Sidley, DLA Piper, ONC Lawyers and Herbert Smith Freehills Kramer advised on Softcare Limited’s HKD 2.38 billion IPO on the Hong Kong Stock Exchange.

Softcare is a multinational hygiene product company specialising in the development, manufacturing and sales of baby and feminine care products and the company has become a market leader in the hygiene product industry across African countries and a key player in the emerging markets. In terms of sales volume in 2024, the company ranked first in both the baby diapers market and the sanitary pads market in Africa.

The offering has raised gross proceeds of approximately HK$2.38 billion (US$306.6 million) and was oversubscribed 1,813.77 times, while the international placement was oversubscribed 34.33 times.

Sidley acted as Hong Kong and U.S. counsel to Softcare Limited (Softcare) (HKEX: 2698) in its initial public offering (IPO) and listing on the Main Board of the Hong Kong Stock Exchange (HKEX). China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited and GF Capital (Hong Kong) Limited acted as joint sponsors in the transaction.

The Sidley team was led by partners Sherlyn Lau and Meng Ding (both China Corporate and Finance). Other team members included Iris Yuen (China Corporate and Finance), Scarlet Feng, Jacob Zhao (both Capital Markets), William Lau, Maggie Bai, Hannah Wong, Andy Tam and Wendy Ho (all China Corporate and Finance).

DLA Piper acted as the International Sanctions Legal Advisor for Softcare. The DLA Piper team was led by Nathan (Nate) Bush, partner in International Trade, Antitrust and Investigations, (part of the firm’s Litigation & Regulatory practice), with support from senior associate Yong Min Oh and associate Jan Zhan, all members of the Litigation & Regulatory practice in Singapore. Additional support was provided by senior associate Runyu Liu from Shanghai Kaiman Law Firm in China.

ONC Lawyers has advised Softcare Limited (Stock Code: 2698) as its legal advisor as to the legal compliance of the Hong Kong subsidiaries in its global offering and listing of shares on the Main Board of The Stock Exchange of Hong Kong Limited.

ONC team was led by Partner Angel Wong, with the support from Joey Yuen (Paralegal pending admission).

Herbert Smith Freehills Kramer has advised China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited, GF Capital (Hong Kong) Limited and other underwriters on Softcare Limited (02698.HK)’s listing on the Main Board of the Hong Kong Stock Exchange.

Partners Matt Emsley, Stanley Xie and Jin Kong* led a cross-office team advising the underwriters, supported by Cyrus Wong, Haiyun Chen, Samuel Au, Camille Chai, Leah Zhi and Francis Wang. Sean Ji, Brian Ge, Hao Lin, Natalie Wong, Cece Wong and Maxine Law also provided support.

Legal manager Marine Jin led Herbert Smith Freehills Kewei Joint Operation’s Digital Legal Delivery business to provide high-efficiency solutions for verification and other document-intensive processes during the listing, assisted by Jean Zhou, Chloe Hu and Carol Wan.