March 11, 2021
China Business Law Journal has recognized
Latham & Watkins for advising on four honored matters in the publication’s
2020 Deals of the Year report. The firm’s work included landmark M&A and
capital markets transactions, as well as a high-profile shareholder activism
Latham advised on the following
activist litigation: Latham represented the Board of Directors of Sinovac, a
leading provider of biopharmaceutical products in China, in its defense against
dissident shareholders attempting to gain board control. Latham’s defense and
litigation strategy led to a United States Securities and Exchange Commission(SEC) order in which activist investor Jiaqiang “Chiang” Li and his firm 1Globe
Capital were charged for failing to disclose the full amount of Sinovac shares
they beneficially owned, as well as their participation in the activist plan.
Prior to the SEC order, Latham secured a trial victory at the Antigua HighCourt that protected the board from the actions of dissident shareholders.
US initial public offering: Latham represented the underwriters in connection
with the US initial public offering of XPeng, a leading Chinese smart electric
vehicle (EV) company. XPeng’s headline-making listing on the New York Stock
Exchange raised US$1.7 billion in proceeds — marking the largest US IPO in the
EV industry, and the third-largest US IPO by a Chinese issuer in 2020.
and DouYu’s merger: Latham advised Tencent, a Chinese multinational technology
conglomerate holding company, in a landmark public company transaction
involving three market-leading businesses in China’s online games live
streaming industry, namely Huya, DouYu, and Penguin eSports. Huya and DouYu are
both US-listed companies, and Penguin eSports is privately held by Tencent. The
deal was valued at more than US$10 billion.
investment in BeiGene: Latham advised Amgen, a California-headquartered
multinational pharmaceutical company, on its acquisition of a 20.5% stake in
BeiGene, a China-based commercial stage biopharmaceutical company. The US$2.08
billion investment involved significant legal complexities, including BeiGene’s
dual-listing on the NASDAQ and Hong Kong Stock Exchange. The Latham team also
conducted extensive due diligence in light of a highly publicized attack
against BeiGene by a US-based short seller, with the company facing allegations
of falsely inflating its sales figures.