Leading international law firm Clifford Chance has advised Temasek Holdings (Private) Limited on its US$2.3 billion acquisition of the H shares of Industrial and Commercial Bank of China Limited (ICBC) held by The Goldman Sachs Group, Inc. This is the Hong Kong Corporate team’s most recent transaction in a series of headline deals since January totalling over US$7 billion.

The Hong Kong team was led by partners Amy Lo and Simon Cooke. They were assisted by senior associates Raymond Ng, Helen Fok and associate Bryan Koo. 

The firm also advised Liaoning Tianhe Chemicals on its pre-IPO fundraising with the issuance of convertible redeemable preference shares worth US$300 million to Morgan Stanley’s private equity arm. The funds were used to pay off the debt portion held by two existing private equity investors in the company. 

Amy and Cherry Chan led the team and were supported by associates Cheris Wong, Au Yeong Wai Mun and Oliver Nip. The financing team was led by partner Anthony Wang who was supported by associates Vivian Wong, Adrian Poon and Hetty Lam.

In the past month, Clifford Chance also advised on two of the largest fund raisings in Hong Kong recently, the US$1.44 billion H share placing by China Minsheng Bank led by Beijing partner Tim Wang, and the US$1.35 billion top-up placing by Kunlun Energy Company Limited led by Hong Kong partners Amy Lo and Virginia Lee. In addition, the practice advised on Haitong Securities Company’s US$1.77 billion IPO, the largest listing in Hong Kong so far this year. That deal was led by Cherry, Tim and Shanghai partner Jean Thio.

Amy, who led on the Temasek and Liaoning Tianhe deals said, “We’ve advised on over US$7 billion fundraising in the ECM space this year so far. In addition to the Temasek and Tianhe transactions, we have also just launched the largest IPO in Hong Kong thus far this year – China Haitong Securities’ US$1.77 billion H share offering. Our Asia Pacific team looks forward to working on more of these headline deals this year.”