Joey Chau
Overview
Joey Chau is a corporate partner in the Firm’s Hong Kong office. Joey represents private equity sponsors, major corporations and investment banks in mergers and acquisitions, going-private and takeover transactions, leveraged buyouts, joint ventures, divestitures, and in related corporate governance and general corporate matters. Joey joined Kirkland in 2011, has been a partner since 2014 and was selected by China Business Law Journal (2021) as one of the “A-List China’s Elite 100 Lawyers”. Joey is also recognised by IFLR1000 as a “Notable Practitioner” for M&A and private equity.
Experience
Representative Matters
Joey has advised on a number of significant M&A transactions, including the following:
2022
- Hypebeast Limited (HKSE: 00150), a global digital media and e-commerce platform in contemporary lifestyle and culture, on its listing on NASDAQ through a business combination with Iron Spark I Inc. (NASDAQ: ISAA), a special purpose acquisition company. The combined business has a pro forma equity value of US$534 million
- Sequoia China Infrastructure Fund on its investment in GDS Holdings Limited (NASDAQ: GDS; HKSE: 9698), a developer and operator of high-performance data centers in China, through the purchase of $200 million 0.25% convertible senior notes due 2029. Sequoia China Infrastructure Fund and GDS also entered into a strategic cooperation agreement to pursue future collaboration
- LimeTree Capital, a fiduciary private equity investment manager with a focus on under-researched real estate asset classes across Asia, on a platform consolidation of the commercial car park assets held by its two China-focused private investment funds
- CICC, as financial adviser to Luxshare Precision Limited, a wholly-owned subsidiary of Luxshare Precision Industry Co., Limited (SZSE: 002475), on its proposed acquisition of a controlling stake and the possible mandatory unconditional cash offers to acquire all the issued shares of Time Interconnect Technology Limited (HKSE: 1729)
- CICC, as financial adviser to Beijing Chunhui Qingyun Technology and Environment Corporation Limited, a wholly-owned subsidiary of China Energy Investment Corporation Limited, on the proposed privatization of Guodian Technology & Environment Group Corporation Limited (HKSE: 1296)
2021
- A consortium of investors, comprising Centurium Capital, PW Medtech Group Limited (HKSE: 1358), CITIC Capital, Hillhouse Capital, Temasek and Marc Chan, in the take-private of China Biologic Products Holdings, Inc. (NASDAQ: CBPO), a leading fully integrated plasma-based biopharmaceutical company in China, at a valuation of approximately US$4.6 billion. This transaction was named "Pharmaceuticals, Medical and Biotech M&A Deal of the Year" by Mergermarket China M&A Awards 2021, “2021 Deals of the Year” by China Business Law Journal, “M&A Deal of the Year” by China Law & Practice Awards 2021 and “Private Equity Deal of the Year” by IFLR Asia-Pacific Awards 2022
- CICC, as financial adviser to Yunan Baiyao in its takeover of Ban Loong Holdings (HKSE: 30)
- UBS AG as financial adviser to CPF Investment Limited in its proposed privatization of C.P. Pokphand Co. Ltd. (HKSE: 43) by way of a scheme of arrangement
- Artisan Acquisition Corp. (NASDAQ: ARTAU), a special purpose acquisition company founded by renowned Hong Kong cultural entrepreneur Adrian Cheng, on its business combination with Prenetics Group Limited, a global leader in genomic and diagnostic testing
- Carlyle in its US$210 million investment in HUTCHMED, a Hong Kong-listed company
- JD Property Group Corporation in its acquisition of a controlling interest in, and the related takeover of, China Logistics Property Holdings Co., Ltd. (HKSE: 1589)
- CICC, as financial adviser, in the take-private of Suchuang Gas (HKSE: 1430) by China Resources Gas by way of a scheme of arrangement
- Oaktree, on its US$100 million investment as cornerstone investor in JD Logistics’ listing on the Hong Kong Stock Exchange
- CMGE Technology Group (HKSE: 302) in its US$100 million issue of new shares to Bilibili Inc. (NASDAQ: BILI) and two other subscribers
- CICC, as financial adviser to China Modern Dairy (HKSE: 1117), in its acquisition of Inner Mongolia Fuyuan International
- J.P. Morgan, financial adviser to Country Garden Services (HKSE: 6098), in its proposed privatization of Sichuan Languang Justbon Services Group (HKSE: 2606)
- An investor consortium comprised of Ocean Link Partners and Sequoia Capital China in the proposed privatization of Zhejiang New Century Hotel Management Co., Ltd. (HKSE: 1158) by way of a voluntary general offer
2020
- CICC, as financial adviser to the offeror, Luxvisions Innovation Technology Limited, in the acquisition of a controlling interest in, and the related takeover of, Cowell (HKSE: 1415)
- Car Inc. (HKSE: 699), in its potential takeover by MBK Partners and its proposed issue of US$175 million of convertible bonds to MBK Partners Special Situations fund. This transaction was named Private Equity Deal of the Year by Mergermarket China M&A Awards 2021
- Loyal Valley Capital, as a member of an investor consortium, in the privatisation of O-Net Technologies (Group) Limited (HKSE:877) by way of a scheme of arrangement
- CICC, as financial adviser to the offeror, Shandong Gold Mining Co. Ltd. (HKSE: 1787), in the proposed privatisation of Hengxing Gold Holding Company Limited (HKSE: 2303) by way of a scheme of arrangement. This transaction was named “2021 Deals of the Year” by China Business Law Journal
- Advantage Partners, on its primary and secondary general partner share sale to, and strategic partnership with, Tokyo Century Corporation
- CICC, as financial adviser to the offeror, SanXing Trade Co., Ltd., in the proposed privatization of Changshouhua Food Company Limited (HKSE: 1006) by way of a scheme of arrangement
- Li & Fung, in US$100 million strategic investment by JD.com
- Huatai Financial Holdings, as financial adviser, in the proposed privatisation of Huarong Investment Stock Corporation Limited (HKSE: 2277) by its controlling shareholder, Huarong International Financial Holdings Limited (HKSE: 993), by way of a scheme of arrangement involving a conditional share exchange offer
- Skyworth Group Limited (HKSE: 00751) in its HK$1,099.84 million voluntary conditional cash offer to buy-back a maximum of 392,800,000 shares at HK$2.80 per share, representing approximately 12.83% of Skyworth Group’s total issued share capital
- Lilly Asia Ventures, in its investment as cornerstone investor in the US$1,000 million initial public offering and listing of Peijia Medical Limited on the Hong Kong Stock Exchange
- GLP Pte. Ltd. and the consortium offeror comprising the Fung family and GLP, in its proposed privatization of Li & Fung, a company listed on the Hong Kong Stock Exchange (HKSE: 494)
2019
- Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, in the formation of a new asset services company with Vanke Service
- TPV Technology Limited (HKSE: 903, SGX: T18), in its proposed privatisation by China Electronics Corporation by way of a scheme of arrangement and the withdrawal of listing of its shares on the Hong Kong Stock Exchange and the Singapore Exchange
- Nan Fung Group, in its US$110 million acquisition of a minority stake in Hong Kong International Construction Investment Management Group Co., Limited (HKSE: 687)
- Eddingpharm, a Chinese specialty pharmaceutical company, in its debt financing to purchase two legacy antibiotic brands (Ceclor® and Vancocin®), and a manufacturing facility from Eli Lilly and Company (NYSE: LLY) for US$375 million
- Blackstone, in its US$400 million subscription of H shares convertible bonds in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co., Ltd. (HKSE: 1558)
2018
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Loyal Valley Capital and TR Capital, in their respective investment as cornerstone investors in the US$414 million initial public offering and listing of Shanghai Junshi Biosciences Co., Ltd. on the Hong Kong Stock Exchange
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UBS AG, as financial adviser, in connection with the proposed US$671 million unsolicited conditional voluntary general offer by RE Strategic Investments Pte. Ltd., an entity associated with PAG Real Estate, to acquire all the units of Spring REIT
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Malaysian sovereign fund in its investment in the US$14 billion Series C equity financing of Ant Financial. This transaction was named Best China Deal and Best Financing (early stage to pre-IPO) by FinanceAsia Achievement Awards 2018 and Private Equity Deal of the Year by The Asia Legal Awards 2019
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Neoglory Prosperity Inc. (SZSE: 002147), in its potential acquisition of a controlling interest in, and the related takeover of, China High Speed Transmission Equipment Group Co., Ltd. (HKSE: 658)
2017
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MicroPort Scientific Corporation (HKSE: 853) in its US$190 million acquisition of the Cardiac Rhythm Management (CRM) business of NASDAQ-listed LivaNova PLC
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Alibaba Health Information Technology Limited (HKSE: 241) in its US$227 million issuance of new shares to a wholly-owned subsidiary of Alibaba Holding
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Midea International Corporation Company Limited, a wholly-owned subsidiary of Midea Group Co., Ltd. (000333.SZ), in its privatisation of Welling Holding Limited (HKSE: 382)
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Ally Bridge Group, as a joint offeror with a consortium established by an affiliate of the target company’s controlling shareholder and GL Capital Group, in its HK$2.34 billion (US$300 million) privatisation offer for the H shares of Shandong Luoxin Pharmaceutical Group (HKSE: 8058) by way of a voluntary conditional cash offer
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The Carlyle Group, CITIC Limited and CITIC Capital Holdings in the US$2.08 billion acquisition of the McDonald’s operations in China and Hong Kong and negotiation of a 20-year master franchise agreement ― the largest McDonald’s franchise in the world
2016
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COFCO Coca-Cola Beverages Limited, a subsidiary of Hong Kong-listed China Foods Limited (HKSE: 506) and a subsidiary of state-owned COFCO Corporation, in its acquisition of equity interests in the bottling operations from The Coca-Cola Company and Swire Beverages Holdings Limited, and in its sale through auction of its equity interests in the bottling operations in China
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Power Heritage Group Limited, in its proposed privatisation of Jiangnan Group (HKSE: 1366) by way of a scheme of arrangement
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Heaven-sent Capital, in its potential acquisition of a controlling interest in, and the related takeover of, Fulum Group (HKSE: 1443)
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J.P. Morgan, as financial adviser, in CVC Capital Partners-led funds’ US$1.1 billion privatisation of Nirvana Asia (HKSE: 1438) by way of a scheme of arrangement
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Ascendent Capital Partners, in connection with the HK$549 million acquisition of shares and subsequent HK$790 million conditional mandatory cash general offer by Araco Investment Limited for China Automation Group (HKSE: 569)
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Malaysian sovereign fund, in its investment in Alibaba’s logistics affiliate, Cainiao
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Malaysian sovereign fund (as lead investor), in its investment in a US$160 million Series B fundraising of WeLab, operator of Wolaidai, and WeLend.hk
2015
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China Grand Automotive Services Co., Ltd. (SSE: 600297), in its US$1.5 billion partial offer for Baoxin Auto Group (HKSE: 1293)
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Vipshop Holdings Limited (NYSE: VIPS), as a cornerstone investor, in its €30 million investment in the IPO of French online fashion retailer Showroomprive.com (IPO-SHOW.PA) on Euronext Paris
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China Traditional Chinese Medicine (HKSE: 570), in its HK$8.2 billion equity placing to its controlling shareholder Sinopharm and two executive directors, and 26 professional and institutional investors
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China Traditional Chinese Medicine (HKSE: 570), in its US$1.43 billion acquisition of a 87.30% stake in Jiangyin Tianjiang Pharmaceutical Co. Ltd.
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Pokka Corporation (Singapore), in its sale of Pokka Corporation (HK) and Pokka Coffee (Macau) to a majority-owned subsidiary of Xiao Nan Guo Restaurants Holdings (HKSE: 3666)
2014
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Shanghai Pudong Science and Technology Investment Co., Ltd., a state-owned enterprise under the direct administration of Pudong New Area government of Shanghai, in its US$693 million acquisition of NASDAQ-listed Montage Technology Group Limited, a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets
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CCB International, in its purchase of secured notes and warrants issued by China Gui Tea Company Limited
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TPV Technology Limited (HKSE: 903), in its acquisition of the remaining 30% stake in TP Vision, the television joint venture with Koninklijke Philips N.V.
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21st Century Fox, in its sale of a 49.9% stake in Star China TV to its joint venture partner, China Media Capital
2012–2013
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Beijing Wangfujing International, in its US$654 million (HK$5,099 million) acquisition of a controlling interest in, and the related takeover of, Hong Kong-listed PCD Stores (Group) Limited
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NCGA Holdings Limited, in its US$305 million acquisition by Baoxin Auto Group (HKSE: 1293)
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CITIC Securities Co., Limited (HKSE: 6030), in its purchase from Crédit Agricole Corporate & Investment Bank of CLSA B.V., an Asian equity brokerage, for US$1.252 billion. This deal was named "2012 M&A Deal of the Year (Outbound)" by China Business Law Journal and the "Best FIG Deal for 2013" by FinanceAsia
2011–2012
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TPV Technology Limited (HKSE: 903), in its acquisition of a 70% interest in a joint venture company which owns and controls the entire television business of Koninklijke Philips N.V. in Europe and certain South American countries
Prior Experience
Skadden, Arps, Slate, Meagher & Flom (Hong Kong) — Associate, 2011
Mallesons Stephen Jaques (Hong Kong and Beijing) (now King & Wood Mallesons) — Trainee Solicitor, 2006–2008; Associate, 2008–2011
More
Thought Leadership
Publications
“Shareholders’ rights in private and public companies in Hong Kong: overview”, Practical Law Company, May 2015 (co-authored with David Yun)
Seminars
"Cross-border Legal Issues Relevant to Growing Hong Kong Businesses", Hong Kong Institute of Directors (SME Forum), Hong Kong, 4 November 2013 (with Michel Debolt)
Recognition
Credentials
Admissions & Qualifications
- 2008Hong KongSolicitor
Languages
- English
- Cantonese
- Mandarin
Education
- University of Hong KongPostgraduate Certificate in Laws2006Law Society of Hong Kong / Bloomsbury Books Prize Winner
- King's College LondonLL.B.First Class Honours2005