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Image: Crystal Liu

Crystal Liu

Partner, Corporate Department

Overview

Crystal Liu is a partner in the Corporate practice of Paul Hastings and is based in the Hong Kong office. Her practice focuses on capital markets transactions and mergers and acquisitions. She also regularly advises several listed companies on corporate governance and regulatory matters, including compliance with the Hong Kong Listing Rules, Takeovers Code, and the Securities and Futures Ordinance. She is fluent in English and Mandarin.

Education

  • University of Hong Kong, P.C.LL. 2013
  • University of Hong Kong, J.D. 2012
  • Peking University, LL.B. 2010

Representations

Capital Markets and M&A

  • CICC as the sole sponsor, the sole overall coordinator, CICC, China Galaxy International Securities, Huatai Financial Holdings, Guotai Junan Securities and CCB International as the joint global coordinators, the joint bookrunners and the joint lead managers, and other underwriters, on the US$300 million global offering and listing of H-shares of Mao Geping Cosmetics, a leading Chinese premium beauty group, on the Main Board of the Hong Kong Stock Exchange.
  • UBS Securities, BOCI Asia, CITIC Securities and Merrill Lynch (Asia Pacific) as the joint sponsors and other underwriters, on the US$650 million global offering and listing of China Resources Beverage, a leading soft beverage company based in China under CR Group, on the Main Board of the Hong Kong Stock Exchange. This is one of the largest IPOs in Hong Kong in 2024.
  • CICC, Huatai Financial Holdings, and ABCI Capital as the joint sponsors, sponsor-overall coordinators, overall coordinators, and joint global coordinators on the US$134 million global offering and listing of Chenqi Technology, a mobility service company in China primarily offering ride-hailing services, on the Main Board of the Hong Kong Stock Exchange.
  • Morgan Stanley as the sole sponsor and sole global coordinator, and CMB International, Fosun Hani Securities Limited, First Shanghai Securities Limited, Futu Securities International (Hong Kong) Limited, and Tiger Brokers (HK) Global Limited as underwriters on the HK$442 million global offering and H Shares listing of Pagoda, the largest fruit retail operator in China, on the Main Board of the Hong Kong Stock Exchange.
  • Morgan Stanley, CICC and UBS as joint sponsors and BNP Paribas, Futu Securities, CCB International, Silverbricks Securities and I Win Securities as underwriters on the US$130 million global offering and IPO of Weilong Delicious, the largest player in the spicy snack food segment in China, on the Main Board of the Hong Kong Stock Exchange.
  • Onewo Inc, a leading property management service provider in China and a subsidiary of China Vanke, on its US$738 million global offering and spin-off listing its H Shares on the Main Board of the Hong Kong Stock Exchange. CLSA, Citigroup and Goldman Sachs acted as the joint sponsors.
  • Chongqing Hongjiu Fruit, a multi-brand fruit company in China, on its US$72 million global offering and listing of its H Shares on the Main Board of the Hong Kong Stock Exchange. CICC acted as the sole sponsor, and together with Citigroup and UBS acted as the joint global coordinators in this transaction.
  • UBS, CICC, BOCOM International and ABCI Capital as the joint sponsors on the US$86 million global offering and IPO of GOGOX Holdings Limited, a major online intra-city logistic platform in Asia, on the Main Board of the Hong Kong Stock Exchange.
  • Kangqiao Service Group, a leading Chinese comprehensive property management service provider in Henan Province, on its US$82.9 million global offering and IPO on the Main Board of the Hong Kong Stock Exchange. CCB International acted as the sole sponsor and sole global coordinator, while Haitong International, Sheng Yuan Securities, Shenwan Hongyuan, DL Securities and Guosen Securities acted as the joint book-runners.
  • Morgan Stanley, CICC and Credit Suisse as the joint sponsors on the US$281 million global offering and IPO of SciClone Pharmaceuticals, a leading biopharmaceutical company based in China, on the Main Board of the Hong Kong Stock Exchange.
  • Bank of Tianjin, a commercial bank headquartered in Tianjin, on its US$948 million global offering and H-share IPO on the Main Board of the Hong Kong Stock Exchange. BOCI Asia, ABCI Capital and CCB International were the underwriters.
  • Red Star Macalline Group Corporation Ltd., the largest home improvement and furnishings shopping mall operator in China in its consideration of approximately HK$6 billion voluntary conditional general offer, a buy-back of 388,917,038 H-shares at HK$11.78 per H-share, amounting to 9.87% of its total share capital.
  • Hope Education Group Co., Ltd., a leading Chinese private education group, in its HK$06 billion global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
  • COSCO SHIPPING Holdings, in a voluntary general cash offer for all of the issued shares of Orient Overseas (International), made by the wholly-owned subsidiaries of COSCO SHIPPING Holdings and Shanghai International Port (Group) for a total value of up to US$6.3 billion pursuant to the Hong Kong Takeovers Code. This complex transaction constitutes a very substantial acquisition of COSCO SHIPPING Holdings under the Hong Kong Listing Rules and involved global legal issues relating to M&A, anti-trust and competition, and CFIUS. The combination will create one of the largest global container liners in the world.
  • CIMC-Tianda Holdings Company Limited(formerly known as China Fire Safety Enterprise Group Limited) in its acquisition of Pteris Global for approximately US$700 million. CIMC-Tianda will issue new shares and convertible bonds as consideration. This transaction involved a very substantial acquisition and connected transaction under the Hong Kong Listing Rules, as well as a whitewash waiver application under the Hong Kong Takeovers Code.
  • CIMC-Tianda Holdings Company Limited(formerly known as China Fire Safety Enterprise Group Limited) in its HK$250 million placing of new shares to China Merchants Group Limited.
  • Bank of Tianjin Co., Ltd., the only city commercial bank headquartered in Tianjin, in its US$948 million global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
  • Greentown Service Group, a leading high-end residential property management service provider in China, in its US$180 million global offering and IPO on the Main Board of the Hong Kong Stock Exchange. Merrill Lynch, BOCI Asia, Haitong International Securities and Credit Suisse were the underwriters.
  • Ronshine China Holdings Limited, a leading real estate developer in China’s Fujian province, in its US$230 million global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
  • SIIC Environment Holdings Ltd., a Singapore listed company engaging in water treatment, solid waste treatment and other environment-related businesses, in its dual primary listing of ordinary shares on the Main Board of the Hong Kong Stock Exchange.
  • China ZhongDi Dairy Holdings Company Limited in its US$60 million global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
  • COSCO Shipping (Hong Kong) Group Limitedin its acquisition of 67% of Piraeus Port Authority SA. This marks one of the most high profile Greek privatizations of recent years. This transaction was awarded “Deal of the Year 2016” by China Business Law Journal.
  • China COSCO Holdings Company Limitedand COSCO SHIPPING Holdings in the landmark restructuring. The restructuring represents a substantial reconfiguration of two of China’s leading state-owned enterprises and their associated companies which, on a combined basis, will become the world’s fourth largest container-shipping company. This transaction was awarded “Deal of the Year 2016” by the China Business Law Journal.
  • Chanjet Information Technology Company Limited, a leading provider of enterprise software and services designed for micro and small scale enterprises in China, in its US$116.2 million global offering and IPO of H-shares on the Main Board of the Hong Kong Stock Exchange. As the issuer is the subsidiary of Yonyou Software Co., Ltd. (a top ERP service provider in China which is listed on the Shanghai Stock Exchange (stock code: 600588)), this transaction was also one of the few spin off listings of A-share listed companies on the Hong Kong Stock Exchange in 2014.
  • Unitech Enterprises Group Limitedin its HK$258 million acquisition of approximately 61.56% of the entire issued share capital of Ford Glory Group, a Hong Kong listed company principally engaged in the business of sourcing garment products, and its subsequent unconditional mandatory cash offer.
  • Nat-Ace Pharmaceutical Ltd.in its approximately US$35 million acquisition of 52.79% of the entire issued share capital of Perception Digital Holdings Limited, a company listed on the Main Board of the Hong Kong Stock Exchange and principally engaged in digital signal processing, and its subsequent unconditional mandatory cash offer.
  • WH Group, the world’s largest pork company, on its conditional voluntary cash offer to buy-back for cancellation 13% of its total issued share capital for approximately US$1.92 billion. The deal marks one of the largest share buy-back transactions in Hong Kong capital markets in history.
  • I.T Limited, a Hong Kong-based fashion retailer, on the US$167 million privatization by Brooklyn Investment by way of a scheme of arrangement and the withdrawal of listing of its shares on the Hong Kong Stock Exchange.
  • China ZhongDi Dairy Holdings, a dairy farming company based in China, on the mandatory conditional cash offer by CLSA on behalf of Wholesome Harvest, to acquire all its issued shares for US$212.79 million. Subject to the completion of compulsory acquisition, China ZhongDi Dairy Holdings will be privatized and will apply for the withdrawal of listing from the Hong Kong Stock Exchange.
  • Huifu Payment Limited, a leading independent third-party payment service provider in the PRC, in its US$160 million privatization by Purity Investment Limited by way of a scheme of arrangement, and its withdrawal of listing from the Hong Kong Stock Exchange.
  • Inner Mongolia Energy Engineering (Group) Co., Ltd., on its voluntary conditional cash offer to acquire all of the issued H shares of Inner Mongolia Energy Engineering Co., Ltd., a leading power engineering company in China, for approximately HK$1.48 billion, and in connection with its proposed merger by absorption. Inner Mongolia Energy Engineering Co., Ltd. will apply for the voluntary withdrawal of listing on the Hong Kong Stock Exchange.

Compliance Matters

  • Advised listed companies, including COSCO Shipping Development Co., Ltd., COSCO SHIPPING Holdings Co., Ltd., Onewo Inc., WH Group Limited, Bank of Tianjin Co., Ltd., BBMG Corporation, ZTE Corporation, Sino-Ocean Group Holding Limited, DaFa Properties Group Limited, China Huarong Energy Company Limited, Redsun Services Group Limited and Redsun Properties Group Limited.

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Involvement

  • Admitted to practice in Hong Kong

Practice Areas

Corporate

Asia

Securities and Capital Markets


Languages

Chinese (Cantonese)

Chinese (Mandarin)

English


Admissions

Hong Kong Solicitor


Education

University of Hong Kong, P.C.LL. 2013

University of Hong Kong, J.D. 2012

Peking University, LL.B. 2010