b) sale of 24 percent equity shares of India-listed Siemens India (SI) by Siemens Aktiengesellschaft (SAG) to its subsidiary, Siemens Gas and Power Holding (Siemens GP), through the block deal mechanism on the Indian stock exchange. Currently, SAG and Siemens GP are co-promoters of SI. Netherlands-incorporated Siemens GP is part of Siemens’ global gas and power business. Partners Niren Patel and Arindam Ghosh, supported by executive director Sudhir Bassi, director Vinita Krishnan and partners Aravind Venugopal, Moin Ladha and Anisha Chand, led the firm’s team in the transaction, which was completed on May 19, 2020. Clifford Chance Munich, led by partner Markus Muhs, also advised on the deal.

Khaitan & Co has also advised Advent International company Zentiva Group, a high-quality medicines producer in Europe, Middle East and Africa, on the purchase of the API manufacturing facility of Sanofi India situated at Ankleshwar, Gujarat, as a going concern, for approximately Rs3.2 billion (US$42.6m), subject to customary post-closing working capital adjustments. The firm also advised Zentiva India and its foreign equity holder Al Sirona (Luxembourg) Acquisition on Zentiva India’s availment of €21.6 million (US$24m) unsecured foreign currency term loan facility from Al Sirona. The loan was used for the acquisition of the pharmaceutical manufacturing business, as provided in the business transfer agreement executed with Sanofi India and undertaken pursuant to regulatory approvals for the investment. Sanofi India is one of the few healthcare companies in India with an established large-scale manufacturing presence since the 1960s. Partner Surbhi Kejriwal, supported by partners Harsh Parikh, Atul Pandey and Manisha Shroff, led the firm’s team in the transaction, which was completed on May 29, 2020.

Maples and Calder has acted as Cayman Islands counsel to StoneWise on a US$4.3 million Series B round funding, invested by Long Hill Capital and Linear Capital. Founded in 2018, StoneWise is a technology company focusing on development of new drugs driven by AI technology. Partner Everton Robertson led the firm’s team in the transaction, while Hankun Shenzhen acted as onshore counsel.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel to Wei Yuan Holdings on its listing in Hong Kong. The market capitalisation of Wei Yuan Holdings, as of the date of listing, was approximately HK$510.7 million (US$66m). Partner Hoon Chi Tern led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for the purchaser on the acquisition and financing of the entire issued and paid-up share capital of Midas (Sunview), the registered proprietor of the property situated at Sunview 11 Way, Singapore. Concurrent with the closing of the transaction, a new loan was provided by Oversea-Chinese Banking Corporation to Midas, with the firm acting on the financing for Midas. Partners Benjamin Tay, Loh Chun Kiat and Cindy Quek led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised HDFC Bank on providing financial assistance to Good Host Spaces (Sonipat) to acquire the hostels with the underlying assets of OP Jindal Global University. Partner Debashree Dutta led the firm’s team in the transaction, which closed on March 31, 2020. Good Host Spaces (Sonipat) was advised by Wadia Ghandy & Co, while OP Jindal Global University and Om Prakash Jindal Gramin Jankalyan Sansthan were advised by Zeus Law.

Shardul Amarchand Mangaldas & Co has also advised Torrent Power on its issue of 1,000 redeemable non-convertible debentures. Partner Debashree Dutta also led the firm’s team in the transaction, which was valued at approximately US$13.3 million and closed on March 19, 2020.

Skadden has advised Citigroup Global Markets, Daiwa Capital Markets Europe, Goldman Sachs International and JP Morgan Securities, as the underwriters, on the US$2 billion offering of 0.625 percent guaranteed bonds due 2023 by the Japan Bank for International Cooperation. The bonds were listed in Luxembourg. The offering closed on May 22, 2020. Tokyo partner Kenji Taneda led the firm’s team in the transaction.

Skadden also advised Bilibili, a leading online entertainment platform for young generations in China, on its offering of US$700 million principal amount of convertible senior notes due 2027. The notes have been sold to qualified institutional buyers in reliance on Rule 144A and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act. The company plans to use the net proceeds from the offering to enrich content offerings, research and development, and other general corporate purposes. The offering was priced on May 28, 2020. Partners Julie Gao (Hong Kong), Jonathan Stone (Hong Kong) and Haiping Li (Shanghai) led the firm’s team in the transaction.

WongPartnership is acting for Jungle Ventures as lead investor on the US$12 million Series A funding round of Dathena. Partners Kylie Peh and Kyle Lee led the firm’s team in the transaction.

Allen & Gledhill has advised PSA International and PSA Treasury on the issue of US$650 million 2.25 percent notes due 2030 by PSA Treasury, under its US$3.5 billion global medium term note programme. PSA International is the guarantor for the notes. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel for Shwe Taung Real Estate on its joint venture agreement with Aeon Mall to develop, manage and operate shopping malls, the first of which will be constructed on two land plots owned by Shwe Taung’s affiliate companies in Thaketa Township, Myanmar. Shwe Taung is a leading Myanmar conglomerate and real estate developer, and currently operates several large shopping malls in Yangon under the “Junction” brand. Aeon is also the leading Japan shopping mall operator. This joint venture is Aeon’s first entry into the Myanmar market for shopping mall projects, after the establishment of its first Myanmar business presence in 2011. Myanmar director Oh Hsiu-Hau led the firm’s team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel for Aplikasi Karya Anak Bangsa (Gojek), Indonesia’s leading tech platform that provides access to a wide range of services, including ride-hailing, payments, food delivery and logistics, on the acquisition of Moka Teknologi Indonesia (MTI), an Indonesian startup providing a cloud-based point-of-sale system called ‘Moka’. The acquisition was conducted indirectly, through MTI’s holding company in Singapore. Partners Bono Daru Adji and Carol Lim led the firm’s team in the transaction, which cemented Gojek’s position further in the digital payment industry.

AZB & Partners is advising Reliance Industries and Jio Platforms on the approximately Rs66 billion (US$874.5m) acquisition by General Atlantic, thru General Atlantic Singapore, of a minority equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia are leading the firm’s team in the transaction, which was signed on May 17, 2020 and is yet to be completed.

AZB & Partners is also advising The Carlyle Group on its Rs15.8 billion (US$209m) acquisition, thru CA Harbor Investments, of up to 74 percent equity stake in SeQuent Scientific. Partners Zia Mody, Darshika Kothari and Sayak Maity are leading the firm’s team in the transaction, which was signed on May 8, 2020 and is yet to be completed.

Baker McKenzie FenXun (FTZ) Joint Operation has advised International Fruit Genetics (IFG) on its trademarks registration and on carrying out enforcement activities against alleged infringers. IFG is the largest private breeder of table grapes in the world, and breeds some of the most popular grape varieties in the market. IP partner Andrew Sim led the firm’s team in the transaction.

Baker McKenzie has also advised Ishikari Bioenergy on its involvement in a biomass power generation joint venture in Ishikari City, Hokkaido, Japan. Ishikari Bioenergy was founded by Okumura, Kyuden Mirai Energy and New Circle Energy, with 50 percent, 30 percent and 20 percent shares, respectively. New Circle Energy was established by Marunouchi Infrastructure and Shin Energy Development. Last February 5, 2020, Ishikari Bioenergy concluded a loan agreement with a group of financial institutions, including Sumitomo Mitsui Banking Corporation as lead arranger, Resona Bank as co-arranger, and Kansai Mirai Bank. The firm advised Ishikari Bioenergy on the arrangement of project finance. Nick Eguchi, partner and co-chair of the renewable energy group at the firm’s Tokyo office, supported by partner Kosuke Suzuki, led the firm’s team in the transaction.

Davis Polk has advised the joint book-running managers on a US$750 million SEC-registered debt offering by Flex. The offering consisted of US$425 million principal amount of its 3.75 percent notes due 2026, and US$325 million principal amount of its 4.875 percent notes due 2030. Headquartered in Singapore, Flex is a globally-recognised provider of sketch-to-scale services, from conceptual sketch to full-scale production. Flex designs, builds, ships and manages complete packaged consumer and enterprise products, from medical devices and connected automotive systems to sustainable lighting and cloud and data centre solutions, for companies of all sizes in various industries and end-markets. Partner Alan Denenberg, supported by partner Michael Farber, led the firm’s team in the transaction.

Duane Morris has advised Vietnam Technological and Commercial Joint Stock Bank (Techcombank) on closing its inaugural US$500 million loan from a syndicate of 24 financial institutions from Australia, China, India, Singapore, Taiwan and the UAE. With a margin of 1.5 percent per annum over LIBOR, the three-year senior unsecured loan signed on April 17, 2020 was substantially oversubscribed, with the final amount largely exceeding the initial US$300 million target. The facility was coordinated by United Overseas Bank (UOB), who also acts as the facility agent. UOB, together with Australia and New Zealand Banking Group, CTBC Bank, First Abu Dhabi Bank PJSC and Taishin International Bank, jointly underwrote and arranged the facility for Techcombank. London partners Linda Crow and Drew Salvest led the firm’s team in the transaction, which is the largest private bank international borrowing in Vietnam.

Han Kun has acted as China counsel to the joint book-runners on DouYu International Holdings’ US IPO and listing on the Nasdaq. DouYu is the largest game-centric live streaming platform in China and a pioneer in the eSports value chain.

Han Kun Law Offices and its Hong Kong associated law firm have acted as China and Hong Kong counsels, respectively, for Hevol Services Group on its global offering and listing in Hong Kong. Hevol Services Group is a reputable market player in the property management industry in China, providing property management services, community-related services and property developer-related services in China for more than 16 years.

J Sagar Associates has advised UmboID Tech and its promoters on its pre-series A round of equity funding from Bharat Inclusive Technologies Seed Holdings, Varanium Nexgen Trust and AL Trust, acting through its trustee Vistra ITCL (India). UmboID, under the brand name Riskcovry, is an insurtech platform that develops solutions which enable insurance distribution, risk, policy and claims management. Partner Probir Roy Chowdhury led the firm’s team in the transaction.

Khaitan & Co has advised Sunrise Foods and its promoters on the sale of 100 percent equity share capital in Sunrise to ITC. Sunrise is a leading manufacturer of Indian spices, like ground spices, blended spices, instant food mixes and a host of other food products in the eastern part of India. ITC is one of India’s foremost private sector companies, which has a diversified presence in FMCG, hotels, packaging, paperboards and specialty papers, and agri-business. Partner Surbhi Kejriwal led the firm’s team in the transaction, which was announced on May 24, 2020.

Khaitan & Co has also advised the Iron Pillar Group, a venture capital investment firm, on setting up a US$45 million offshore top-up fund, which will act as a ‘sidecar fund’ to the existing fund, Iron Pillar Fund I, launched by Iron Pillar amid the outbreak of Covid-19. The top up fund was set up primarily to provide additional growth capital to select portfolio companies held by the existing fund, to assist such companies in solidifying their lead in the current market. The firm also assisted the client in LP negotiations to secure the closing of the ‘sidecar’ fund. Partners Siddharth Shah, Bijal Ajinkya and Vivek Mimani led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to Guazi.com on a US$280 million series E1 round funding, led by SVF Car Subco (Singapore) and SC Auto. The company is China’s largest online marketplace, and operates as a consumer-to-consumer used car trading platform. Partner Everton Robertson led the firm’s team in the transaction, which closed in April 2020.

Maples and Calder has also acted as Cayman Islands counsel to General Atlantic, a leading global growth equity firm, on a US$98 million Series D round funding by CANbridge Pharmaceuticals, led by General Atlantic and WuXi AppTec, with participation from RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund and Tigermed. CANbridge is a China-based bio-pharmaceutical company. Partner Matt Roberts led the firm’s team in the transaction, which closed on March 10, 2020.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for BreadTalk Group on the approximately S$433.56 million (US$306m) voluntary unconditional cash offer by United Overseas Bank, for and on behalf of BTG Holding, to acquire all of the issued ordinary shares in the capital of BreadTalk Group, other than those already owned, controlled or agreed to be acquired by BTG Holding. Partner Sandy Foo is leading the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised ChrysCapital on its additional investment in Hero FinCorp (HF). ChrysCapital, along with certain other investors and promoter entities of the Hero group, subscribed to equity shares of HF for Rs10.74 billion (US$142m). Partners Gunjan Shah, Karun Prakash and Aparna Mehra led the firm’s team in the transaction. Hero FinCorp was advised by J Sagar Associates.

Simpson Thacher is representing KKR on its Rs113.67 billion (US$1.5b) investment in Jio Platforms. This transaction values Jio Platforms at an equity value of approximately US$65 billion, and an enterprise value of approximately US$68 billion. This is KKR’s largest investment in Asia, and will translate into a 2.3 percent equity stake in Jio Platforms on a fully diluted basis. Hong Kong M&A partner Ian Ho and New York tax partner Nancy Mehlman led the firm’s team in the transaction. 

Skadden has advised Lufax Holding on a US$1.19 billion three-year syndicated facility, with an accordion of up to US$310 million, borrowed by a Hong Kong subsidiary of Lufax and guaranteed by Lufax. The facility was co-arranged by Citigroup Global Markets Asia and The Hongkong and Shanghai Banking Corporation, with ten additional banks participating as lenders. John Hartley led the firm’s team in the transaction.

S&R Associates has represented Avatar Growth Capital on an investment in SirionLabs, a technology company providing proprietary software contract management services. The investment is part of a US$44 million round, which involves another investor. Partners Sandip Bhagat and Sudip Mahapatra led the firm’s team in the transaction.

AZB & Partners has advised Carval Investors (USA) and Nithia Capital Resources Advisers (UK) on their Rs10.78 billion (US$142.5m) acquisition of 95 percent equity stake of Uttam Value Steels. Partners Rajendra Barot, Nilanjana Singh, Nilang Desai, Hemangini Dadwal, Suharsh Sinha and Dhirajkumar Totala led the firm’s team in the transaction, which was approved by the National Company Law Tribunal on April 30, 2020.

AZB & Partners has also advised Accenture on its Rs15.15 billion (US$200m) acquisition of the Symantec Cyber Security Services business from Broadcom. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on April 30, 2020.

Clyde & Co, via its China joint law venture Clyde & Co Westlink JLV, has acted for VTTI Terminals I on its recent acquisition of 50 percent of the shares in Odfjell Terminals (Dalian) from Odjfell SE for US$59 million. Odfjell Terminals (Dalian) is a major tank terminal operator in northern China. Michael Cripps led the firm’s team in the transaction.

Davis Polk has advised the joint lead managers on a US$350 million Regulation S offering by Shuifa International Holdings (BVI) of its 4.3 percent guaranteed bonds due 2023. The bonds are guaranteed by Shuifa Group, a leading state-owned conglomerate that provides comprehensive water-related services and solutions, ranging from hydraulic engineering construction, water supply and wastewater treatment to clean energy. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.

Davis Polk has also advised Kingsoft Cloud Holdings, the largest independent cloud service provider in China, on its SEC-registered IPO of 30 million American depositary shares for total proceeds of approximately US$510 million. Each ADS represents 15 ordinary shares of Kingsoft Cloud. The ADSs are listed on the Nasdaq. Kingsoft Cloud granted the underwriters an option to purchase up to an additional 4.5 million ADSs. Partners Li He, James Lin and Yang Chu led the firm’s team in the transaction.

Han Kun Law Offices and its Hong Kong associated law firm have acted as China and Hong Kong counsels to the sole sponsor and the underwriters on the listing and public offering of Suoxinda Holdings in Hong Kong. Suoxinda is a market player in the big data and AI industry in China, providing data solutions, sales of hardware and software and related services as an integrated service, as well as IT maintenance and support services, to corporate customers.

Han Kun and its Hong Kong associated law firm have also acted as China and Hong Kong counsels to 9F on its global offering and listing on the Nasdaq. 9F is a leading digital financial account platform integrating and personalising financial services in China, with its footprint expanding overseas.

Maples and Calder has acted as Cayman Islands counsel to Dingdong (Cayman) on a Series C1 round funding of several hundred million US dollars invested by, among others, General Atlantic Singapore DD and CMC Dynamite Holdings IV. Founded in 2018, Dingdong is a fresh food e-commerce platform adopting a big data-driven approach, predicting future orders through self-developed data models and multi-dimensional predictions based on historical sales data to reduce the slow-loss loss rate. Partner Everton Robertson led the firm’s team in the transaction, while Jingtian & Gongcheng acted as China counsel.

Maples and Calder has also acted as Cayman Islands counsel to WiMi Hologram Cloud on its IPO of 4.75 million American depositary shares, representing its Class B ordinary shares, and its listing on the Nasdaq. WiMi offers augmented reality-based holographic services and products, consisting primarily of holographic AR advertising services and holographic AR entertainment products. The offering, which closed on April 3, 2020, raised approximately US$26.1 million. Partner Derrick Kan led the firm’s team in the transaction, while Ellenoff Grossman & Schole and Jingtian & Gongcheng acted as US and China counsels, respectively. DLA Piper and Commerce and Finance Law Offices acted as US and China counsels, respectively, to the underwriters.

Orrick has advised M17 Entertainment, the leading live streaming platform in Developed Asia, on its US$26.5 million Series D financing round. Led by Vertex Growth Fund, the round included Stonebridge Korea Unicorn Venture Fund, Innoven Capital Singapore, Kaga Electronics and ASE Global. The latest funding will provide additional support for M17’s continued growth in Japan, as well as its expansion to the US and other key new markets. William Ho led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel for Mitsui Sumitomo Insurance on the US$100 million issuance of Series 2020-1 Class A principal at-risk variable rate notes by Akibare Re. This is the first catastrophe bond from Mitsui Sumitomo to be issued out of Singapore, and is the first Asian-sponsored ILS deal to be domiciled in Singapore. Partners Simon Goh, Lee Xin Mei, Cheryl Tan and Benjamin Teo led the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also advising Leader Environmental Technologies on its S$1.8 million (US$1.27m) placement of new shares. Partners Danny Lim and Cynthia Wu led the firm’s team in the transaction.

RHTLaw Asia has acted for existing investor GeoPost who, together with two sovereign wealth funds, led the latest Series D funding round for logistics provider Ninja Van. Other key investors also joined the funding round. This additional capital injection will help Ninja Van expand its delivery solutions across Southeast Asia. Partner and co-head of corporate and capital markets practice Erwan Barre led the firm’s team in the transaction.

Skadden has advised Leo Ou Chen, chairman and CEO of Jumei International Holding (China), on the US$130 million going-private acquisition of the remaining stake in Jumei. Partners Peter Huang (Beijing) and Michael Mies (Palo Alto) led the firm’s team in the transaction, which was announced on February 25, 2020.

Skadden has also advised the special committee of the board of directors of Changyou.com on the US$579 million going-private acquisition of Changyou.com by Sohu.com. Both companies are based in China. Beijing corporate partner Peter Huang led the firm’s team in the transaction.

SSEK Indonesian Legal Consultants has acted for Ladang Lekir, a Malaysian oil palm and rubber plantation company and an indirect wholly-owned subsidiary of the Perak State Agricultural Development Corporation, on the sale of its shares in Indonesian oil palm company Pinang Witmas Sejati. Leading Malaysian multinational plantation company Kuala Lumpur Kepong (KLK), through its Singapore-incorporated wholly-owned subsidiary Taiko Plantations, acquired Ladang Lekir’s 60 percent equity interest in Pinang Witmas Sejati to boost its plantation landbank. The acquisition price was R$341.55 million (US$78.5m). With the acquisition of Pinang Witmas Sejati, KLK acquired about 14,106 hectares of a planted oil palm estate in South Sumatra. Managing partner and a supervising partner of land and real estate practice Denny Rahmansyah led the firm’s team in the transaction.

S&R Associates has represented IndoSpace Core, the largest industrial and logistics core real estate vehicle in India, on obtaining a Rs10 billion (US$132m) green loan facility from The Hongkong and Shanghai Banking Corporation. IndoSpace Core is a joint venture between Everstone-backed warehousing and logistics specialist IndoSpace, Canada Pension Plan Investment Board, and global investment and fund manager GLP. Partners Sudip Mahapatra and Prachi Goel led the firm’s team in the transaction.

S&R Associates has also represented Indiamart Intermesh, a listed Indian e-commerce company which owns and operates India’s largest online B2B marketplace, on its Rs100 million (US$1.3m) investment in Mobisy Technologies, a company that provides technology solutions to retail brands. Partner Radhika Iyer led the firm’s team in the transaction.