Freshfields unveils highlights of its Asia capital markets practice in 2017Freshfields Bruckhaus Deringer (‘Freshfields’) has advised on 19 major equity capital markets ('ECM') transactions during the past twelve months, which raised approximately US$24.3bn in total.
Highlights included advising:
• Guotai Junan Securities on its US$2.1bn IPO, which was Hong Kong’s largest IPO of the year;
• Sisram Medical on the first-ever listing of an Israel-incorporated company on the Hong Kong Stock Exchange, raising US$125m;
• the underwriters on two major tech IPOs in Hong Kong within a single week, namely the IPOs of Razer Inc. (which raised US$530m) and Yixin Group (which raised US$865m); and
• China Unicom (Hong Kong) on its US$11.3bn share issue to its parent company, China Unicom (BVI), as part of the mixed ownership reform plan implemented by China United Network Communications Group. This was the first transaction under China’s mixed ownership reform of state-owned enterprises.
Other notable ECM transactions on which the firm advised during 2017 included:
• Advising the underwriters on the US$248m Hong Kong IPO of Hebei Construction Group Corporation
• Advising BOCOM International Holdings on its US$230m spin-off and separate listing from Bank of Communications on the Hong Kong Stock Exchange
• Advising the underwriters on the US$150m Hong Kong IPO of Inner Mongolia Energy Engineering Company
• Advising the sponsors on Wharf Real Estate Investment Company’s spin-off from The Wharf (Holdings) and separate listing by way of introduction on the Hong Kong Stock Exchange
• Advising the lead financial adviser and lead placing agent in the placement of US$3.97 billion of H-shares by China Everbright Bank Company Limited to Overseas Chinese Town Enterprises Company and China Everbright Group Limited
• Advising Beijing Jingneng Clean Energy Company Limited on its placement of US$450m of H-shares on the Hong Kong Stock Exchange
• Advising Morgan Stanley, the sole bookrunner, on the US$526m placing by ASM International N.V. of shares in ASM Pacific Technology Ltd.
• Advising entities affiliated with Cerberus Capital on its cornerstone investment in Cromwell European REIT (CEREIT) in connection with CEREIT’s initial public offering on the Singapore Exchange, which raised US$659.5 million
• Advising in connection with two major qualified institutions placements in India, which raised an aggregate of US$1.5bn
• Advising on Qingdao Port International Company Limited’s US$135m H-share placing on the Hong Kong Stock Exchange
• Advising on Qingdao Port International Company Limited’s US$840m sale of PRC domestic shares to COSCO SHIPPING Ports Limited
• Advising Goldman Sachs on a US$510 million sell-down in Bharti Infratel, a leading Indian telecom tower infrastructure provider
• Advising Zhongsheng Group Holding Limited on its US$172m share issue to Jardine Strategic Holdings Limited
Debt capital markets ('DCM') deals on which the firm advised in Asia which completed in 2017 raised in excess of US$12.5bn. Highlights included advising:
• the underwriters of SoftBank Group Corporation’s US$4.5bn perpetual bonds – the world’s biggest-ever deal of its type;
• China Citic Bank Corporation Limited on its issue of four series of bonds worth a combined total of US$1.8bn;
• the joint lead managers of Taikang Insurance Group’s issue of US$800m senior bonds;
• the joint lead managers on the 2017 update and upgrade of Far East Horizon’s US$4bn MTN and Perpetual Securities programme, on the issue of US$300m of senior perpetual capital securities under the programme and on the standalone issue of US$400m of subordinated perpetual securities by King Talent Management Limited guaranteed by Far East Horizon;
• Reward Science and Technology Industry Group Company Limited on its debut issuance of US$200 million high-yield senior guaranteed notes, and on the issue by Reward (HK) International Company Limited of US$200m high yield senior guaranteed notes;
• PT Saka Energi Indonesia’s debut issuance of US$625 million senior unsecured notes;
• Shui On Development Holding on its US$600m senior perpetual capital securities and US$500m senior notes issues; and
• China Construction Bank Corporation, Hong Kong Branch, as guarantor, and State Elite Global Limited, as issuer, on the issue of US$600m guaranteed senior notes.
“Freshfields Asian capital markets practice has a strong track record, and I’m very pleased that we maintained this during 2017,” said Grace Huang, partner and co-head of the firm’s Asia global transactions practice. “Among other ‘market firsts’, this year saw us advise on the first-ever listing in Hong Kong by an Israeli company, and we continue to offer market-leading advice and support to the increasingly diverse base of companies that wish to explore the possibility of listing in Asia.”
“I’m delighted that Freshfields was instructed by the underwriters of SoftBank’s perpetual bond issue – the biggest deal of its type in the world,” said Andrew Heathcote, partner and co-head of the firm’s Asia global transactions practice. “This illustrates the strength of our DCM team in the region, and I’m confident that the firm will continue to be chosen to advise on some of Asia’s most high-profile deals in 2018.”
Notes for editors
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