Baker McKenzie recently advised Stichting Depositary APG Strategic Real Estate Pool (APG) and SK Holdings Co., Ltd. (SK) as pre-IPO investors of, and APG also as a shareholder which has sold part of its stake in, ESR Cayman Limited (ESR) in its initial public offering (IPO) and listing on the Main Board of the Hong Kong Stock Exchange. ESR has the largest Asia Pacific-focused logistics real estate platform and its IPO is said to be Hong Kong's second largest this year so far. The shares of ESR commenced trading on the Hong Kong Stock Exchange on 1 November 2019.
APG is a Dutch foundation acting in its capacity as depository of APG Strategic Real Estate Pool, which is formed with APG Asset Management N.V. as its manager for the purpose of collective investments by its participants, all being Dutch pension funds. SK is a publicly listed company, whose shares are listed on the Korea Stock Exchange. SK and its subsidiaries are engaged in the business of energy, telecommunications and semiconductors.
The Baker McKenzie team was led by Partner Ivy Wong, who heads the Firm's Asia Pacific Capital Markets Practice, with support from associates William Cho and Stephanie Mak in Hong Kong, in collaboration with Partner Jason Ng and his team in Financial Services Group.
This transaction adds to the extensive list of leading clients and capital markets deals in Hong Kong for and on which the Firm recently advised, including acting for Tencent as a pre-IPO investor and substantial shareholder in the IPO of Koolearn Technology Holding, and acting for Chinese biologics giant 3SBio Inc. in its cornerstone investment in the IPO of Mabpharm.
In addition, the Firm also acted for CICC, Credit Suisse and Morgan Stanley as joint global coordinators on the global offering and IPO of Shanghai Dongzheng Automotive Finance Co., Ltd., which was said to be one of the few auto finance companies to be successfully listed on the Hong Kong Stock Exchange. The deal was particularly interesting as it adopted an unconventional offering structure that served to facilitate the over-allotment arrangement and price stabilization activities, and addressed the practical realities and unique circumstances of the transaction. The Firm has also recently acted as the issuer's counsel in the IPO of YCIH Green High-Performance Concrete Company Limited, a leading ready-mix concrete producer in China, whose shares were listed on 31 October 2019 and the IPO of Changsha Broad Homes Industrial Group Co., Ltd., a leader of the industrialization of the construction industry in China, whose shares were listed on 6 November 2019.
Commenting on the series of deals completed by the Firm, Ivy Wong said: "We are pleased to have been able to bring our significant experience in equity capital markets fund raising to the table and work closely with the transaction team and all relevant stakeholders to successfully bring each deal to fruition for our clients."
Baker McKenzie is one of the leading firms for complex transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in key major financial centers, and issuers on their proposed listing and fund raising activities in different jurisdictions. With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is able to guide clients through all stages of the process, providing valuable insight on regulatory developments that could impact the value and feasibility of cross-border transactions, as well as on ongoing compliance issues. The team also assists listed companies in the restructuring of shareholdings, use of stock as consideration, and block trades.