Freshfields Bruckhaus Deringer has advised the underwriters on the global offering and listing of shares of Topsports International Holdings Limited on the Hong Kong Stock Exchange.
Trading of the shares commenced on 10 October 2019.
Topsports operates a consumer-centric sportswear retail and service platform in China and operates a nationwide retail network of over 8,300 directly-operated stores in 268 cities across 30 provinces in China. It is China’s largest sportswear retailer in terms of estimated total retail-equivalent sales value with a 15.9% market share in China’s sportswear retail market in 2018. It has been the strategic partner for major international sportswear brands in the China market for many years and it is currently the largest and second largest global retail partner and customer of adidas and Nike, respectively. Topsports raised proceeds of approximately US$1bn, which will be used for investing in technology initiatives for its business and repayment of outstanding loans.
Merrill Lynch Far East Limited and Morgan Stanley Asia Limited acted as joint sponsors; the underwriters were Merrill Lynch (Asia Pacific) Limited, Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Morgan Stanley & Co. International plc, Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited, Credit Suisse (Hong Kong) Limited, China Securities (International) Corporate Finance Company Limited, ICBC International Capital Limited, CMB International Capital Limited, ICBC International Securities Limited.
Cleary Gottlieb Steen & Hamilton and JunHe have represented Chinese sportswear manufacturer Topsports International Holdings. Maples and Calder advised the issuer on offshore law.
The Freshfields team advising the joint sponsors and underwriters was led by partners Grace Huang (Picture) and Arun Balasubramanian.
Haiwen & Partners also advised the underwriters with regards to the PRClaws.
Law Firms: Freshfields Bruckhaus Deringer LLP;
Clients: China Securities Co. Ltd; CICC HK; CMB International Capital Limited; Credit Suisse Hong Kong Limited; Goldman Sachs (Asia) L.L.C.; HSBC; ICBC International Capital; Merrill Lynch (Asia Pacific) Limited; Merrill Lynch Far East Limited; Morgan Stanley; Morgan Stanley Asia Limited;