Davis Polk Advises Yihai International Holding Ltd. on Its HK$858 Million (US$111 Million) Initial Public Offering

Davis Polk advised Yihai International Holding Ltd. in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$858 million (US$111 million) prior to any exercise of the over-allotment option.

Yihai International is a leading and fast-growing compound condiment manufacturer in China. It offers hot pot condiment products and Chinese-style compound condiment products. Yihai International is the second-largest hot pot condiment manufacturer in China as measured by sales value in 2015, according to Frost & Sullivan.

China International Capital Corporation Hong Kong Securities Limited acted as the sole sponsor for the Hong Kong offering. China International Capital Corporation Hong Kong Securities Limited and Macquarie Capital Limited acted as joint global coordinators for the global offering. China International Capital Corporation Hong Kong Securities Limited, Macquarie Capital Limited, DBS Asia Capital Limited, China Merchants Securities (HK) Co., Limited and Convoy Investment Services Limited acted as joint bookrunners and joint lead managers for the global offering.

The Davis Polk corporate team included partners Bonnie Y. Chan, Antony Dapiran and Li He, associates Stephenie Fung and Mun Bbill Tang and registered foreign lawyers Yazhe Liu and Ran Li. The tax team included partner John D. Paton and associate Omer Harel. Counsel Jeanine P. McGuinness provided OFAC advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and Washington DC offices.

www.davispolk.com


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