Paul Hastings and JunHe advise on China Vanke subsidiary Onewo’s IPO on the HKEX, raising about HKD5.8 billion (USD738 million) in the fourth biggest debut so far in Hong Kong.
Onewo is a property services company and unit of China’s second largest developer.
Paul Hastings advised Onewo on Hong Kong and US law, while JunHe advised on PRC law. The Paul Hastings team was led by Raymond Li, a global partner and chair of the Greater China practice, corporate practice partners Vincent Wang and Fan Chaobo.
The IPO attracted six cornerstone investors, buying USD280 milion worth of shares: China Chengtong Investment and its subsidiary China State-owned Enterprise Mixed-ownership Reform Fund, Temasek Holdings, UBS Asset Management, Cephei Investment, the Athos Asia Event Driven Master Fund, and YHG Investment, which is managed by the Hillhouse Group-backed HHLR Fund.
Herbert Smith Freehills acted as Hong Kong and US counsel and Commerce & Finance Law Offices acted as PRC counsel to the joint sponsors, CLSA Capital, Citigroup Global and Goldman Sachs.
Partners Jeremy Shen, Stanley Xie and Kong Jin jointly led the Herbert Smith Freehills team, with support from Hong Kong-based partner Matthew Emsley, London-based partner Tom O’Neill and Singapore-based partner Xavier Amadei.