29 May 2007 – LAWFUEL – The Law News Wire – International law firm Freshfields Bruckhaus Deringer has advised on the initial public offering (IPO) and Hong Kong Stock Exchange listing by Belle International Holdings (Belle) which listed on 23 May 2007. The retail portion of the global offering was more than 500 times over-subscribed, making Belle more popular among local Hong Kong investors than Industrial and Commercial Bank’s listing last year which raised US$21.9bn. The institutional portion was also significantly over-subscribed. Total proceeds from the IPO were US$1.27 bn which included the over-allotment option being exercised in full.
Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to the underwriters, who were led by Credit Suisse Group and Morgan Stanley as joint global coordinators and joint bookrunners.
Belle has more than 3,828 outlets on the mainland along with 35 outlets in Hong Kong, Macau and the United States. It also sells sportswear from brands like Nike and has six self-owned brands. Belle will use some of the proceeds from its IPO to open more outlets throughout China in the coming year.
The Freshfields Bruckhaus Deringer team was led by Hong Kong-based partner Teresa Ko. US securities partner Tim Steinert, who worked alongside Teresa on this deal, commented ” We are honoured to have been a part of this important IPO of this leading PRC retail products company.”
Partners Teresa Ko and Tim Steinert were assisted by a team of associates based in Hong Kong which included corporate associates Macy Tay, Ling Tao Tao, Michelle Yip, Natalya Dingley and US securities associate Damon Yip. Partner Claude Stansbury and associate Reagen Davis provided US tax support from the firm’s Washington office.
Notes for editors
Freshfields Bruckhaus Deringer is a leading international law firm providing a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.
Over the past 18 months in Hong Kong, we have advised on 16 IPOs raising over US$52bn. Through a network of seven offices in Asia, our lawyers practise international law and, where permitted, local law. Currently in Asia, there are 20 partners and more than 160 lawyers, supported by 170 staff.
The firm’s China group is respected as one of the largest, most experienced China teams of any international law firm. A number of members of the group have over 20 years experience in handling China-related advisory and transactional work across a broad range of industries. With more than 50 specialists based in Hong Kong, Beijing, Shanghai, Europe and the US, it is the firm’s largest specialist group.