China Business Law Journal recognized three Sidley deals as 2019 “Deals of the Year.” Sidley was credited for its role in the acquisition by China Reinsurance (Group) Corporation (China Re) of Chaucer from The Hanover Insurance Group, Inc., CanSino Biologics Inc.’s Hong Kong listing, as well as New Frontier Corporation’s acquisition of United Family Healthcare. The prestigious awards honor the outstanding China-related transactions and cases in 2019, recognizing remarkable legal efforts.
Sidley represented China Re in its US$865 million acquisition of Chaucer from The Hanover Insurance Group, Inc. This transaction will enable China Re to thrive by enhancing the company’s international presence and capabilities in serving the belt and road initiative in the global market place. China Re is the only state-owned reinsurance group in China and was established by the Ministry of Finance of the People’s Republic of China and Central Huijin Investment Co., Ltd. The company ranks first in Asia and seventh globally by reinsurance premiums. China Re maintains a leading position in China’s reinsurance market and has a vast client base, with long-term business relationships with most insurance companies in China. The Sidley team was led by partner Martin Membery, and included members from the firm’s Hong Kong, Beijing, London and U.S. offices.
Sidley advised CanSino Biologics Inc. as the Hong Kong and U.S. counsel in its approximately US$160.5 million global offering and listing of H-Shares on the Main Board of the Stock Exchange of Hong Kong Limited. CanSino Biologics Inc. is a biotech leader in research and development, manufacturing and commercialization of vaccine products for human use in China. The Sidley team was led by partner Mengyu Lu and included members from the firm’s Hong Kong and Beijing offices.
Sidley represented one of the investors, Vivo Capital, in its agreement to invest US$150 million in New Frontier Corporation (NYSE: NFC), a special purpose acquisition company, in connection with its initial business combination transaction to acquire United Family Healthcare (UFH). NFC acquired UFH from its existing shareholders, including affiliates of TPG and Fosun Pharma, to create one of China’s largest publicly listed integrated healthcare services companies. The Sidley team was led by partners Ruchun Ji, Geoffrey Levin and Michael Heinz.