Appleby is celebrating success in the recently announced ‘Deal of the Year’ list produced by China Business Law Journal (CBLJ). The winning deals are chosen by the publication’s editorial team highlighting outstanding China-related deals and cases that have taken place in 2018.
Appleby advised on Ant Financial’s record breaking series C fundraising and SenseTime’s series C/C+ round financing, which were recognised as significant ‘Overseas Deals involving a Chinese element’. The deals were selected by China Business Law Journal’s independent editorial team based on its significance, complexity, innovative nature, size as well as broader interest.
Appleby acted as Cayman Islands counsel to SoftBank Vision Fund as an investor in SenseTime’s series C and C+ round of financing with a value of USD 600 million and USD 620 million, respectively. After this round of financing, the company is now valued at USD4.5 billion which is considered to be the highest valued unicorn in the artificial intelligence field to date. The team was led by Cayman Islands based Counsel, David Bulley.
Appleby also acted as Cayman Islands counsel to The Carlyle Group on its subscription of Series C preference shares issued by Ant International Co., Ltd (Ant Financial), the operator of Alipay, China’s largest online payment platform. This deal formed part of Ant Financial’s circa USD 14 billion equity financing round program and Appleby was recognised for its contribution in advising on the offshore aspects of the deal. This significant FinTech deal has won multiple awards; most recently ‘Deal of the Year’ by China Business Law Journal. Ant Financial was previously awarded ‘Private Equity Deal of the Year’ at the China Law and Practice Law Awards in September 2018, highlighting the huge impact the USD 14 billion funding round contributed to Asia’s FinTech investment market in 2018.
The transaction was led by Partner Nicholas Davies and Counsel Vincent Chan, both based in Appleby’s Hong Kong office.
Nicholas commented on this recognition saying: “Our Hong Kong-based Technology & Innovation team was delighted to act as Cayman Islands counsel on this transaction and we congratulate Ant Financial on yet another well-deserved award win which highlights the innovative aspects of this high-profile deal in navigating reportedly the world’s largest-ever single fundraising round by a private company.”