Maples Group Supports on Largest Hong Kong Dual Listings of 2020
17 Jul 2020
The Maples Group is pleased to announce that its Hong Kong office has acted on two high profile Hong Kong dual listings, which are expected to be among the largest offerings in the region this year. The Group's unique ability to provide Cayman Islands and British Virgin Islands legal advice through its international law firm, Maples and Calder, in addition to its ability to act as a share registrar through its funds services business, has made the Group the perfect choice for international businesses considering initial public offerings or dual listings in Hong Kong.
Notably, the Group's law firm acted as Cayman Islands counsel to JD.com, Inc. ("JD.com") on its recent global offering and dual listing on the Hong Kong Stock Exchange. JD.com is the largest retail company in China by total revenues in 2019, according to Fortune Global 500 and has been listed on Nasdaq since May 2014. The offering, which closed on 18 June 2020, raised approximately HK$30.1 billion and is the largest in Hong Kong in 2020.
The Group's law firm also recently provided Cayman Islands legal advice on an equally significant global offering and dual listing on the Hong Kong Stock Exchange for NetEase, Inc ("NetEase"). NetEase has been listed on Nasdaq since June 2000, and is the second largest mobile game company in the world. The offering, which closed on 11 June 2020, raised approximately HK$21 billion and is currently the second largest offering in Hong Kong this year.
Teams based in the Group's law firm in Hong Kong advised both JD.com and NetEase. Corporate Partner, Richard Spooner, Of Counsel, Karen Zhang Pallaras and Associate, Vivian Lee acted for JD.com, while Richard Spooner and Associate, Mindy Ho acted for NetEase.
The Maples Group's fund services business in Asia led by its Regional Head Eastern Fong and Vice President Christy Poon, provided Cayman Islands share registrar support to both companies.
Commenting on the two successful listings, head of Maples and Calder's Corporate Practice in Asia, Matt Roberts said, "Hong Kong continues to be a leading destination for dual listings, IPOs and other public offerings, attracting major international companies and investors, and we were delighted to assist our clients, JD.com and NetEase with their recent dual listings. These listings are very positive for the region and set Hong Kong on course to becoming the global IPO leader again this year."
These deals are the latest in a long line of public offerings, both in Hong Kong and the United States, where the Maples Group has been selected for its comprehensive capabilities and expertise by clients in a wide range of sectors, including the technology, online gaming, telecommunications, biotechnology, pharmaceutical, medical and education sectors.
Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel and Shihui Partners acted as PRC counsel respectively to JD.com, whilst Clifford Chance acted as Hong Kong and US counsel and Han Kun Law Office acted as PRC counsel respectively to the underwriters, Merrill Lynch, UBS and CLSA.
Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel and Zhong Lun Law Firm acted as PRC counsel respectively to NetEase, whilst Davis Polk & Wardwell acted as Hong Kong and US counsel and JunHe LLP acted as PRC counsel respectively to the underwriters, CICC, Credit Suisse and J.P. Morgan.
Regional Head of Fund Services - Asia Hong Kong
T: +852 3655 9005
Partner Hong Kong, Singapore
T: +852 3690 7405
Vice President - Senior Account Manager Hong Kong
T: +852 3655 9021
Partner Hong Kong
T: +852 2971 3046
Karen Zhang Pallaras
Partner Hong Kong
T: +852 3690 7432
Associate Hong Kong
T: +852 3690 7513