Davis Polk advised Tencent Music Entertainment Group on its SEC-registered initial public offering of 82,000,000 American Depositary Shares, consisting of 41,029,829 ADSs sold by Tencent Music and 40,970,171 ADSs sold by the selling shareholders, for total proceeds of approximately $1.1 billion. Each ADS represents two Class A ordinary share of Tencent Music. Tencent Music has granted the underwriters an option to purchase up to an additional 12,300,000 ADSs.

International law firm Trowers & Hamlins has acted as lead counsel on an Initial Public Offering (IPO) hailed as Bahrain's most successful in 10 years.

The transaction originally comprised an offering of 18 million shares, but generated a total demand of 97.4 million shares or BD64.3 million between both the institutional and retail investors, resulting in an oversubscription by 5.4 times the offer size.

Cross-border Latham team advises on the offering

Solarpack, a Spanish multinational company specialized in the development, design, financing, and construction of photovoltaic systems for solar energy production, successfully concluded the listing of its ordinary shares on the Bilbao, Madrid, Barcelona, and Valencia Stock exchanges. This initial offering, which represents 36.7% of the company’s capital, gives Solarpack €100 million in proceeds, which may be extended by up to €10 million if the overallotment option is exercised in the coming weeks.

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 Natural Food International Holding Limited (“Natural Food” or the “Company”) in connection with its initial public offering in Hong Kong and Regulation S offering of 421,000,000 shares (prior to the exercise of the overallotment option). The total offering size was HK$682 million (approximately US$87.4 million). The shares of Natural Food are listed on the Hong Kong Stock Exchange. China International Capital Corporation Hong Kong and CMBC International Capital Limited acted as the joint sponsors and joint global coordinators.

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.

Wolf Theiss has advised Ingrid Hotels S.p.A. as issuer of EUR 337,000,000 corporate bonds

Davis Polk advised Notre Dame Intermédica Participações S.A. in connection with the equity offering by Notre Dame Intermédica and by Bain Capital, the controlling shareholder of Notre Dame Intermédica, of 104,400,000 common shares of Notre Dame Intermédica for an aggregate amount of R$2.7 billion (approximately $695 million). The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

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.