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News Nov 20, 2015

Shearman & Sterling Advises Underwriters on Dali Food’s US$1.15 Billion Hong Kong IPO

Shearman & Sterling advised Bank of America Merrill Lynch and Morgan Stanley as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers on the approximately US$1.15 billion initial public offering (before the exercise of the over-allotment option) of Dali Foods Group Company Limited (“Dali Foods”) on the Main Board of The Stock Exchange of Hong Kong Limited.

The successful completion marks the first Chinese food and beverage company to list in Hong Kong in 2015. This is also reported as the largest offering year to date for a Chinese privately owned enterprise in 2015.

Dali Foods is a leading branded snack food and beverage company in China, with a diversified multi-brand product portfolio focusing on high-growth product categories.

The Shearman & Sterling team of lawyers in the firm’s Hong Kong office included Hong Kong Capital Markets partners Paloma Wang and Colin Law and US Capital Markets partner Alan Yeung; associates Clement Jiang (Hong Kong-Capital Markets) and Stella Hu (Hong Kong-Capital Markets); and trainee Isabella Ma (Hong Kong-Capital Markets).