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

Assisted China Resources Land Limited in the placement of 49,500,000 existing shares of its listed subsidiary, China Resources Mixc Lifestyle Services Limited, raising a total of HKD 2.061 billion.

Advised Ocean Link Investment Limited on its subscription of 310,407,322 new shares of Comba Telecom Systems Holdings Limited (Stock Code: 2342) at HKD 1.09 per share, for a total consideration of HKD 338,343,980.98. The subscription was completed on March 20, 2025.

Acted for BYD Company Limited in its placement of 129,800,000 new H shares under general mandate on the Hong Kong Stock Exchange, raising net proceeds of approximately HKD 43.383 billion. The placement was completed on March 11, 2025.

Assisted China Resources Land Limited in the placement of 49,500,000 existing shares of its listed subsidiary, China Resources Mixc Lifestyle Services Limited, raising a total of HKD 2.061 billion.

Represented China Resources Power Holdings Company Limited in (i) a placement of 198,500,000 new shares under general mandate; and (ii) a subscription of 168,114,000 new shares by a wholly-owned subsidiary of China Resources (Group) Co., Ltd. under specific mandate. The issuance raised net proceeds of approximately HKD 7.19679 billion.

Acted for CRCS (HK) Limited, a wholly-owned subsidiary of China Resources (Holdings) Co., Ltd., in acquiring 60% equity interest in SWCS International Holding Limited, a leading corporate services provider in Hong Kong, for HKD 276 million. The transaction was completed in January 2024.

Represented Luxshare Precision Industry Co., Ltd. (Shenzhen Stock Exchange Code: 002475), through its wholly-owned subsidiary, in acquiring control of Acclinks Technology Limited (Stock Code: 1729) and conducting a mandatory unconditional cash offer for all issued shares. The control acquisition was valued at HKD 1.1 billion, with the cash offer amounting to HKD 480 million. The transaction was announced in February 2022 and completed in April 2022.

Acted for China Resources Gas Group Limited (Stock Code: 1193), through its wholly-owned subsidiary, in proposing the privatization of Suchuang Gas Corporation Limited (Stock Code: 1430) by way of scheme of arrangement, valued at HKD 2.38 billion. The transaction was announced in August 2021.

Advised BYD Company Limited (Stock Code: 1211) on its HKD 13.7 billion H-share placement in 2021.

Provided legal advice to Visionox Technology Inc. on its acquisition of 374 million shares of Cowell e Holdings Inc. (Stock Code: 1415), and its HKD 2.7 billion mandatory conditional cash offer to public shareholders and option holders. The transaction was completed in January 2021.

Represented China Resources Gas Group Limited (Stock Code: 1193) in a top-up placement of 90,000,000 shares through sole placing agent Goldman Sachs (Asia) L.L.C., followed by issuance of the same number of new shares to its controlling shareholder. The transaction was completed in May 2020.

Acted as Hong Kong counsel to BYD Company Limited (HKEX Code: 1211; SZSE Code: 002594) in its placement of 133 million new H shares under general mandate, raising net proceeds of approximately HKD 29.8 billion. The transaction, completed on January 28, 2021, was the largest equity placement in Hong Kong since 2014.

Represented China Resources (Group) Co., Ltd. in acquiring Tesco PLC’s entire interest in their China/Hong Kong/Macau retail joint venture (established in 2014 on an 80:20 basis). The transaction was completed in February 2020.

Acted for Longfor Group Holdings Limited in its investment in Greentown Service Group Co., Ltd. (HKEX Code: 2869), through acquisition of issued shares (HKD 1.08 billion) and subscription of new shares (HKD 1.3 billion). Transactions were completed in January and June 2020 respectively.

Represented China Resources Land Limited in a top-up placement of 200,000,000 shares via sole placing agent Goldman Sachs (Asia) L.L.C., followed by issuance of the same number of new shares to CRH (Land) Limited. The transaction was completed in November 2019.

Acted for Vanke Overseas Investment Holding Company Limited in acquiring a real estate redevelopment project in North Point, Hong Kong, for HKD 600 million. Completed in November 2019.

Acted for Vanke Overseas Investment Holding Company Limited in acquiring real estate interests in London, San Francisco, and New York, constituting a very substantial transaction under HKEX rules, valued at RMB 1.1 billion. Completed in June 2019.

Represented Huatai Financial Holdings (Hong Kong) Limited as financial adviser to Baifu Holdings Limited in acquiring approximately 87% of Xinladao Catering Management Co., Ltd., a transaction valued at RMB 1 billion. Completed in November 2018.

Acted for Vanke Co., Ltd. in establishing a joint venture with Banyan Tree Holdings Limited (listed in Singapore), including share subscription and private placement.

Represented China Resources Cement Holdings Limited in a top-up placement in June 2018, raising net proceeds of HKD 4.18 billion.

Acted for China Resources Medical Holdings Company Limited in its HKD 3.7 billion sale of Ample Mighty Limited to Phoenix Healthcare Group Co., Ltd. in October 2016.

Represented Qinqin Foodstuffs Group (Cayman) Company Limited in its spin-off from Hengan International Group Company Limited and separate listing on HKEX Main Board in July 2016.

Acted for China Resources Enterprise, Limited in its HKD 30 billion very substantial disposal of all non-beer businesses to its parent, together with conditional capital reduction (HKD 10 billion), conditional special dividend (HKD 29.8 billion), and partial share placement (HKD 6.15 billion). Completed in September 2015.

Represented Dalian Wanda Commercial Properties Co., Ltd. in its December 2014 IPO, issuing 600 million H shares at HKD 48 per share, listed on HKEX Main Board.

Acted for China Resources Enterprise, Limited in its joint venture with Tesco PLC in China, Hong Kong, and Macau retail operations (80:20 equity split), involving asset transfers valued at HKD 8.892 billion and consideration of HKD 4.325 billion. Completed in May 2014.

Represented CIFI Holdings (Group) Co., Ltd. in its November 2012 global IPO, issuing 1.255 billion shares at HKD 1.33 per share.

Acted for Wkland Investments Company Limited (subsidiary of Vanke Property (Hong Kong) Co., Ltd.) in acquiring 73.91% of Nan Lian Property Holdings Limited for HKD 1.079 billion, and making a mandatory unconditional cash offer at HKD 5.6197 per share. Completed in May 2012.

Represented BYD Company Limited in its June 2011 A-share listing on SZSE, raising RMB 1.422 billion.

Advised China Resources Enterprise, Limited in establishing a joint venture with Kirin Holdings Company, Limited (60:40 equity split) for non-alcoholic beverage production and sales in Greater China. Announced in January 2011.

Acted as counsel to China Resources Gas Group Limited, assisting with a top-up placement in September 2010 that raised HKD 2 billion, and advising on its HKD 2 billion acquisition of 100% indirect interest in China-based gas distribution businesses from China Resources (Group) Co., Ltd.

Acted as counsel to Huiyin Household Appliances (Holdings) Co., Ltd., advising on its initial public offering in March 2010 of 319.8 million shares at USD 0.001 per share, and assisting with the listing of its shares on the Main Board of the Hong Kong Stock Exchange.

Advised China Resources Enterprise, Limited on its December 2009 disposal of a 51% interest in its China joint venture with Esprit Holdings Limited (“Esprit”) for HKD 3.8 billion.

Acted as counsel to Longfor Properties Co., Ltd., assisting with its proposed initial public offering in November 2009 of 1 billion shares at HKD 7.07 per share, and the subsequent listing of its shares on the Main Board of the Hong Kong Stock Exchange.

Advised China Investment Corporation on its HKD 5.5 billion investment in GCL-Poly Energy Holdings Limited (“GCL-Poly”), a Main Board-listed company, through subscription of new shares in a joint venture established for photovoltaic power generation. Announced in November 2009.

Acted as counsel to China Resources Gas Group Limited, assisting with its October 2009 HKD 1.6 billion acquisition of certain gas distribution businesses from China Resources (Group) Co., Ltd.

Acted as counsel to China Resources Enterprise, Limited, advising on its group restructuring in October 2009, which involved acquiring a major supermarket chain and a Chinese brewery from China Resources (Group) Co., Ltd. or its subsidiaries, and disposing of its textile division and minority interests in container terminal businesses in Hong Kong and Shenzhen to China Resources (Group) Co., Ltd. or its subsidiaries.

Acted as counsel to BYD Company Limited, advising on Berkshire Hathaway Inc.’s subsidiary MidAmerican Energy Holdings Company subscription of 225 million H shares of BYD for HKD 1.586 billion (representing approximately 9.89% of BYD’s issued share capital). Completed in August 2009.

Acted as counsel to China Resources Land Limited, assisting with its May 2009 placement of 300 million shares, raising approximately HKD 4.24 billion.

Acted as counsel to China Resources Microelectronics Limited, advising on its rights issue completed in August 2009, raising net proceeds of approximately HKD 430 million, and its proposed privatization announced in March 2009.

Ivy and her team have provided Hong Kong listing compliance advisory services to the following companies:

BYD Company Limited (Stock Code: 1211)

BYD Electronic (International) Company Limited (Stock Code: 285)

China Resources Beer (Holdings) Company Limited (Stock Code: 291)

China Resources Gas Group Limited (Stock Code: 1193)

China Resources Medical Holdings Company Limited (Stock Code: 1515)

China Resources Land Limited (Stock Code: 1109)

China Resources Mixc Lifestyle Services Limited (Stock Code: 1209)

China Resources Power Holdings Company Limited (Stock Code: 836)

Cosmo Lady (China) Holdings Company Limited (Stock Code: 2298)

Cowell E Holdings Inc. (Stock Code: 1415)

Hengan International Group Company Limited (Stock Code: 1044)