Harneys acted as Cayman Islands counsel to Fosun Tourism Group, owner of Club Med, on its initial public offering (IPO) in which it raised over US$400 million. In addition, further capital was raised from its over-allotment option.
Fosun Tourism Group is the largest tourism resort group in the world by revenue, and is listed on the main board of the Hong Kong Stock Exchange. The transaction involved the spin off from Fosun International of the tourism and hotel units that includes Club Med SAS. Minority investors in the IPO included Alibaba Group, Suchuang Gas Corp and Shun Tak Holding.
Harneys’ Cayman Managing Partner, Marco Martins, led the IPO team and commented: “We are delighted to have acted for such a distinguished group on its highly successful IPO. This deal showcased our ability to work seamlessly across three offices (Cayman, Hong Kong and Shanghai), in multiple languages and time zones. Over the past year, our Hong Kong office has won the mandate on over 10 high profile IPO deals, cementing our position as the leading Cayman firm in Asia.” The IPO team also included Hong Kong based Partner Raymond Ng, Senior Associate Ana Lazgare (London) and Senior Associate Grace Ye (Shanghai).