Asia Capital Markets

We have a leading Asia capital markets practice, advising on some of the most sophisticated and innovative transactions in Asia, from headline-making IPOs for dynamic young companies to complex high-yield offerings and liability management exercises.

Our capital markets practice is one of the most active of all international firms in Asia, and we have the deal flow to keep pace with market trends and developments. We regularly appear at the top of the capital markets league tables in Asia and all of its major markets: China, Japan, India and Southeast Asia. We also have deep experience in specific markets like Taiwan, Korea and Singapore.

In our ECM practice, our partners in Hong Kong, Beijing and Tokyo have the experience to lead issuer, underwriter and sponsor clients through the IPO and listing process, whether the listing venue is in the United States, Hong Kong or a local exchange. We advise listed companies on everything from corporate governance and listing rule compliance to follow-on offerings and rights issues.

In our DCM practice, we are widely known for our work in high-yield, particularly in crafting tailored covenant packages for debut issuers. We also frequently appear on benchmark deals for some of China’s largest bond issuers, whose size and sophistication call for particular skill in execution. Finally, we plan and execute complex liability management exercises, including tender and exchange offers, consent solicitations, concurrent new money offerings, and debt restructurings.

We have on-the-ground capability in New York, Hong Kong and English law, and native execution capability in Mandarin, Cantonese, Japanese, Hindi, Tamil, Mongolian and Korean.

Recognition

  • Chambers Asia-Pacific
    • Asia-Pacific Capital Markets: Debt, Band 1
    • Asia-Pacific Capital Markets: Equity, Band 1
    • Asia-Pacific Capital Markets: High-Yield Products, Band 1
  • IFLR Asia Awards
    • Team of the Year: Equity, 2015 - 2017
  • Asian Lawyer – Asia Legal Awards
    • Securities Firm of the Year, 2017
  • Asian Counsel
    • Firm of the Year for Hong Kong Capital Markets, 2016
    • Firm of the Year for Capital Markets, 2014
  • China Law & Practice Awards
    • Capital Markets Firm of the Year, 2017
    • International Team of the Year for Capital Markets, 2014

Notable Matters

CHINA/HONG KONG
  • BeiGene Ltd. HK$7.08 Billion (US$903 Million) Public Offering on the Hong Kong Stock Exchange
    We advised the underwriters and the joint global coordinators in the public offering of BeiGene, Ltd. on the Hong Kong Stock Exchange. The gross proceeds from the offering amounted to approximately HK$7.08 billion (US$903 million) prior to the exercise of the over-allotment option. BeiGene is a global, commercial-stage, research-based biotechnology company focused on molecularly targeted and immuno-oncology cancer therapeutics.
  • Ping An Healthcare and Technology HK$8.77 Billion ($1.12 Billion) Initial Public Offering
    We advised the underwriters in the Hong Kong IPO of Ping An Healthcare and Technology Company Limited, for gross proceeds of approximately HK$8.77 billion ($1.12 billion) prior to the exercise of the over-allotment option, this is the biggest Hong Kong IPO debuted in 2018. Ping An Healthcare and Technology Company Limited is a pioneer in the PRC Internet healthcare market. It delivers on-demand healthcare anytime and anywhere through its mobile platform and offers online medical and wellness services, including family doctor services, consumer healthcare services, health mall as well as health management and wellness interaction.
  • Sogou Inc. Initial Public Offering and NYSE Listing
    We advised the underwriters on the IPO of Sogou Inc. American Depositary Shares, for total proceeds of $585 million. At the time of its IPO, Sogou was the fourth-largest internet company in China by monthly active users. Sogou primarily engages in search and search-related business and offers extensive products and services, including Sogou Search and Sogou Input Method.
  • China Evergrande Group $6.6 Billion High-Yield Senior Notes Offerings and Exchange Offer
    We advised the managers of a Regulation S offering of high-yield notes by China Evergrande Group with an aggregate principal amount of $3.8 billion. We also advised the managers of China Evergrande Group’s concurrent offer to exchange an additional $2.8 billion of new notes for outstanding notes maturing in 2018 and 2019. China Evergrande Group, listed on the Hong Kong Stock Exchange, is one of the largest developers of residential property projects in China.
  • Razer Inc. HK$3.93 Billion (US$491.5 Million) Initial Public Offering
    We advised Razer Inc. in connection with its IPO and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The net proceeds from the offering amounted to approximately HK$3.93 billion (US$491.5 million). Razer Inc. is a global lifestyle brand for gamers. It offers an integrated portfolio of gaming hardware, software and services.
  • Sinopec Group $3 Billion Medium-Term Note Program Establishment 
    We advised the arrangers in connection with the establishment of a $3 billion medium-term note program guaranteed by China Petrochemical Corporation (Sinopec), the largest integrated petroleum and petrochemical company in China and one of the largest in the world in terms of revenue. It is one of China’s key state-owned enterprises.
JAPAN
  • Sumitomo Mitsui Trust Bank Guaranteed Secured Obligation Programme.
    We advised Sumitomo Mitsui Trust Bank in connection with establishment of a $5 billion guaranteed secured obligation programme for SumitG Guaranteed Secured Obligation Issuer D.A.C., an Irish SPV set up to issue “covered” bonds guaranteed by SMTB and a major financial services institution and secured by a pool of eligible fixed income assets. We advised SMTB on the programme and debut offering of $500 million of 2.251% guaranteed secured bonds due 2020.
  • Metropolis of Tokyo Bond Offering
    We advised Metropolis of Tokyo (MoT) on its debut Rule 144A/Regulation S offering of $1 billion of 2.000% bonds due 2021. The offering was MoT’s first U.S.-directed offering as a stand-alone issuer.
  • Sumitomo Mitsui Financial Group TLAC Notes Offering
    We advised Sumitomo Mitsui Financial Group on its debut SEC-registered offering, which consisted of $1.75 billion of 2.934% senior notes due 2021, $1.5 billion of 3.784% senior notes due 2026 and $750 million of floating-rate senior notes due 2021. The notes are structured to count as total loss-absorbing capacity (TLAC) notes.
  • LaSalle LOGIPORT REIT Global IPO
    We advised the joint lead managers on LaSalle LOGIPORT REIT’s ¥106.2 billion (US$935 million) global initial public offering of investment units, including an offering outside Japan pursuant to Rule 144A and Regulation S.
INDIA
  • ICICI Lombard General Insurance Company Limited INR 57 Billion IPO
    We advised the managers on the INR 57.01 billion (approximately $871 million) IPO and listing on the Bombay Stock Exchange and the National Stock Exchange of India of the equity shares of ICICI Lombard General Insurance Company Limited, the largest private-sector non-life insurer in India. The IPO is considered the first public offering in India by a domestic general insurance company.
  • Marble II $500 Million High-Yield Notes Offering
    We advised the managers on a Rule 144A/Regulation S offering of $500 million aggregate principal amount of 5.30% senior notes due 2022 by Marble II Pte. Ltd. Marble II is an investment holding company, beneficially owned by The Blackstone Group L.P. and GIC Special Investments Pte. Ltd., and holds 60.45% of the equity share capital of Mphasis Limited. Based in India, Mphasis is a global provider of application services, digital services, BPO services, digital technology operations and mortgage processing and management services and is listed on the BSE Limited and on the National Stock Exchange of India Limited.
  • ICICI Prudential Life Insurance Company Limited INR 60.57 Billion IPO
    We advised the global co-coordinators and book-running lead managers on the INR 60.57 billion (approximately $908 million) IPO and listing on the Bombay Stock Exchange and the National Stock Exchange of India of the equity shares of ICICI Prudential Life Insurance Company Limited, the largest private sector life insurer in India by total premium. The IPO is considered the first public offering in India by a domestic insurance company.
  • Reliance Industries Limited $800 Million Senior Notes Offering
    We advised Reliance Industries Limited on its Rule 144A/Regulation S offering of $800 million aggregate principal amount of 3.667% senior notes due 2027. Reliance Industries Limited is an integrated energy company with leadership positions in the areas of oil and gas, petroleum refining and petrochemical manufacturing and operates principally in India. It is India’s largest private sector enterprise.
SOUTHEAST ASIA
  • Sea Limited Initial Public Offering and NYSE Listing
    We advised the representatives of the underwriters of the initial public offering by Sea Limited. Sea operates three platforms across digital entertainment, e-commerce and digital financial services in Greater Southeast Asia region.
  • Cikarang Listrindo $550 Million High-Yield Notes Offering
    We advised the joint lead managers and joint bookrunners on a Rule 144A/Regulation S offering of $550 million aggregate principal amount of 4.95% senior notes due 2026 guaranteed by PT Cikarang Listrindo Tbk.Cikarang Listrindo is engaged in electricity generation and distribution, supplying over 2,223 industrial customers in the Cikarang area of Indonesia.
  • Star Petroleum Refining Public Company Limited IPO
    We advised the underwriters on the $355 million IPO and listing on the Stock Exchange of Thailand. SPRC is one of the leading petroleum product producers and refineries in Thailand. SPRC is an affiliate of Chevron South Asia Holdings Pte. Limited, which owned over 60% of SPRC after the offering.
  • True Corporation Spinoff IPO
    We advised True Corporation and certain of its subsidiaries on its $1.8 billion spinoff of telecommunications infrastructure assets to True Telecommunications Growth Infrastructure Fund, a fund established under the laws of Thailand and managed by SCQ Asset Management Company.
  • Sri Lanka Sovereign Debt Offerings
    We advised the initial purchasers on several Rule 144A/Regulation S offering of bonds by the Government of the Democratic Socialist Republic of Sri Lanka.