7 ASIAN LEGAL BUSINESS – AUGUST 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS Chinese companies hoping to float their offshore assets on the LSE. “In particular, if a Chinese company with global assets is already listed on a stock exchange in mainland China, and to the extent a secondary listing is not practicable, a spin-off listing of the offshore assets could be a better option for them,” says Xu. “In that case, the relationship between the offshore assets and the controlling shareholder in mainland China will be only subject to disclosure and investors will decide whether the arrangement is acceptable according to their own risk appetite,” he adds. WHICH SECTORS ARE LIKELY TO BENEFIT MOST? With the removal of the three-year track record requirement, issuers will be able to float their shares even at an earlier stage of their growth cycle. Additionally, Xu contends that a more lenient stance towards dualclass share structures may facilitate the attraction of founder-led issuers, which the UK is eager to engage. DEALS $8 BLN Robert Bosch’s acquisition of businesses of Johnson Controls, Hitachi Deal Type: M&A Firms: Freshfields Bruckhaus Deringer; Simpson Thacher & Bartlett; Sullivan & Cromwell Jurisdictions: Germany, Japan, U.S. $7.8 BLN Vanguard International’s JV with NXP Semiconductors Deal Type: JV Firms: Allen & Gledhill; A&O Shearman Jurisdictions: Singapore, Taiwan $1.6 BLN Allianz’s offer to acquire Income Insurance Deal Type: M&A Firms: A&O Shearman; WongPartnership Jurisdictions: Germany, Singapore $2.17 BLN MBK Partners’ acquisition of Alinamin Pharmaceuticals Deal Type: M&A Firms: Nishimura & Asahi; Simpson Thacher & Bartlett Jurisdictions: Japan, U.S. “Chinese high-tech firms who adopt dual-class share structures may benefit more because they often have unpredictable profit timelines and need ongoing investments. Founders prefer these structures to keep control during fundraising rounds,” Xu notes. “Where a U.S. listing is more challenging for them due to geopolitical or other reasons, LSE may become a better option for them considering the similar flexibility for dual-class share structures under the new FCA rules,” he adds. u $1.1 BLN Otsuka Pharmaceutical’s acquisition of Jnana Therapeutics Deal Type: M&A Firms: Latham & Watkins; Skadden, Arps, Slate, Meagher & Flom Jurisdictions: Japan, U.S. $905 MLN Yokohama Rubber’s acquisition of OTR business from Goodyear Deal Type: M&A Firms: Freshfields Bruckhaus Deringer; Sullivan & Cromwell Jurisdictions: Japan, U.S. $726 MLN Cyan Renewables acquires ASX-listed MMA Offshore Deal Type: M&A Firms: Allens; Stephenson Harwood; Thomson Geer Jurisdictions: Australia, Singapore $509 MLN 99 Speed Mart Retail’s IPO Deal Type: IPO Firms: Christopher & Lee Ong; Lee Choon Wan & Co Jurisdiction: Malaysia
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