Ogier has advised All-Stars' investment in Xiaomi Corporation.
Ogier partner Nicholas Plowman, with senior associate Richard Bennett in the firm's Hong Kong office, acted as British Virgin Islands counsel to All-Stars Investment Cayman Limited in relation to the establishment and offering of All-Stars XMI Limited as a private equity fund raising vehicle investing in a US$1.1 billion capital raising by Xiaomi Corporation by way of series F financing.
The US$1 billion of investment marked China's largest TMT deal of 2014 and the largest ever private placement of a China-based technology company. As a result of this financing, Xiaomi is now the highest valued technology start-up in the world, valued at US$46 billion.
The deal has also opened the door to other large scale Asia-based mega technology deals without the need for public listings. Before, Chinese technology companies were forced to list on public stock exchanges prematurely (or even unnecessarily) as it was impossible for them to access over US$500 million.
Ogier's role involved acting as advisor to the lead investor All-Stars, a long standing firm client who Ogier Hong Kong initially established a Cayman Islands open ended hybrid investment fund for...