Benita Yu

Work Highlights

A. IPOs

Recently advising on the Hong Kong listing of:

- SenseTime, the largest AI software company in Asia in terms of revenue in 2020

- Dmall, a SaaS solution provider in the PRC local retail industry and the largest retail cloud solution provider in the PRC by gross merchandise value (listing application filed)

- Zhubajie, a major costomised enterprise services e-commerce platform in China (listing application filed)

Advising on the Hong Kong listings of Agile Property, Alibaba.com, Aluminum Corporation of China, Bank of Communications, China Eastern Airlines, China Hengshi Foundation Company, China Pacific Insurance, China Telecom, China Reinsurance, China Resources Peoples Telephone, China Resources Power, China Unicom, CNBM, Datang International Power Generation, Dongfeng Motor, EC Healthcare (formerly named Union Medical Healthcare), Fosun International, Golden Throat, Huaneng International Power, Kintor Pharmaceutical, KWG Property, Metallurgical Corporation of China, New China Life Insurance, PICC, PRADA S.p.A., Prudential, Samson Holding, SenseTime, Shanghai Forte Land, SinoMedia, Sinopec, SMIC, TOM Group, Yancoal Australia, YiChang HEC ChangJiang Pharmaceutical

B. Public takeovers

Advising on the privatisations of IMAX China by IMAX Corporation, Dali Foods by Rongshi (ongoing), China VAST by China Jingmao, Xiamen International Port by Xiamen Port, Guodian Technology by China Energy, Dragon Crown by Guangdong Great River, Beijing Capital Land by Beijing Capital Group, Alibaba.com by Alibaba Group, I.T by a CVC consortium, Huifu Payment by Purity Investment, Changshouhua Food by Shandong Sanxing, Huadian Fuxin Energy by China Huadian, China National Materials (Sinoma) by China National Building Material Group (CNBM), China Agri-Industries by COFCO Hong Kong, China Power Clean Energy by China Power New Energy, Intime Retail by Alibaba, Yingde Gases by PAG Asia Capital, Dalian Wanda Commercial Properties by consortium of 19 investors, Chinalco Mining by Aluminum Corporation of China Overseas, Zhengzhou China Resources Gas by China Resources Gas, Guoco proposed by GuoLine Overseas, Little Sheep by Yum! Brands.

Other public takeovers and Takeover Code related transactions include advising:

- CICC, as FA on (1) SAIC Motor’s USD336 million acquisition of Shanghai Dongzheng Automotive Finance and the resulting mandatory general offer, and (2) Boyu’s voluntary general offer for Jinke Property Smart Services

- Honghua on its proposed US$ 130m share issue to Dongfang Electric and China Chengtong and whitewash waiver from SFC

- S.F. on its US$2.3bn partial offer to acquire a controlling stake in Kerry Logistics

- Alibaba on its:

(1) US$3.6bn acquisition of a controlling stake in Sun Art and the resulting US$2.2bn mandatory general offer

(2) US$2.88bn acquisition of an economic interest in Sun Art and the resulting US$1.7bn mandatory general offer

(3) acquisition of shares and convertible bonds in Intime Retail and the setting up of a US$690m joint venture together with its whitewash waiver applications

- OOIL on the voluntary general offer by Faulkner Global (subsidiary of COSCO Shipping) together with Shanghai Port to acquire all the issued shares in OOIL

- Great Wall Pan Asia Investment on the acquisition of the issued share capital of Armada (formerly SCMP) from Kerry Media and its related parties and the resulting mandatory general offer

- China Power New Energy (CPNE) and China Power Clean Energy (CPCE) on the redomiciliation of the holding company of the listed group, from Bermuda-incorporated CPNE to Hong Kong-incorporated CPCE

- China Resources on its US$3.58bn acquisition of all the non-beer business segments of China Resources Enterprise (CRE) and its partial offer for CRE shares

C. Other M&A deals/Private Investments in Public Equity

Advising:

- Alibaba on its:

(1) strategic cooperation, and the reorganisation of its joint venture, with E-House

(2) HK$2.06bn acquisition of SCMP Group

(3) injection of its Online Movie Ticketing and Yulebao businesses into Alibaba Pictures

(4) US$630m investment in Red Star Macalline, a leading furniture retail platform and shopping centre operator in China

investment in CICC

(5) cornerstone investment in the initial public offering and listing on the Main Board of the Hong Kong Stock Exchange of Fosun Tourism and E-House

(6) subscription for new shares in Alibaba Pictures

- CICC as financial adviser to China Jinmao on the acquisition of existing shares and convertible bonds in China VAST Industrial Urban Development

- Union Medical Healthcare on its issue of convertible bonds and warrants to Goldman Sachs and OrbiMed and convertible bonds to Gaw Capital

- SMIC on the strategic investments by Datang Technology and China IC Fund

D. Recent block trades and secondary placings

Advising:

- China Power International on its US$501million top-up placing

- Alibaba Health Information Technology on its HK$10bn primary placing

- Orient Overseas in relation to its:

(1) US$450m top-up placing of existing shares of its issued share capital

(2) its top-up placing of existing shares and top-up subscription by the controlling shareholder of new shares for US$120m

- Kingdee International Software on its US$306m placing

- the placing agents, on the:

(1) secondary block trade by a controlling shareholder of Bosideng (US$115m)

(2) new share placing by Haichang Ocean Park (US$40m)

(3) new H shares placing by Xinte Energy Co., Ltd. (US$130m)

(4) new shares placing by China Modern Dairy (US$200m)

(5) top up placing by JS Global Lifestyle (US$140m)

(6) placing of new ordinary shares in China Grand Pharmaceutical and Healthcare (US$130m)

E. Corporate governance

Advising numerous listed corporate clients on general corporate governance and compliance, with relationships extending over decades.

Practice Areas

Capital Markets, Corporate and M&A, Financial Institutions, Infrastructure and Energy

Career

Joined Slaughter and May in 1994. Partner since 1996.

Languages Spoken

English, Mandarin and Cantonese

Professional Memberships

Benita is Deputy Chairman of the Takeovers and Mergers Panel and a member of the Takeovers Appeal Committee of the SFC, a member of the Listing Review Committee of HKEX and was formerly a member of the SFC (HKEC Listing) Committee. She is also the Chairman of the Company Law Interest Group of the Technical Panel, and a fellow of the Hong Kong Chartered Governance Institute. She was a member of the Standing Committee on Company Law Reform of the HKSAR Government.

Expert in these Jurisdictions

Hong Kong, England and Wales

Education

Awards