News in Brief

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Yum China IPO raises US$2.2bn

Restaurant operator Yum China began trading on the Hong Kong Stock Exchange on 10 September. The secondary listing raised the company about HK$17 billion (US$2.2 billion), making it the third-largest IPO to date this year in Hong Kong. Jingtian & Gongcheng acted as Chinese legal counsel and Sidley Austin advised on Hong Kong and US legal matters. Commerce & Finance Law Offices, Freshfields, and Simpson Thacher represented the sponsor and underwriters.

Dilinh joins SCG network

Vietnam’s boutique corporate law firm Dilinh Legal announced its membership to SCG Legal, a global network of 116 independent law firms. The network was founded in 1989, and serves clients in major commercial centres and capitals in more than 59 countries. The membership will enable Dilinh to serve clients through a referral network of lawyers and professionals, as well as enhance the firm’s marketing and development opportunities.

Shearman fixes energy shortage

Shearman & Sterling has promoted two lawyers to restock its Asia finance practice following the departure of two Singapore partners to King & Spalding last month. Singapore-based Jean-Louis Neves Mandelli has been promoted to the partnership with immediate effect, while colleague Joe Freeman has stepped up as counsel. The firm’s international energy counsel, Angela Heywood Bible, will be relocated from Houston to Singapore later this year.

Oz partners in Ashurst board

Ashurst has elected Australian corporate partners Phil Breden and Kylie Lane to the firm’s nine-member global board. Breden is based in Sydney and specializes in M&A and corporate advisory, advising large listed companies in Australia, the US and Europe in energy, utilities, construction and manufacturing. Melbourne-based Lane specializes in M&A, equity capital markets, corporate advisory and governance. Her expertise is in the energy, resources, built environment and infrastructure sectors. The move took effect on 1 November.

Carey Olsen assists London purchase

Offshore law firm Carey Olsen advised Sun Venture, a Singaporean property developer and investor, in purchasing a mid-town London landmark, One New Oxford Street, from Nuveen Real Estate for an undisclosed sum. Carey Olsen’s team was led by corporate partner Robin Smith with the assistance of counsel Fiona Dalton and senior associate Susan McKinstray. It advised on all Jersey legal and regulatory aspects by way of acquisition of a Jersey Property Unit Trust.

Women dominate Dentons promotions

Dentons has promoted 17 senior lawyers across its offices in Australia, Papua New Guinea and New Zealand, of which 10 are women. The promotions span the firm’s banking and finance, construction, dispute resolution and litigation, intellectual property and technology, real estate, commercial and recovery and restructuring practice areas, effective from 1 July 2020.

Xihe sells 82 vessels

WongPartnership acted for the interim judicial managers (IJMs) of Singaporean shipping group Xihe Holdings on the fire sale of its 82 vessels. This came after Xihe’s creditors had adjourned court proceedings in favour of working together with the group towards a consensual restructuring. WongPartnership partners Manoj Sandrasegara, Smitha Menon, Lionel Leo, Lawrence Foo and Joel Chng are advising the IJMs on the ongoing management of the group.

Algo Legal hires two

Richie Sancheti, formerly investment funds practice head at Nishith Desai Associates (NDA), has joined Algo Legal as a partner in Mumbai, along with Abhinav Bhalaik, who was previously a partner at Cyril Amarchand Mangaldas since 2017. Sancheti and Bhalaik have more than a decade of experience in fund formation and M&A practice, respectively. With their recruitment, Algo expands its services across the investment space.

Livspace raises US$90 million

Home design and renovation platform Livspace has raised US$90 million in an oversubscribed round led by Switzerland-based investment management firm, Kharis Capital, and Singapore’s Venturi Partners, along with Singapore-based EDBI, Peugeot Group’s holding company FFP and Pidilite Group. WongPartnership act for Kharis Capital and EDBI. Partners Quak Fi Ling and Soong Wen E led the firm’s team representing Kharis Capital, and partner Kyle Lee led the team representing EDBI.

Cambodia capital tax delayed

Cambodia’s General Department of Taxation (GDT) announced a delay of the implementation of the capital gains tax until 1 January 2022. The Notification 24094 was issued to give taxpayers and the public sufficient time to understand how capital gains tax will apply and ensure that it is implemented smoothly. As reported by DFDL, the capital gains tax was initially had an implementation date of 1 July 2020 but was delayed to 1 January 2021 by a regulation called Prakas 346. The new notification gives more delay for this matter.

SAM in BYJU’S fundraising

Indian firm Shardul Amarchand Mangaldas & Co (SAM) advised online learning platform BYJU’S when it recently received a US$500 million round of funding from Silver Lake Partners and existing investors Tiger Global Management, General Atlantic Service and Owl Ventures. AZB & Partners advised Silver Lake and Tiger Global. The deal was announced on 8 September and closed on 11 September.

Capital markets expert joins KWM

King & Wood Mallesons hired Davis Polk capital markets partner Sam Huang, who will work as an international partner based in the firm’s Beijing and Hong Kong offices. Huang specializes in areas such as corporate financing, securities issuance, bond issuance and private equity investment. The clients he represented include Tencent, BeiGene, CICC and Sinopec.

Vietnam cuts corporate Tax

Vietnam’s government issued Decree 114 that provides guidance on the implementation of a 30% reduction of corporate income tax (CIT) for the 2020 financial year. The reduction will apply to all businesses with revenue of less than VND200 billion (US$8.6 million). DFDL reported that the reduction applies to the CIT payable after taking into account all tax incentive entitlements.

Merits & Tree hires 2 partners

Merits & Tree Law Offices has added Ma Chenglong and Li Ming as partners in the firm’s Shanghai office. The office now has 11 partners. Ma focuses on intellectual property and dispute resolution, and has earlier worked in Zhong Lun Law Firm, Global Law Office and Hengdu Law Firm. Li specializes in banking, human resources and labour relations, and formerly worked in JunHe Law Offices and Zhong Lun Law Firm.

New tax director at Fox Mandal

Fox Mandal & Associates has appointed Sandip Mukherjee as a director in its international tax practice. Mukherjee will be based in the firm’s Pune office and lead the practice in southern and western India. Mukherjee specializes in tax and regulatory laws, both domestic and international, and focuses on corporate tax, employee tax, foreign exchange laws, tax litigation, international tax, and mergers & acquisitions.

Nestle sells water arm

Tsingtao Brewery Group has acquired Nestle’s water business in mainland China. The beer maker acquired shares in Nestle Drinking Water (Shanghai), Nestle Natural Mineral Water (Tianjin) and Yunnan Dashan Beverages. Financial terms of the deal were not disclosed. King & Wood Mallesons advised Tsingtao, led by partners Jeff Pan and Shi Xin, while Chai Zhifeng provided legal support for antitrust-related matters.