Deal highlights

Hong Kong IPOs

SANVO Fine Chemicals Group, a PRC-based industrial chemical products manufacturer, recently achieved its IPO in Hong Kong, raising HK$130 million (US$16.69 million) globally. King & Wood Mallesons acted as PRC and Hong Kong counsel, while Appleby acted as Cayman Islands counsel to SANVO Fine Chemicals. Dechert and Hills & Co advised the sole sponsors and the underwriters.

China Merchants Commercial Real Estate Investment Trust (CMC REIT), raised HK$2.56 billion in its December Hong Kong IPO. Maples Group acted as British Virgin Islands counsel, Baker McKenzie acted as Hong Kong and US counsel, while Zhong Lun Law Firm acted as PRC counsel to the REIT manager, China Merchants Land Asset Management. Freshfields and JunHe advised the underwriters, and Allen & Overy advised the trustee. According to Maples Group, CMC REIT’s initial portfolio comprises commercial properties in the Greater Bay Area.

JS Global Lifestyle, a household appliances company, raised about HK$2.6 billion in its December Hong Kong IPO. Maples Group acted as Cayman Islands counsel, Clifford Chance acted as Hong Kong and US counsel, while Grandall Law Firm acted as PRC counsel to JS Global Lifestyle. Paul Hastings and Commerce & Finance Law Offices advised the sponsors and underwriters.

Consortium agreement

A consortium composed of China Merchants Group subsidiaries and expressway companies from China’s Jiangsu, Zhejiang, Anhui and Sichuan provinces, have signed an agreement with IC Holding, a leading construction and concession investment company in Turkey, to acquire a 51% stake in their project company. The transaction marks the largest Chinese acquisition in Turkey in 2019.

Baker McKenzie and its branch, Esin Attorney Partnership, advised IC Holding. The completion of the transaction is subject to closing conditions. Under the terms of the agreement, IC Holding and the Chinese consortium will undertake the financing, design, construction, operation and all maintenance and repair of the Northern Marmara Motorway’s Odayeri-Paşaköy Section (including the Third Bosphorus Bridge) located in Istanbul.