Ivy Lai

Ivy has been a partner since 2001. She qualified as a solicitor in Hong Kong in 1995, and England and Wales in 2008. She has experience in corporate finance and general commercial matters, including initial public offerings and listings of shares on the Hong Kong Stock Exchange, secondary offerings, mergers and acquisitions, joint venture transactions, and general corporate compliance issues. Ivy is also experienced in dealing with PRC-related matters.

Experience

Representative matters

Advising Ocean Link Investment Limited on the subscription of 310,407,322 new shares of Comba Telecom Systems Holdings Limited (Stock Code: 2342) (“Comba”) at the subscription price of HK$1.09 per share, with an aggregate subscription amount of HK$338,343,980.98. The subscription of new shares of Comba was completed on 20 March 2025.

Acting for BYD Company Limited on its placement of 129,800,000 new H shares under a general mandate on the Hong Kong Stock Exchange and approximately HK$43,383 million in total was raised. The placement of new H shares under the general mandate was completed on 11 March 2025.

Acting for CRCS (HK) Limited, a wholly-owned subsidiary of China Resources (Holdings) Company Limited, in its acquisition of 60% stake in SWCS International Holding Limited, a leading corporate services provider in Hong Kong, from its shareholders. The consideration of the acquisition amounted to HK$276 million. The transaction completed in January 2024.

Acting for Luxshare Precision Limited, a wholly-owned subsidiary of Luxshare Precision Industry Co. Ltd., in relation to its acquisition of the controlling interest in Time Interconnect Technology Limited (“Time Interconnect”) (SEHK: 1729) and its mandatory unconditional cash offer to acquire the entire issued share capital of Time Interconnect as an offeror. The value of the acquisition of the controlling interest amounted to HK$1.1 billion and the mandatory unconditional cash offer involved an amount of HK$480 million. The acquisition was announced in February 2022 and the relevant mandatory unconditional cash offer was completed in April 2022.

Acting for China Resources Gas (Hong Kong) Investment Limited, a wholly-owned subsidiary of China Resources Gas Group Limited, in relation to its proposal for the take-private of Suchuang Gas Corporation Limited (SEHK: 1430) by way of a scheme of arrangement as an offeror. The proposal for the take-private involved an amount of HK$2.38 billion. The transaction was announced in August 2021.

Acting for BYD Company Limited (“BYD”) in relation to its placement of H shares of HK$13,700 million on the Hong Kong Stock Exchange in 2021.

Acting for Luxvisions Innovation Technology Limited on the acquisition of 374 million shares of Cowell e Holdings Inc. (SEHK: 1415) and its mandatory conditional cash offer of HK$2.7 billion to all public shareholders and share option holders. The transaction was completed in January 2021.

Acting for China Resources Gas Group Limited (“CR Gas”) to undertake a top-up placing of shares and place 90,000,000 shares of CR Gas in the market through Goldman Sachs (Asia) L.L.C., the sole placing agent, and thereafter CR Gas had issued the same number of new shares to its controlling shareholder. The transaction was completed in May 2020.

Acting for BYD Company Limited (“BYD”) in relation to its placement of 133 million new H shares under general mandate through the joint global coordinators and placing agents UBS AG Hong Kong Branch, Goldman Sachs (Asia) L.L.C. and China International Capital Corporation Hong Kong Securities Limited. The net proceeds from the share placement were approximately HK$29,801 million. The transaction was completed on 28 January 2021, and was the one of the largest share placements in Hong Kong since 2014.

Acting for China Resources (Holdings) Company Limited (“CRH”) in relation to its acquisition from Tesco PLC (“Tesco”), one of the largest retailers in the United Kingdom, of 20% interest in the 80:20 joint venture it formed with Tesco in 2014 in respect of retail businesses in PRC, Hong Kong and Macau. The transaction was completed in February 2020.

Acting for Longfor Group Holdings Limited for an investment in Greentown Service Group Co. Ltd. (SEHK: 2869) (“Greentown”) by way of acquisition of shares in issue and proposed subscription of new shares in the share capital of the Greentown. The consideration for the acquisition was approximately HK$1.08 billion and the acquisition was completed in January 2020 and the consideration for the subscription was approximately HK$1.3 billion and the subscription was completed in June 2020.

Acting for China Resources Land Limited (the “CR Land”) to undertake a top-up placing of shares whereby CRH (Land) Limited, a company incorporated in the British Virgin Islands which beneficially owns approximately 61.2% of the existing issued share capital of CR Land, had placed 200,000,000 shares of CR Land in the market through Goldman Sachs (Asia) L.L.C., the sole placing agent, and thereafter CR Land had issued same number of new shares to CRH (Land) Limited. The transaction was completed in November 2019.

Acting for Vanke Overseas Investment Holding Company Limited (formerly known as Vanke Property (Overseas) Limited) in the acquisition of interest in property interests in Chun Yeung Street, North Point, Hong Kong by way of the acquisition of shares and related shareholder’s loan in the investment holding company that indirectly owns the property interests for redevelopment. The total value of the consideration was approximately HK$600 million. The transaction was completed in June 2019.

Acting for Vanke Overseas Investment Holding Company Limited (formerly known as Vanke Property (Overseas) Limited) in the acquisition of property interests in the United Kingdom and the United States through acquiring equity interests in relevant holding companies, for which constituted a very substantial acquisition under the Hong Kong Listing Rules. The total value of the consideration was approximately RMB 1.1 billion. The transaction was completed in June 2019.

Acting for Huatai Financial Holdings (Hong Kong) Limited which was appointed as the financial adviser of Best Food Holding Company Limited in relation to, among other things, the acquisition of a total of approximately 87% equity interest in Beijing New Spicy Way Catering Management Ltd. (北京新辣道餐飲管理有限公司) for which, when aggregated with a previous transaction, constituted an extreme very substantial acquisition under the Hong Kong Listing Rules. The total value of the consideration was approximately RMB 1 billion. The transaction was completed in November 2018.

Acting for China Vanke Co., Ltd. in the formation of the joint venture through its wholly-owned subsidiary with Banyan Tree Holdings Limited (a company listed on the Singapore Stock Exchange), and advising on the subscriptions and private placement of shares in Banyan Tree Holdings Limited.

Acting for China Resources Cement Holding Limited in its top-up placing in June 2018 which raised net proceeds of approximately HK$4.18 billion.

Acting for China Resources Healthcare Group Limited for the disposal of its wholly-owned subsidiary, Ample Mighty Limited, to Phoenix Healthcare Group Co. Ltd for a consideration of HK$3.7 billion in October 2016.

Acting for Qinqin Foodstuffs Group (Cayman) Company Limited in the spin-off of the food and snacks business from Hengan International Group Company Limited to facilitate its separate listing on the main board of the Hong Kong Stock Exchange in July 2016

Acting for China Resources Enterprises Limited, in its very substantial disposal and connected transaction in relation to the disposal to its parent company of all its non beer businesses for an aggregate consideration of HK$30 billion, a reduction of capital of HK$10 billion, a conditional special dividend of approximately HK$29.8 billion and a partial offer of approximately 20% of its issued shares for approximately HK$6.15 billion. The transaction was completed in September 2015.

Acting for Dalian Wanda Commercial Property Co., Limited in relation to its initial public offering of 6,000 million H shares at HK$48 per share and listing of its shares on the main board of the Hong Kong Stock Exchange in December 2014.

Acting for China Resources Enterprise, Limited (“CRE”) in relation to its formation of a 80:20 joint venture with Tesco plc (the largest retailer in the UK) in respect of its retail business in PRC, Hong Kong and Macau. CRE will take over the entire retail business (and its corresponding real properties) of Tesco plc in PRC (the net asset value being HK$ 8.892 billion) and receiving HK$4.325 billion as consideration for selling 20% interest in its retail business to Tesco plc. The transaction was completed in May 2014.

Acting for CIFI Holdings (Group) Co. Ltd. in its global initial public offering and listing of 1,255 million shares at HK$1.33 per share in November 2012.

Acting for Wkland Investments Company Limited ("Wkland"), a wholly-owned subsidiary of Vanke Property (Hong Kong) Company Limited, in the acquisition from Wing Tai Properties Limited of its 73.91% interest in Winsor Properties Holdings Limited ("Winsor") for a consideration of approximately HK$1,079 million and the unconditional mandatory cash offer made by Wkland to the existing shareholders of Winsor at HK$5.6197 per share in May 2012.

Acting for BYD Company Limited ("BYD") in the listing of its A shares on the Shenzhen Stock Exchange in June 2011 which raised a gross proceeds of RMB1,422 million.

Advising China Resources Enterprise, Limited in its 60:40 joint venture with Kirin Holdings Company, Limited for the production and distribution of non-alcoholic beverage products in Greater China which was announced in January 2011.

Acting for China Resources Gas Group Limited in its top up placing that raised a total of HK$2,000 million and the acquisition from CRH of its 100% indirect interest in a portfolio of gas distribution businesses in the PRC for a consideration of HK$2,000 million in September 2010.

Acting for Huiyin Household Appliances (Holdings) Co., Ltd. in its initial public offering of a total of 319.8 million shares of US$0.001 each and the listing of its shares on the main board of the Hong Kong Stock Exchange in March 2010

Advising China Resources Enterprise, Limited in the sale of its 51% interest in the joint venture with Esprit Holdings Limited ("Esprit") in China to Esprit for a consideration of HK$3.8 billion which was announced in December 2009

Acting for Longfor Properties Co., Ltd. in its initial public offering of a total of 1 billion shares of HK$7.07 each and the listing of its shares on the main board of the Hong Kong Stock Exchange in November 2009.

Advising China Investment Corporation in its HK$5.5 billion investment in GCL- Poly Energy Holdings Limited ("GCL-Poly"), a company whose shares are listed on the Hong Kong Stock Exchange, by way of subscription of new shares and its joint venture with GCL-Poly for the investment in and development of photovoltaic electricity generation business which was announced in November 2009.

Acting for China Resources Gas Group Limited in its acquisition from China Resources (Holdings) Company Limited ("CRH") of part of CRH's gas distribution business in China for a consideration of HK$1,600 million in October 2009

Acting for China Resources Enterprise, Limited in its group restructuring involving the acquisition of a hypermarket chain and a brewery in China from, and the disposal of its entire textile division in China and Hong Kong and minority investments in container terminal operations in Hong Kong and Shenzhen to, China Resources (Holdings) Company Limited or its subsidiaries. The transaction was announced in October 2009 subject to completion

Acting for BYD Company Limited ("BYD") in the subscription by MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway Inc., of 225 million H shares in the capital of BYD, representing approximately 9.89% of the issued share capital of BYD, for a total consideration of HK$1,586 million. The transaction was completed in August 2009

Acting for China Resources Land Limited in its placing of 300 million shares in May 2009 which raised gross proceeds of approximately HK$4,240 million.

Acting for China Resources Microelectronics Limited in its rights issue completed in August 2009 that raised net proceeds of approximately HK$430 million, and its proposed privatisation announced in March 2009.

Ivy provides legal advice on, among others, general compliance matters to sizeable HK listed issuers including: