Cloud Village, China’s leading music streaming platform and a spin-off from NetEase, raised HKD3.28 billion (USD421 million) in its IPO on the HKEX. Skadden advised the issuer on Hong Kong and US law. JunHe and Maples Group advised the issuer on PRC and Cayman Islands law, respectively. For the sponsors and underwriters, Freshfields acted as Hong Kong and US counsel, while Jingtian & Gongcheng as PRC counsel.
Jiangsu Haili Wind Power Equipment Technology, a wind power equipment components manufacturer, raised about RMB3.3 billion (USD517.9 million) on the Growth Enterprise Market of Shenzhen Stock Exchange. Zhong Lun Law Firm advised the issuer while China Commercial Law Firm advised the underwriter.
US-based and China-oriented biotech LianBio raised USD325 million in its IPO on the Nasdaq, breaking a four-month hiatus of Chinese stocks listing in the US amid a recent regulatory blow. Ropes & Gray, Zhong Lun and Travers Thorp Alberga advised the issuer on the US, PRC and Cayman Islands law, respectively. Cooley acted for the underwriters on US law while Commerce & Finance Law Offices advised on PRC law.
Vazyme Biotech raised RMB2.2 billion on the Star Market of Shanghai Stock Exchange (SSE), making it the bourse’s first bioreagent researcher and developer. Tian Yuan Law Firm advised the issuer while Fangda Partners advised the underwriters.
Clover Biopharmaceuticals, a China-based covid-19 vaccine startup, raised HKD2 billion from its IPO on the HKEX. Kirkland & Ellis advised the issuer on Hong Kong and US law. Tian Yuan and Maples Group advised the issuer on PRC and Cayman Islands law, respectively. For the sponsors and underwriters, Skadden acted as Hong Kong and US counsel, while Commerce & Finance was PRC counsel.
Beijing Capital Jiaye Property Services, a local government-owned property manager, raised HKD304 million from its IPO on the HKEX. The company manages residential, commercial and public properties including the capital’s landmark, the Birds’ Nest. Baker McKenzie and Commerce & Finance acted for the issuer on Hong Kong and PRC law, respectively. King & Wood Mallesons advised the sponsors and underwriters on Hong Kong and PRC law.
Skadden, Han Kun Law Offices and Maples Group advised US-listed NIO, one of China’s top three electric vehicle makers, on its USD2 billion American depositary shares (ADS) offering, each representing one class A ordinary share of the company. Latham & Watkins and Commerce & Finance acted for sales and managers consisting of Credit Suisse, Morgan Stanley, Goldman Sachs, CICC, Nomura Securities and Guotai Junan Securities.
Skadden advised Bilibili on its USD1.6 billion offering of senior convertible notes due 2026. Commerce & Finance acted for the joint bookrunners compromising Goldman Sachs, JPMorgan and Morgan Stanley. The company plans to use the proceeds for its sustainable projects.
DeHeng Law Offices advised the underwriter for ICBC Financial Leasing on its USD1.35 billion of three and five-year senior unsecured USD notes issuance on the HKEX, priced at 1.625% and 2.25%, respectively. Part of the proceeds will be used to fund eligible wind power projects under the company’s green finance framework.
Zhong Lun advised New Hope Liuhe on its RMB8.15 billion issuance of convertible bonds due 2026 on the Shenzhen Stock exchange. The company engages in the manufacture and distribution of feed and meat products, and the proceeds will be used for scaling up the production capacity to strengthen its leading industry position.
Freshfields and Zhong Lun advised China Tianying, the environmental services group, on the sale of its Spanish waste management unit, Urabaser, to Platinum Equity for EUR1.47 billion (USD1.67 billion). Tianying bought Urabaser for EUR1.15 billion in 2019, which was then the largest overseas acquisition by a Chinese environmental company.
DeHeng advised Country Garden Services on the merger control filing aspect of its up to RMB10 billion acquisition of a 100% equity interest in R&F Properties from Wealth Best Global. According to DeHeng, this is the largest M&A to date in the property management sector.
Zhong Lun advised Chinese GPU startup Moore Threads on its RMB2 billion series A financing round. The company reportedly tapped most of its core engineering team from Nvidia, and recently announced itself as the first domestic company capable of delivering a fully featured GPU solution.
JunHe advised Tripod Preclinical Research Laboratories, the preclinical research service provider, in its approximately RMB1 billion financing.