Davis Polk advised the underwriters on the initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited and an international offering in reliance on Rule 144A and Regulation S of Legend Holdings Corporation. The gross proceeds from the global offering amounted to approximately HK$15.17 billion (US$1.96 billion) prior to any exercise of the over-allotment option. (more…)
The Hong Kong office of the Firm represented the underwriters in the initial public offering in Hong Kong and Rule 144A/Regulation S offering by HTSC, a joint stock limited liability company established in the PRC under the Chinese corporate name 华泰证券股份有限公司 and carrying on business in Hong Kong as HTSC (“HTSC”). HTSC offered and sold an aggregate of 1,562,768,800 H shares after exercise of the over-allotment option, which raised approximately HK$38.8 billion (US$5 billion) in gross proceeds. The H shares of HTSC are listed on the Hong Kong Stock Exchange. Huatai Financial Holdings (Hong Kong) Limited, J.P. Morgan and UBS acted as joint sponsors; Huatai Financial Holdings (Hong Kong) Limited, J.P. Morgan, UBS, ICBCI, BNP Paribas and CMS acted as jointed global coordinators, joint bookrunners and joint lead managers; and Credit Suisse, Morgan Stanley, Goldman Sachs, Citigroup, Deutsche Bank, Nomura, ABCI, CCBI, GF Securities and Industrial Securities acted as joint bookrunners and joint lead managers. This is the largest IPO globally this year to date. (more…)
Willkie represents Houston-based HCC Insurance Holdings, Inc., a world leading specialty insurer, in its deal to be acquired by Tokio Marine Holdings, Inc., Japan’s largest insurance group.
On June 10, Tokio Marine Holdings, Inc. and Willkie client HCC Insurance Holdings, Inc., a world leading specialty insurer, announced that they have entered into a definitive merger agreement under which Tokio Marine will acquire HCC for $7.5 billion. Pursuant to the terms of the transaction Tokio Marine will acquire all outstanding shares of HCC for $78.00 in cash per share, through Tokio Marine’s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. The acquisition, which combines HCC’s specialty expertise with Tokio Marine’s global resources, significantly enhances Tokio Marine’s operations in the United States and internationally. (more…)
The Hong Kong office of law firm Eversheds has advised Yunnan Water Investment Co., Limited on its HK$1,508.7 million initial public offering (IPO) on the Hong Kong Stock Exchange. The company was successfully listed on 27 May 2015.
Yunnan Water Investment Co., Ltd is one of the leading integrated service providers in the municipal wastewater treatment and water supply industries in Yunnan Province, the People’s Republic of China. It is one of the core investment and operation platforms for the Yunnan provincial government. The company’s business comprises of four main segments: wastewater treatment, water supply, construction and equipment sales and others, which comprises O&M wastewater treatment, water supply and municipal waste disposal projects. (more…)
Global law firm White & Case LLP has advised International Finance Corporation, a member of the World Bank Group, and the IFC Global Infrastructure Fund, a fund managed by the IFC Asset Management Company (AMC), as co-investors on an aggregate US$150 million equity investment in China Tian Lun Gas Holdings Limited (more…)
Davis Polk advised BHP Billiton on investigations conducted by the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) into potential breaches of the Foreign Corrupt Practices Act (“FCPA”) related to previously terminated minerals exploration and development efforts as well as hospitality provided by the Company to foreign government officials at the 2008 Beijing Olympic Games. The DOJ completed its investigation without taking any action. Today, the SEC announced a settled administrative proceeding related to BHP Billiton’s hospitality program hosted by BHP Billiton in connection with its sponsorship of the 2008 Beijing Olympic Games (more…)
International law firm Dechert LLP has further strengthened its leading position as a global legal advisor on MENA region capital markets issues, having advised on the first ever investment grade international bond issuance by an Omani corporate entity and the largest ever international capital markets issuance out of the Sultanate of Oman (more…)
Akin Gump has advised Newforest Limited (“Newforest”) in its US$109 million acquisition of 63 percent of the issued capital of Greenheart Group Limited (“Greenheart”, HKSE:0094), 40 percent of Greenheart Resources Holdings Limited and certain shareholder loans from Emerald Plantation Holdings Limited (EPHL) and its group of companies. The deal closed today, May 7, 2015 (more…)
Appleby acted as BVI and Bermuda counsel to Yuexiu Transport Infrastructure Limited (Yuexiu Transport) in the establishment of a guaranteed US$1 billion medium term note programme (Programme) issued by a wholly-owned subsidiary of the company. Under the Programme, a debut €200 million 1.625% guaranteed notes due 2018 will be issued on 7 May. The Programme is listed on the Stock Exchange of Hong Kong while the notes will be listed on the Irish Stock Exchange (more…)