Law firm Loeb & Loeb LLP, which opened an office in Hong Kong in October in association with Pang & Co., has already closed two significant Hong Kong initial public offerings for Pegasus Entertainment Holdings Limited and Sunley Holdings Limited. These transactions are two of just four IPOs that have closed in the region in the last two months.
Loeb & Loeb, in association with Pang & Co., acted for Altus Capital Limited, as the sponsor to Pegasus Entertainment Holdings Limited, a company engaging in production and distribution of films in Hong Kong, the People’s Republic of China and South East Asia, in its HK$90 million (approximately US$11.5 million) IPO on the Growth Enterprise Market of the Stock Exchange of Hong Kong. The listing was fully underwritten by Cinda International Securities Limited andEmperor Securities Limited (as joint lead managers) and Ever-long Securities Company Limited and Orient Securities Limited (as underwriters).
Loeb & Loeb partner Michael Fung and associate Wallace Lau represented the sponsor and the underwriters in this transaction.
In addition, Loeb & Loeb, in association with Pang & Co. represented the sponsor and underwriters to Sunley Holdings Limited, a contractor in the foundation industry and machinery leasing business in Hong Kong, in its HK$59.4 million (approximately US$7.7 million) listing on the Main Board of the Stock Exchange of Hong Kong. Firm clients wereAmple Capital Limited, as sole sponsor, and SBI E2-Capital Financial Services Limited, Astrum Capital Management Limited, Ample Orient Capital Limited, Cheong Lee Securities Limited, and Sun International Securities Limited as underwriters.
Loeb & Loeb partner Benny Pang and consultant Chloe Wang advised the sponsor and underwriters in the transaction.
Loeb & Loeb’s recent deal activity in Asia also included representation of Beijing-based Vital River, the premier commercial provider of biotechnology research models and related services in China, in the announced sale of 75 percent ownership stake in the company to Charles River Laboratories International, Inc. for approximately $27 million, subject to certain closing adjustments. The sale is expected to close in the first quarter of 2013. Loeb & Loeb partner Roger Peng and associate Vivien Bai advised the sellers in this transaction.
