Ashley is Head of Asia and is based in Hong Kong. His practice focuses on M&A and ECM transactions involving listed companies. He also specialises in private equity, financial services, venture capital and direct investments, as well as regulatory and compliance work.
Ashley returned to the firm in October 2004 after completing a three-year appointment as a Board member and Executive Director, Corporate Finance at the Securities and Futures Commission.
Whilst at the Commission, Ashley was responsible for key aspects of listed company regulation, including the Takeovers Code, company prospectuses and the regulation of various aspects of corporate conduct. He was also closely involved in important policy initiatives. These included new regulations for IPO sponsors, new corporate governance standards under the Listing Rules, stabilisation rules for equity offerings, new statutory rules for prospectuses, amendments to the Takeovers Code and a major reform of the regulatory regime for listed companies. He also worked on cross-border issues and was closely involved in the law making process in Hong Kong’s Legislative Council.
The following are some of the many transactions led by Ashley since 2004:
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CICC, Deutsche Bank and Merrill Lynch on the HK$4.6 billion (US$589 million) offering of H shares of Dongfeng Motor Group Company, a leading PRC-based manufacturer of passenger and commercial vehicles and auto parts, in a Hong Kong IPO and a Rule 144A/ Regulation S international offering
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JP Morgan and UBS as joint global underwriters on the HK$3.06 billion (US$393 million) offering of H shares of China BlueChemical, in a Hong Kong IPO and a Rule 144A/Regulation S international offering
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China Resources as seller and China Resources Peoples Telephone Company as target of the offer by China Mobile (Hong Kong) worth HK$3.4 billion (US$440 million)
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CNOOC, the third largest oil producer in the PRC, as Hong Kong counsel on the proposed US$18.5 billion merger with Unocal Corporation
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Sinopec Corporation in its privatisation of Sinopec Beijing Yanhua Petrochemical Company, a company listed in both Hong Kong and New York, by way of merger by absorption under Article 184 of the PRC Company Law. The total consideration payable by Sinopec was HK$3.8 billion (US$490 million). This was the first ever privatisation of an H share company listed on the Hong Kong Stock Exchange
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Goldman Sachs (Asia) and Cazenove Asia on the structuring and execution of the HK$5.1 billion (US$650 million) reverse takeover by Sinochem Hong Kong Holdings of the PRC-based fertilizer business previously owned by its substantial shareholder, Sinochem Corporation, including a strategic placing, a preferential offering and an institutional placing pursuant to Rule 144A
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China Resources (Holdings) Company in relation to the HK$428 million (US$55 million) privatisation of its listed subsidiary, China Resources Cement Holdings
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advice to independent directors of China National Aviation Corporation in relation to its proposed privatisation. This involved difficult issues for the INED's in making recommendations to independent shareholders regarding the disposal of Dragonair to Cathay