Orrick, Herrington & Sutcliffe LLP has advised Yashili International Holdings Ltd. (Yashili) on a HK$2.7 billion (US$348 million) initial public offering on the Main Board of the Hong Kong Stock Exchange, with a Rule 144A/Regulation S placement to global investors. The offering, which took place on November 1, 2010, was underwritten by UBS Investment Bank, Bank of America Merrill Lynch and CITIC Securities Co., Ltd.
A team of Hong Kong- and U.S.-qualified capital markets lawyers from Orrick’s Hong Kong and China offices, led by partners Edwin Luk and Allen Shyu, advised Yashili on the Hong Kong and global offering.
Established in 1983 and headquartered in the Guangdong province in southern China, Yashili makes milk formula for infants, young children, and expectant and nursing mothers. The company has a leading position in second- and third-tier Chinese cities. Yashili operates dairy plants in the Guangdong, Heilongjiang, Shanxi and Henan provinces and employs more than 5,000 workers. Its products are currently sold to more than 1,300 regional distributors and through 80,000 retail outlets across China.
“Yashili’s global offering has been well received by investors, a tribute to our client’s commitment to growing its China consumer market,” said Edwin Luk, Orrick’s Asia Corporate Group Leader. “Orrick has a strong Hong Kong, U.S. and English capital markets track record – we’ve raised over US$4 billion for Chinese companies in Hong Kong over the last 3 years – and this, together with our deep knowledge of the Chinese consumer industry, ideally positioned our firm to advise Yashili.”
U.S. private equity firm, Carlyle Group, took a 17.3 percent stake in Yashili in September 2009 and has been working closely with Yashili on quality control and compliance.
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