22 Feb 2000
Simmons & Simmons advises i100 Corporation on Hong Kong's latest backdoor listing
Simmons & Simmons, the international law firm, has recently advised i100 Corporation ("i100") and others on the subscription for 800 million new shares of Acme Landis Holdings Limited ("Acme") at a value of HK$200million.
Immediately upon completion, the subscription will give i100 Corporation, i100 Holdings Corporation and Asia Pacific Growth Fund III, L.P. ("H&Q AP Fund") a controlling interest in Acme. Completion is expected to take place by the end of March.
i100's main stakeholders include H&Q AP Fund, a high profile investment fund managed by H&Q Asia Pacific, Ltd. and with committed capital of US$750 million, and J. H. Whitney IV, L.P., a US$950 million private equity fund managed by J. H. Whitney & Co. Both are active investors in the technology and internet related sectors.
It is expected that the proceeds from the subscription will be used principally to expand Acme's business and to develop internet-related activities.
The Simmons & Simmons' team was led by Stephen Mok. He was assisted by Phillip John and Andrew Chung.
"This is the third backdoor listing Hong Kong has seen in recent months, after Softbank's stake in Cheung Wah Development and Hikari Tsushi's stake in Golden Power International. With the considerable interest in the internet, this is likely to become a common trend to accessing new capital and new markets. We have a strong corporate and communications team ideally placed to advise on such transactions".
Notes for editors:
1. Simmons & Simmons is worldclass law firm with offices in London, Paris, Brussels, Düsseldorf, Lisbon, Milan, Rome, Madrid, Abu Dhabi, Hong Kong, Shanghai and New York with over 1,400 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com.
2. Simmons & Simmons' Hong Kong office provides a full range of legal services to a wide base of major multinational companies, international investment banks, government agencies and local companies. The office has 65 lawyers including 13 partners and a total staff of over 140. The office has extensive experience of corporate, international finance, commercial litigation, intellectual property, construction and property matters. The Hong Kong office works closely with the Shanghai office advising clients in Hong Kong, the PRC and throughout Asia.
3. Photographs of Stephen Mok, Phillip John and Andrew Chung are available upon request.
4. For further information, please telephone:
Julia Taylor, Marketing Manager on (852) 2583 8235