Baker McKenzie’s China Joint Operation partner, FenXun Partners, is advising leading Chinese e-commerce company, JD.com, on the listing of its REIT, Harvest Jingdong Warehousing Logistics Close-end Infrastructure Securities Investment Fund, on the Shanghai Stock Exchange.
The REIT, which was recently approved by the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE), shall hold three PRC logistics parks totaling 350,995 square meters (1.2 million square feet) with a combined value of RMB 1.565 billion. These include the first phase of JD.com Chongqing E-commerce Park, a transshipment and logistics center in the municipality of Chongqing, as well as the company's Asia No. 1 Logistics Parks in Wuhan, Hubei province and Langfang, Hebei province.
FenXun Partners advised JD.com on all legal aspects of the deal, including due diligence, deal structuring, listing application preparation, securities and regulatory issues, communication with the regulators and general transaction management. The team was led by Partners Wang Jianzhao (王剑钊), Yang Guangshui (杨广水), and Bao Zhi (鲍治). They were supported by Counsel Shi Junnan (石俊男), and Associates Grace Guo (郭源), Zheng Shanshan (郑珊珊), Zhu Yu (朱誉), Wang Jin (王锦), Fan Zhongyue (范钟月) and Geng Ke (耿珂).
Commenting on the deal, Partner Yang Guangshui said: "We are very pleased to be able to assist our long-standing client JD.com to successfully obtain regulatory approval for the public offering and listing of its REIT. This deal showcases the strength of our structured financing, IPO and M&A teams, and our ability to provide a seamless cross-practice legal solution. We look forward to continue supporting our clients with their capital markets and REITs transactions and delivering top quality legal advice."
FenXun Partners and Baker McKenzie, via the Joint Operation platform, regularly advise on the public offering and listing of China REITs, with extensive experience in advising on all types of infrastructure REITs projects, covering a wide range of asset types, including warehousing and logistics, industrial parks, security housing and highways. The team holds regular discussions with the relevant authorities on asset requirements, legal structures, governance mechanisms, review procedures, information disclosure and other issues related to China REIT public offerings. The team also advises on REIT listings in other jurisdictions in conjunction with the Baker McKenzie teams across the global network, including recent listings of China Merchants Commercial REIT and SF REIT on the Hong Kong Stock Exchange.
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