Paul Hastings Advised UBS, BOCI, CITIC Securities and Merrill Lynch, and Others in China Resources Beverage’s $650 Million Hong Kong IPO and Global Offering

October 23, 2024

Paul Hastings LLP advised UBS Securities Hong Kong Limited, BOCI Asia Limited, CITIC Securities (Hong Kong) Limited, and Merrill Lynch (Asia Pacific) Limited as the joint sponsors, and other underwriters, on the $650 million global offering and listing of China Resources Beverage (Holdings) Company Limited (“China Resources Beverage”) on the Main Board of the Hong Kong Stock Exchange. The transaction is one of the largest IPOs in Hong Kong in 2024. China Resources Beverage is a renowned company in China’s packaged drinking water industry and China’s RTD soft beverage industry.

UBS Securities Hong Kong Limited, BOCI Asia Limited, CITIC Securities (Hong Kong) Limited, and Merrill Lynch (Asia Pacific) Limited acted as the joint sponsors. UBS AG Hong Kong Branch, BOCI Asia Limited, CLSA Limited, and Merrill Lynch (Asia Pacific) Limited acted as the overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers. China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited acted as the joint global coordinators, joint bookrunners, and joint lead managers. The Hongkong and Shanghai Banking Corporation Limited, Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Limited, and CCB International Capital Limited acted as the joint bookrunners. The Hongkong and Shanghai Banking Corporation Limited, Huatai Financial Holdings (Hong Kong) Limited, ABCI Securities Company Limited, and CCB International Capital Limited acted as the joint lead managers.

Founding partner and chair of Greater China Raymond Li, and partners Chaobo Fan, Peter Cheng, Steven Hsu, and Crystal Liu led the Paul Hastings team, which also included associates Jessica Lam, Wei You, Sara She, and Helen Cheung, and China associate Layne Zhang.

Paul Hastings has advised various significant capital markets matters in the consumer and retail industries recently, including Carote’s IPO (a global brand for kitchenware products), Shiyue Daotian’s IPO (a leading and rapidly growing pantry staple food company in China), SharkNinja, Inc.’s Spin-off from JS Global (a global leader in high-quality, innovative small household appliances), Pagoda’s IPO (the largest fruit retail operator in China), Spin-off and Separate Listing of Super Hi International (the overseas subsidiary of Chinese leading hotpot brand Haidilao), Weilong’s IPO (the Chinese spicy snack food maker), and Hongjiu Fruit’s IPO (the multi-brand fruit company in China).

About Paul Hastings
With widely recognized elite teams in finance, mergers & acquisitions, private equity, restructuring and special situations, litigation, employment, and real estate, Paul Hastings is a premier law firm providing intellectual capital and superior execution globally to the world’s leading investment banks, asset managers, and corporations.