Fangda Partners and Simpson Thacher & Bartlett have advised Chinese e-commerce giant Alibaba on its $11.3 billion secondary listing in Hong Kong, with Freshfields Bruckhaus Deringer and King & Wood Mallesons advising the joint sponsors and underwriters.

According to Reuters, the listing value could go as high as $12.9 billion if an over-allotment option is exercised, and this would make it the largest deal in Hong Kong since 2010, and the world’s biggest ever cross-border secondary listing. Alibaba had a $25 billion New York listing back in 2014, which still holds the record for the world’s biggest initial public offering.

Reuters added that the IPO could be seen as a vote of confidence in Hong Kong’s financial future. Also, as the shares will be eligible for trading next June in the Stock Connect that links Shanghai and Shenzhen with Hong Kong, analysts and investors expect demand from mainland investors to lift its valuation.

The STB team was led by Hong Kong partners Chris Wong and Daniel Fertig, while the Fangda team was led by Beijing partner Jeffrey Ding and Shanghai partners Leo Lou and Doris Tang. 

Maples and Calder provided offshore law advice. Its team was led by corporate partners Greg Knowles and Derrick Kan. 

The joint sponsors are CICC and Credit Suisse.


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