Allen & Gledhill has advised LMIRT Management, as manager of Lippo Malls Indonesia Retail Trust, on the property replacement exercise in relation to the term loan facilities up to S$135 million (US$100m), loan facilities of up to S$67.5 million (US$50m), and term loan facilities of up to S$120 million (US$89m), as amended and restated by an amendment and restatement agreement dated October 16, 2023, whereby certain properties, including Lippo Mall Kemang and Sun Plaza and related assets, were granted as collateral to be shared on a pari passu basis between all the lenders. Pursuant to consent deeds entered into with the lenders on April 19, 2024, Sun Plaza will be replaced by Mal Lippo Cikarang, Gajah Mada Plaza, Kramat Jati Indah, Lippo Mall Kuta, Plaza Madiun Units and Plaza Medan Fair as collateral for the facilities. The property replacement exercise involved a detailed step-plan to align with the administrative process in Indonesia required for the granting of security in Indonesia, and the release of the existing collateral over Sun Plaza, up to the point where the replacement properties would be effectively granted, and where Sun Plaza could effectively be released as collateral. Further, one of the replacement properties would require an extension of lease tenure from the relevant Indonesian authority, and parties have to work into the consent deeds the provisions and process relating to such extension. Partners Jafe Ng and Delwin Singh led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Bank on the ¥30 billion (US$190m) subscription line facility to Mapletree Trustee, as trustee of Mapletree Japan Investment Country. The facility will be used to, inter alia, finance investments and/or expenses taken up by Mapletree Japan Investment Country. Partners Lim Wei Ting and Jonathan Lee led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised BridgeLinx Logistics on its Series A financing, led by Indus Valley Capital. BridgeLinx is a Pakistan-headquartered logistics start-up which operates Pakistan’s fastest-growing digital freight marketplace, helping to connect Pakistan’s largest shippers with the most reliable, cost-effective and efficient transportation providers to suit their needs. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners has advised Shivalik Small Finance Bank on the Rs960 million (US$11.5m) acquisition by Accel India VII (Mauritius), Quona Accion Inclusion Fund III, Sorin Investment Fund and Lightspeed India Partners IV of over 10 percent stake of Shivalik. Partner Niladri Maulik led the firm’s team in the transaction, which was completed on May 29, 2024.
AZB & Partners has also advised Tiger Global Management on its participation in the acquisition of stake, along with other investors, in Fashnear Technologies (Meesho). Partners Ashwath Rau and Jasmin Karkhanis led the firm’s team in the transaction, which was completed on April 22, 2024.
Moreover, AZB & Partners is advising Internet Fund VII, a fund managed by existing shareholder Tiger Global Management, on its participation in the Rs3.7 billion (US$44.4m) acquisition of stake, along with other investors, in Upgrid Solutions (dba Battery Smart). Partners Srinath Dasari, Ashwath Rau, Nanditha Gopal and Gautam Rego are leading the firm’s team in the transaction, which was signed on May 9, 2024 and is yet to be completed.
Baker McKenzie has acted as Hong Kong and US counsel to Yankuang Energy Group on the closing of a HK$4.96 billion (US$635m) placement of new H shares. This is the largest H share placement in 2024 so far, and the first H share placement of an “A+H” listed company following the promulgation of the current CSRC filing regime. The net proceeds from the placement will be used mainly to repay the Group’s debts and replenishment of general working capital of the Group. Hong Kong and Shanghai-listed Yankuang Energy Group is principally engaged in mining, high-end chemicals and new materials, new energy, high-end equipment manufacturing and intelligent logistics. The company produces thermal coals for large power plants, coking coal for metallurgical production, high-quality low-sulfur coal for pulverized coal injection and chemical products, such as methanol and acetic acid. Baker McKenzie partner Wang Hang and FenXun’s Rachel Wang and Xu Xiaoping led the firms’ team in the transaction.
Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised Hoi Tung Marine Machinery Suppliers on the formation of a joint venture with Schulte Maritime Services, as part of the company’s mixed ownership restructuring, whereby Schulte as a strategic investor acquired approximately one-third of Hoi Tung’s shares. Through this joint venture, the parties will endevour to further deepen the resource integration, grow the marine equipment business, and contribute to the transformation and upgrading of Hoi Tung. HK Hoi Tung is one of the biggest marine product suppliers in China, with business activities that include providing import/export services for marine products, such as vessel/port-related machinery and parts; communication and navigation equipment and accessories; and some other materials for ship owners, shipyards and ports in Mainland China. The company is a wholly-owned subsidiary of China Merchants Group. Schulte Maritime is the Singaporean affiliate of the Schulte Group, which engages in ship owning, ship management, maritime software development, newbuilding supervision and other maritime services. Partner Jeff Xu of FenXun, supported by partner Ian Chen of FenXun, led the firms’ team in the transaction.
Cyril Amarchand Mangaldas has advised Trust Group and others on their investment in India-listed Indiabulls Real Estate, via subscription to equity shares and share warrants in the preferential allotment by Indiabulls Real Estate. The preferential allotment aggregated to approximately Rs39.1 billion (US$468m). Trust Group and the other companies invested approximately Rs9.2 billion (US$110m) in equity shares and share warrants. Partner Leena Chacko, supported by partners Ruetveij Pandya, Molla Hasan and Dhruv Rajain, led the firm’s team in the transaction, which was signed on April 5, 2024 and closed on May 21, 2024.
Davis Polk has advised Atour Lifestyle Holdings on a SEC-registered secondary offering by Legend Capital, as the selling shareholder of 11.5 million American depositary shares, representing 34.5 million Atour Class A ordinary shares, including 1.5 million ADSs sold pursuant to the exercise of the underwriters’ option granted by the selling shareholder to purchase additional ADSs. Legend Capital received gross proceeds of approximately US$194.4 million from this secondary offering, before deducting underwriting commission and offering related expenses. The ADSs are listed on the Nasdaq. Atour is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Partner Li He led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Tungray Technologies on its IPO of 1.25 million Class A ordinary shares, and its listing on the Nasdaq. Tungray Technologies is a provider of customized industrial manufacturing solutions to Original Equipment Manufacturers in the semiconductors, printers, electronics and home appliances industries. The offering, which closed on April 23, 2024, raised approximately US$5 million. Partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole, Shook Lin & Bok and Han Kun Law Offices acted as US, Singapore and China counsel, respectively. VCL Law and AllBright Law Offices acted as US and China counsel, respectively, to the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to Lucas GC on its IPO of 1.5 million ordinary shares, and its listing on the Nasdaq. Lucas GC is the largest technology-driven online agency-centric human capital management service provider in China, based on PaaS (Platform as a Service). The offering, which closed on March 7, 2024, raised approximately US$6 million. Partner Derrick Kan led the firm’s team in the transaction, while DLA Piper UK and Beijing Dacheng Law Offices, acted as US and China counsel, respectively. Arentfox Schiff and PacGate Law Group acted as US and China counsel, respectively to Joseph Gunnar & Co, as the sole underwriter.
Saraf and Partners has acted for the House of Abhinandan Lodha (HOABL) on the purchase of land measuring approximately 135 acres. The deal was valued at approximately Rs1.2 billion. The land was acquired by HOABL for plotted development project in Goa, and is a strong addition to HOABL’s existing projects in Goa. Partner Ketan Khare and partner designate Madhura Samant, supported by partner Ravi Bishnoi, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised EDF on the Indian tax aspects of its acquisition of GE Vernova’s nuclear activities relating to conventional island of nuclear power plants. This acquisition will enable the EDF Group to acquire key technologies and skills for the nuclear industry and European energy security. Partner Gouri Puri led the firm’s team in the transaction, which closed on May 31, 2024.
Trilegal has advised MUFG Bank, via its Ganesha Fund, on its Series B investment in UpGrid Solutions (Battery Smart), a battery as a service (BaaS) provider for electric two and three-wheelers. The round involved an aggregate fund raise of US$65 million, including both primary and secondary investments. The investments will enable Battery Smart to expand its presence across India, and bring EV infrastructure to underserved markets. Partners Kabeer Mathur (corporate) and Komal Dani (tax) led the firm’s team in the transaction.
