Herbert Smith Freehills has recently advised Stelux Holdings International Limited (“Stelux”), one of the largest mid-end watch and optical retailers in Asia, on the strategic investment and subscription of convertible bonds in an aggregate principal amount of approximately HK$371 million (US$47.7 million) by Boyu Capital (“Boyu”).
Stelux intends to use the proceeds from the issuance of the convertible bonds for further expansion of its retail store networks, promotion of in-house brands and potential business expansion.
Listed on the Hong Kong Stock Exchange, Stelux is principally engaged in the retailing, trading and wholesale of watches and optical products through its “CITY CHAIN” and “OPTICAL 88” retail chain stores which have over 600 outlets. It is also the sole and exclusive distributor of “SEIKO” watches and clocks in the region.
Boyu is a leading China-focused private investment firm with more than US$1 billion under management. It provides growth and transformational capital for industry-leading businesses in Greater China.
The team was led by Herbert Smith Freehills partners Jason Sung and Austin Sweeney, who were supported by associates Jackie Chen and Stephanie Zhang.
