Peter Cheng

Partner | Corporate Finance

peter.cheng@deacons.com

+852 2826 5390

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Peter is an experienced equity capital markets (ECM) lawyer. He has a particular practice focus on Hong Kong IPOs, and has advised on a wide range of ECM transactions, compliance with Hong Kong Listing Rules, mergers and acquisitions and private equity investments. Peter has extensive experience in advising on IPOs and other capital market transactions for, and investments into, China-based and Hong Kong-based companies in the TMT sector. Peter has also advised on the IPOs and other capital market transactions of a number of China-based passenger vehicle retailers and property developers.

In 2016, Peter was seconded to the Hong Kong Stock Exchange’s Listing and Regulatory Affairs Division where he was primarily involved in reviewing listing applications as well as developing listing related polices in Hong Kong.  In 2009, he was seconded to the legal department of the Hong Kong office of Morgan Stanley where he focused on ECM transactions.

Prior to joining Deacons, Peter worked in the Corporate Department of a leading US-headquartered law firm in Hong Kong. Peter has also practiced law with a magic circle firm and two other international law firms in Hong Kong.

Highlights

Capital Markets

IPO:

• Tencent Holdings Limited on its spinoff of China Literature Limited by way of an IPO and separate listing of China Literature Limited (offer size US$1.1 billion) on the Hong Kong Stock Exchange Main Board
• Tongcheng-Elong Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$180 million)
• Tongdao Liepin Group’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$370 million)
• Renrui Human Resources Technology Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size HK$1.1 billion)
• Yoho Group Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size HK$120 million)
• Tian Li International Company Limited, the controlling shareholder of China Tobacco International (HK) Company Limited, on certain Hong Kong law aspects with respect to China Tobacco International (HK) Company Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$104 million)
• Tencent Holdings Limited on its spinoff of China Literature Limited by way of an IPO and separate listing of China Literature Limited (offer size US$1.1 billion) on the Hong Kong Stock Exchange Main Board
• Tongcheng-Elong Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$180 million)
• China Yongda Automobiles Services Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$215 million)
• The underwriters on China Hongqiao Group Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$790 million)
• The underwriters on Zhongsheng Group Holdings Limited’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$387 million)
• The underwriters on Kaisa Group Holdings Ltd.’s global IPO and Hong Kong Stock Exchange Main Board listing (offer size US$440 million)
• During secondment at Morgan Stanley, advised on the global IPO and Hong Kong Stock Exchange Main Board listings of Sinopharm Group Co. Ltd., China Resources Cement Holdings Limited, Yingde Gases Group Company Limited, Wynn Macau, Limited, Yuzhou Properties Company Limited, Green Holdings Ltd and Longfor Properties Co. Ltd., and a number of block trades and top-up placements

Others:

• Zhongsheng Group Holdings Limited on its HK$2.35 billion convertible bonds repurchase and HK$3.925 billion convertible bonds issuance
• The underwriters on the RMB3.45 billion USD-settled H share convertible bonds by China Railway Construction Corporation Limited
• Mongolian Mining Corporation on its US$201 million global rights offering
• Zhongsheng Group Holdings Limited on the HK$2.35 billion convertible bonds offering
• China Yongda Automobiles Services Holdings Limited on its placing of existing shares to certain placees and subscription of new shares by Asset Link
• The placing agents on the US$129 million top-up placing of shares by Sun Hung Kai & Co. Limited
• The placing agents on the US$218 million placing down and sale of the shares in Goldpoly New Energy Holdings Limited by Jet Mile Limited
• The placing agents on the US$94.8 million placing of new shares by Louis XIII Holdings Limited as part of a financing round through which Louis XIII Holdings Limited also raised an additional US$38.7 million by issue of convertible bonds
• The placing agents on the HK$3.73 billion, HK$4.07 billion and HK$9.78 billion placing of shares by CSPC Pharmaceutical Group Limited
• The placing agents and the joint underwriters in the concurrent US$120 million top-up placing transaction and offering of US$180 million convertible bonds by China Power International Development Limited
• The placing agent on the US$160 million top-up placing by China Everbright International Limited
• The placing agent on the US$216 million placing of primary shares by G-Resources Group Limited
• The placing agent on the US$48.2 million placing down and sale of the shares in Lijun International Pharmaceutical (Holding) Co. Ltd. Held by Victory Rainbow Investment Limited
• China Agri-Industries Holdings Limited, on its US$200 million top-up placing transaction, with Morgan Stanley and J.P. Morgan as the placing agents
• The placing agents on (i) the US$79.5 million top-up placing by Sino Biopharmaceutical Limited and (ii) the US$64.5 million placing down and sale of the shares in Sino Biopharmaceutical Limited held by Conspicuous Group Limited
• The placing agent on the US$154 million top-up placing by Real Gold Mining Limited
• The joint placing agents on (i) the US$67 million top-up placing of Xinyi Glass Holdings Limited and (ii) the US$59 million private placement of Xinyi Glass Holdings Limited by its controlling shareholders
• A PRC petrochemical company in connection with a pre-IPO purchase of exchangeable bonds by certain financial and strategic investors in the amount of US$80 million
• China Zenith Chemical Group Limited, regarding its open offer on the basis of one offer share for every two existing shares held raising approximately HK$200 million

M&A

• Tencent on its strategic investment with Evergrande Real Estate Group Limited by way of subscription of shares and top-up warrants in Mascotte Holdings Limited for an aggregate consideration of HK$750.7 million
• Baidu Holdings Limited in connection with its US$1.9 billion acquisition of 91 Wireless Websoft Limited
• Forgame Holdings Limited in connection with its proposed US$70 million acquisition of 21% stake in Magic Feature Inc.
• TPG on its investment in China Ruifeng Galaxy Renewable Energy Holdings Limited by way of a US$60 million convertible bond and US$15 million warrants
• Chow Tai Fook Group in relation to its HK$505 million acquisition from Peace Mark (Holdings) Limited (through the provisional liquidators appointed for its winding up) of assets relating to the retail and watch movement manufacturing businesses in the Greater China region as a part of the Peace Mark Group’s liquidation
• Hisense Kelon Electrical Holdings Company Limited in relation to its proposed acquisition of “white goods” interests from its controlling shareholder for a consideration of RMB1.24 billion
• An investment corporation in its investment in Bank of Communications
• An investment corporation and CITIC Capital China Access Fund on their US$120 million investment in China Lumena New Materials, a company listed on the Hong Kong Stock Exchange
• SAIF, a major financial institution and other shareholders of NVC Lighting Holding Limited, a company listed on the Hong Kong Stock Exchange, in their sale of a strategic stake to Schneider Electric Limited
• A Singaporean government-linked corporation on a joint bid with a major financial institution to acquire an approximate 14% stake in a PRC life insurance company
• Uniden Corporation, a company listed on the Tokyo Stock Exchange, in relation to its subscription of 20% of the issued share capital of SunCorp Technologies Limited, a company listed on the Hong Kong Stock Exchange
• Mobile Streams, a company listed on the AIM of the U.K., in relation to its acquisition of the entire issued share capital of Mobilemode Limited, a H.K. company trading in mobile phone entertainment contents with businesses in Asia Pacific

Compliance

Tencent Holdings Limited, China Yongda Automobiles Services Holdings Limited, Hilong Holding Limited, The People’s Insurance Company (Group) of China, China Nonferrous Metal Mining Group, Mongolian Mining Corporation, Yihai International, Hisense Kelon Electrical Holdings Company Limited, Datang International Power Generation Company Limited, New World China Land Limited, i-CABLE Communications Limited, LVGEM (China) Real Estate Investment Company Limited, United Company RUSAL PLC, Renrui Human Resources Technology Holdings Limited and Yoho Group Holdings Limited in relation to their ongoing compliance with the listing rules of Hong Kong

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