Catherine Tsang is a partner in White & Case's Mergers & Acquisitions and Capital Markets practice based in Hong Kong.
She has extensive experience handling public takeovers, privatizations and M&A transactions involving Hong Kong-listed companies. She also has an established track record advising on equity capital markets transactions (including Hong Kong Main Board as well as other capital markets fund raising transactions) including initial public offerings and secondary offerings in Hong Kong for both state-owned and privately-owned companies in China and overseas, whether as issuer's or underwriters' counsel.
Catherine, who is fluent in English, Cantonese and Mandarin, also represents corporations on a variety of general corporate and commercial matters.
Vinda International Holdings Limited
Catherine advised Vinda International Holdings Limited, a Hong Kong-listed company primarily engaged in the manufacture and sale of household consumable paper products and personal care products, in its HK$397.5 million top-up placing in 2016.
Vinda International Holdings Limited
Catherine advised Vinda International Holdings Limited on its acquisition from SCA Group Holding BV of its operations in Southeast Asia, Korea and Taiwan, comprising the entire issued share capital of each of SCA Hygiene Korea Co. Ltd, SCA Hygiene Malaysia Sdn. Bhd. and SCA Taiwan Ltd., for an aggregate consideration of HKD2.8 billion. The acquisition constituted a major and connected transaction for the purchaser.
China Africa Fund for Industrial Cooperation
Catherine advised China Africa Fund for Industrial Cooperation in a US$200 million equity investment in an Ethiopian LNG project sponsored by China Poly Group and GCL Group. The US$4 billion project consists of five exploration blocks in the Ogaden Basin of Ethiopia and will also involve the construction of a 700 km gas pipeline to transport up to 12 billion cubic metres of gas per year from the Ogaden Basin to the port of Damerjog in Djibouti where an LNG liquefaction and export plant will be built.
Catherine advised Unitech Enterprises in its HK$258 million acquisition of approximately 61.56 percent of the entire issued share capital of the Hong Kong-listed Ford Glory Group, which is principally engaged in the business of sourcing garment products. Unitech Enterprises will be required under the Hong Kong Takeovers Code to make an unconditional mandatory cash offer to acquire all the issued shares of Ford Glory Group.*
Tonic Industries Holdings Limited
Catherine advised on Tonic Industries Holdings Limited's deemed new listing on the Main Board of the Hong Kong Stock Exchange and the placing of new shares. The transaction involved highly complicated legal and regulatory issues, including a reverse takeover involving a new listing application, a very substantial acquisition and connected transaction for Tonic Industries under the Hong Kong Listing Rules (advised Goldman Sachs, Citigroup and China Merchants Securities as the sole sponsor and placement agents).*
Catherine advised WH Group, the world's largest pork company, with global leadership across key segments of the industry value chain, including packaged meats, fresh pork and hog production, in its US$2.36 billion global offering and IPO on the Main Board of the Hong Kong Stock Exchange. Morgan Stanley Asia Limited and BOCI Asia Limited acted as the underwriters. This transaction marked one of the largest Hong Kong IPOs in 2014 to date and was awarded Deal of the Year by China Business Law Journal.*
Catherine advised Fast Retailing, the largest Japanese clothing retailer in Asia that designs, manufactures and sells clothing under main brands such as UNIQLO, on its secondary listing of Hong Kong depositary receipts (HDRs) on the Main Board of the Hong Kong Stock Exchange by way of introduction. Morgan Stanley Asia Limited acted as the sole sponsor. The transaction marks the first secondary HDR listing by a Japanese company (advised J.P. Morgan as the depositary bank).*
L'Occitane International S.A.
Catherine advised the issuer L'Occitane International S.A. in its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. This was the first Luxembourg incorporated company to be listed on the Hong Kong Stock Exchange.*
*Experience prior to joining White & Case
Chambers Asia-Pacific, 2015
"Catherine Tsang is an equity capital markets practitioner with nearly 20 years' experience behind her."