24 February 2023
Carey Olsen acts in six China Business Law Journal deals of the year
Carey Olsen has been featured six times in China Business Law Journal's (CBLJ) prestigious 'deals of the year' list for 2022. Four of the deals have been named as leading transactions in the cross-border deal category, one deal has been listed among the best capital market matters and another has been recognised as a significant disputes and investigations deal.
The annual listing commends law firms for the ground-breaking, industry leading deals they have worked on throughout 2022. CBLJ forms its winning list based on independent observation and coverage of the China legal market throughout the year. The judging panel selects deals that stand out for significance, complexity, innovative nature and size.
The capital market deal the firm advised on was for JinkoSolar, one of China's largest solar module manufacturers. The Carey Olsen team were led by Hong Kong SAR partner Michael Padarin and counsel Eason Huang, who acted as British Virgin Islands (BVI) and Cayman Islands counsel. They advised alongside lead onshore counsel King & Wood Mallesons Shanghai on JinkoSolar's USD$1.4 billion initial public offering on the Shanghai Stock Exchange's Sci-Tech innovation board (STAR Market).
One of Carey Olsen's winning cross border transactions was led by Singapore managing partner Anthony McKenzie, with support from counsel Susan McKinstray and associates Maggie Yan and Eng How Cheow. The team advised China Merchant Bank (CMB) on the Cayman Islands law aspects of the setup of a HK$4.9 billion employee incentive scheme alongside onshore counsel Fangda Partners. CMB International Securities set up an orphan SPV to purchase the convertible bonds issued by Mengniu and placed by BOCI Asia. As part of the Qualified Domestic Institutional Investors (QDII) scheme, CMB acted as the arranger, original lender and agent in the HKD3.8 billion loan facility to Eaglets International Financial Products.
Another one of the firm's leading cross border transactions was led by Hong Kong partner James Webb and associate Calvin Lee. The team advised financiers to ESR Group Limited's successful bid to develop a prime cold storage and logistics facility in Kwai Chung, Hong Kong, in a joint venture with Chinachem Group.
Hong Kong managing partner Michael Padarin said: "2022 was a significant and busy year for both Carey Olsen Hong Kong and Singapore. We are proud to have advised six winning deals, each unique from one another with their own intricacies and complexity. It is pleasing for our expertise across many service areas to be recognised and commended in this way. These wins are testament to the strength, hard work and dedication of our teams in Asia."
The six winning deals Carey Olsen acted on, were:
- Jinko Solar’s US$1.4bn Star Market IPO
- Chinachem and ESR cold storage JV
- IDEG launch of digital asset funds
- Luckin Coffee debt restructuring
- Mengniu incentive scheme for onshore employees
- Sina privatisation-related Cayman proceedings
These accolades follow Carey Olsen Singapore managing partner Anthony McKenzie's recent recognition as one of the best private practice lawyers in the Chinese market in the China Business Law Journal's annual A-List.
The full list of 2022 deals of the year are available to read on the China Business Law Journal website.