On 30 November 2018, the China Securities Regulatory Commission (the “CSRC”) released the news on its approval of the increase of shareholding of UBS AG in UBS Securities Co. Limited (“UBS Securities”) to 51%. This approval was granted to support the implementation of the overall plan to further open up the PRC securities industry introduced by the Central Committee of Communist Party of China and the PRC State Council.

The Firm represented the underwriters in the initial public offering and Rule 144A/Regulation S offering by Babytree Group (“Babytree”). Babytree offered an aggregate of 250,323,000 Shares (prior to the exercise of the overallotment option), which raised HK$1.7 billion (approximately US$218.2 million) in gross proceeds. The shares of Babytree are listed on the Hong Kong Stock Exchange. Morgan Stanley Asia Limited, Haitong International Capital Limited and China Merchants Securities (HK) Co., Limited acted as the joint sponsors.

The Firm represented the underwriters in the initial public offering and Regulation S offering by Kaisa Property Holdings Limited (“Kaisa Property”). Kaisa Property offered an aggregate of 35,000,000 Shares (prior to the exercise of the overallotment option), which raised HK$328.3 million (approximately US$42.1 million) in gross proceeds. The shares of Kaisa Property are listed on the Hong Kong Stock Exchange, and is a spin off from Kaisa Group Holdings Ltd (stock code: 1638). CLSA Capital Markets Limited and ABCI Capital Limited acted as the joint sponsors.

International law firm CMS has advised Bank of Ireland (BoI) on its £104m part-funding of the acquisition by Hana Property Holdings S.à r.l of the entire issued share capital of Wood Grafton One, owner of the iconic One Poultry building in the City of London.

Shearman & Sterling advised Morgan Stanley Asia Limited, Huatai Financial Holdings (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C. as sponsors and other joint global coordinators and underwriters on the US$1 billion global offering and initial public offering of WuXi AppTec Co., Ltd. (WuXi AppTec) on the Main Board of The Stock Exchange of Hong Kong Limited.

WuXi AppTec priced its offering at HK$68 (approximately US$8.7) per offer share and offered 116,674,200 global offering shares, subject to the overallotment option.

Shearman & Sterling advised J.P. Morgan Securities plc, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Scotiabank Perú S.A.A. and Scotia Capital (USA) Inc. on the offer to purchase for cash made by the Republic of Peru of its 7.125% global bonds due 2019 and various series of its Bonos Soberanos, including in the form of global depositary notes (GDNs).

Global law firm White & Case LLP has advised BNP Paribas Fortis SA/NV, Coöperatieve Rabobank U.A., trading as Rabobank London, ING Bank N.V., Royal Bank of Canada and Sumitomo Mitsui Banking Corporation Europe Limited, as mandated lead arrangers and bookrunners, on a strategic €400 million syndicated cov-lite financing to Kiwa, a global specialist in testing, inspection and certification (TIC).

Kiwa is a portfolio company of Dutch investment company, NPM Capital.

Global law firm White & Case LLP has advised on the successful extension of the financing for Romanian chemical producer Chimcomplex SA, arranged by Frankfurt-based VTB Bank (Europe) SE together with Special Investments Group of Credit Suisse AG, for the acquisition of certain assets and of the business of Oltchim S.A.

White & Case acted as international and English law adviser to VTB Bank (Europe) SE in its roles as arranger, facility agent and lender, coordinating with Romanian law firm Stratulat Albulescu on Romanian aspects.

Ashurst advised UBS and CMB International on the global offering and the HK$1.28 billion (approx. US$164 million) listing of Chinese mobile ad giant Mobvista Inc. (MobVista, HKex: 1860) on The Hong Kong Stock Exchange.

The firm has advised Santander on funding for the acquisition of Miles 33 by Ethos

Ethos Partners, a private investment office, acquired a major interest from Ares Management in Miles 33 Group, an international Bracknell-headquartered provider of digital publishing software to the media industry, which has operations in the USA, Italy and Malaysia, as well as the UK.

The Burges Salmon team, led by Banking partner Rachael Ruane, advised Santander on all legal aspects of funding for the transaction.