Sports shoe manufacturer Xingquan International and sports shoe soles manufacturer Multi Sports have become the first two China-based companies to announce direct listings on the Main Board of Bursa Malaysia.
On July 10, Xingquan International raised RM165 million (US$47 million) via an IPO, while Multi Sports is expected to raise RM57.6 million (US$16.4 million) through its IPO due to take place in the next few days.
Recent changes introduced by Bursa Malaysia have made it easier for foreign companies to list their shares in Malaysia. It is hoped these deals will signal the beginning of a trend of increasing foreign listings in Malaysia.
Malaysian firm Wong Beh & Toh worked alongside Trend Associates, DLA Piper and Conyers Dill & Pearman on Xingquan International’s IPO.
Cynthia Toh and Wong Tat Chung led the team at Wong Beh & Toh with Trend Associates’ Liao Kaizhan providing PRC law advice.
Jeffrey Mak led the team at DLA Piper Hong Kong while director of Conyers’ Singapore office Janice Oh, together with Stacie Seetho, advised on the Bermuda elements of the deal. CIMB Investment Bank acted as adviser, underwriter, placement agent and sole bookrunner.
Wong Beh & Toh and Conyers Dill & Pearman are also working on Multi Sports’ listing with Wong Tat Chung again leading the former’s team. Guangzhou-based David Shen heads the Grandall Legal Group team while Gallant YT Ho & Co is acting as Hong Kong counsel.
Kung Whooi Phing, who is responsible for the Malaysian desk of Conyers’ office, is providing Bermuda legal advice on the deal.