Linklaters, Herbert Smith, Cleary Gottlieb, Freshfields, Conyers Dill & Pearman and PRC firm King & Wood have helped Hutchison Telecommunications Hong Kong Holdings (HTHKH) in its listing by way of introduction on the main board of the Hong Kong Stock Exchange.
Prior to the deal, HTHKH was a wholly-owned subsidiary of global Telco Hutchison Telecommunications International (HTI) and was indirectly owned by Hutchison Whampoa (HW). The introduction, which was not an IPO of shares of HTHKH, involved a spin-off which was effected by way of a distribution in specie of the entire share capital of HTHKH to qualifying shareholders of HTI.
Immediately following the completion of the distribution, spin-off and introduction, HTHKH has ceased to be part of the HTI Group, but will remain a member of the HW Group.
A trio of firms comprising Linklaters, Conyers Dill & Pearman and King & Wood advised HTHKH on Hong Kong, Cayman Islands and PRC law respectively, while John Moore and Matt Emsley of Herbert Smith advised the sole sponsor to the transaction, Goldman Sachs (Asia). Cleary Gottlieb was retained by HTI for US law advice.
Freshfields Bruckhaus Deringer continued its close relationship with the Hutchison brand, advising both HW and HTI on Hong Kong law elements of the deal. The firm has acted on most of the company's significant deals over the past two years, including HTI's sale of its stake in its Indian subsidiary Hutchison Essar to Vodafone in 2007 and HTI's US$1.1bn financing later that year.