Herbert Smith advised Goldman Sachs (Asia) and The Hongkong and Shanghai Banking Corporation, as joint placing agents, on the sale of 210 million shares of Li & Fung Limited held by its controlling shareholder, Li & Fung (1937) Limited, for HK$3.9 billion (US$502 million) under a top-up placement.
Founded in 1906, Li & Fung is a leading consumer goods company and reportedly the world’s largest supplier of clothes and toys to retailers.
The Herbert Smith team was led by corporate partner Jason Sung who was assisted by consultant John Holtrichter, associate Elisa Leung and trainee Frank Choi. US security advice was provided by partner Kevin Roy. Consultant Susan Leung advised on tax issues.
US$296 million top-up placing of Cheung Kong Infrastructure Holdings
Herbert Smith advised Citigroup Global Markets Asia and The Hongkong and Shanghai Banking Corporation, as joint placing agents, on the sale of approximately 51 million shares of Cheung Kong Infrastructure Holdings (CKI) held by its controlling shareholder, Hutchison Infrastructure Holdings, for HK$2.3 billion (US$296 million) under a top-up placement.
This transaction follows CKI’s earlier HK$3.4 billion (US$438 million) top-up placing in July 2011, in which Herbert Smith also acted as counsel to the sole placing agent.
CKI is the largest publicly listed infrastructure company in Hong Kong with diversified investments in energy, transportation and water infrastructure.
The Herbert Smith team was led by Jason Sung, supported by associate Elisa Leung and trainee Frank Choi. Advice on US security was provided by partner Kevin Roy and associate Jackie Chen.
Jason Sung and Kevin Roy jointly commented:
“We are delighted to have had the opportunity to work on two of the largest capital raising transactions in Hong Kong in March 2012. These deals reinforce our position as one of the leading equity capital markets teams in the region.”
