Psyche Tai

Head of Hong Kong
Norton Rose Fulbright Hong Kong

Hong Kong SAR
Hong Kong SAR
T:+852 3405 2353
Hong Kong SAR
Hong Kong SAR
T:+852 3405 2353
Psyche Tai

Psyche Tai

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Related services and key industries


Biography

Psyche Tai is the Head of our Hong Kong office with over 20 years of HK capital market experience.

Psyche is a partner in our corporate team based in Hong Kong. She has significant experience in all aspects of corporate and commercial law, including mergers and acquisitions, public company takeovers, IPOs, reverse takeovers, joint ventures, convertibles, corporate restructuring of Hong Kong and PRC corporations listed on the Hong Kong Stock Exchange and the PRC stock exchanges. Her experience extends to compliance, regulatory, trust-related matters and intellectual property.

Psyche obtained her bachelor of law (Honours) degree from the University of Hong Kong and qualified as a solicitor in 1995. In 2002, she obtained a bachelor's degree in Chinese law from the Peking University.  She joined Norton Rose Hong Kong in January 2003 and became a partner in May 2004. She is now a member of the Company Law Committee of the Law Society of Hong Kong.

Psyche is also the Company Secretary of The People's Insurance Company (Group) of China Limited (Stock Code: 01339).

Psyche has won Asia Women in Business Law award 2018 best in M&A and Private Equity sections and The Asian Lawyer's "All-Star" award 2014 in the Real Estate sector. These awards demonstrate her strength in corporate/M&A practice in Asia and her significant contribution to the M&A and real estate industries. 

She is fluent in English, Mandarin and Cantonese.


Professional experience

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  • Bachelor of law (Honours) degree from the University of Hong Kong
  • Bachelor's degree in Chinese law from the Peking University

  • Solicitor, qualified in England & Wales
  • Solicitor, qualified in Hong Kong

Recent Listed Companies' M&A experience:

  • Advising SFUND International on HK$789 million acquisition of Midas International and the related general offer and acquisition financing. The acquisition was made by SFUND International through Qingda Developments Limited for an approximately 60.82% of the issued share capital of Midas International Holdings Limited (HKEX stock code: 1172), which triggered the subsequent mandatory general offer.
  • Advising a three-party consortium led by China Resources (Holdings) Company Limited (China Resources (Holdings)) in its GBP600 million acquisition of a 30% stake in the 402MW Dudgeon Offshore Wind Farm, which is built off the coast in Norfolk in the United Kingdom, from Statkraft UK Limited. China Resources (Holdings) is a state-owned enterprise in China, with businesses in power, consumer products (retail, beer, food and beverages), real estate, cement, gas, pharmaceuticals and finance.  It owns majority stakes in seven listed companies in Hong Kong, including China Resources Power Holdings Company Limited (HKSE stock code: 836), a consortium member and has a market capitalisation of approximately HK$70 billion.
  • Advising Renhe Commercial Holdings Company Limited (HKEX stock code: 1387) (Renhe Commercial) on acquisition of the land and properties on which it operates agricultural wholesale markets and certain agricultural markets situated in Hangzhou, the PRC for a total consideration of RMB6.87 billion.  The acquisitions will be settled by new issue of convertible bonds and cash respectively.  In addition, Renhe Commercial also launched a rights issue on the basis of three rights shares for every ten existing shares to raise HK$2.15 billion.
  • Advising China Foods Limited (HKEX stock code: 506)(China Foods) in the disposal of all of its wine business and other non-beverage business to its controlling shareholder, China Foods (Holdings) Limited, for a transaction value of HK$5,069 million. The disposed business is primarily involved in the production and distribution of products under the "Greatwall" brand, with interests in five production plants in the China and five wineries in and outside of China.
  • Advising HSBC as financial adviser in the HK$795 million sale by Transport International Holdings Limited (HKEX stock code: 62)(Transport International) of its 73% interests in Roadshow Holdings Limited (HKEX stock code: 888), which triggered an unconditional mandatory general offer made by the purchaser in accordance with the Hong Kong Takeovers Code. Transport International is the largest public transport operator in Hong Kong and its controlling shareholder is Sun Hung Kai Properties Limited, a leading property developer.
  • Advising Real Nutriceutical Group Limited (HKEX stock code: 2010) (Real Nutriceutical) on its acquisition of a leading retailer of pharmaceutical and healthcare products in the PRC for a cash consideration of RMB1.55 billion (equivalent to approx. USD226 million). The acquisition constituted a very substantial acquisition under the Hong Kong Listing Rules and is subject to the approval by its shareholders. Real Nutriceutical is principally engaged in the manufacturing and sales of health and nutritional supplements and pharmaceutical products in the PRC.
  • Advising Zoomlion Heavy Industry Science and Technology Co., Ltd. (Zoomlion), a main board-listed company (HKEX stock code: 1157), on its RMB11.6 billion (equivalent to approximately US$1.68 billion) disposal of 80% interest in Changsha Zoomlion Environmental Industry Co., Ltd. (Changsha Zoomlion) to four PRC investment holdings including Infore Holding and Hony Investment (the Disposal). Changsha Zoomlion engages in research, development, manufacturing and sale of environmental sanitation equipment and provisions of environmental solutions. 
  • Advising Haitong International Capital Limited, as financial advisor of Skyway Securities Group Limited, on the general offer triggered by the acquisition and subscription of the shares of Skyway Securities Group Limited (HKEX stock code: 1141) by CMBC International Holdings Limited and China Huarong Overseas Investment Holdings Co., Ltd. for a total consideration of HK$1.07 billion.
  • Advising China Overseas Grand Oceans Group Limited (HKEX stock code: 81) in its acquisition of a property portfolio in China from China Overseas Land & Investment Limited (HKEX stock code: 688) for a cash consideration of RMB3,516 million. COGO sought to acquire the property portfolio in emerging third tier cities in which COGO has been focusing on.
  • Advising China Overseas Land & Investment Limited (HKEX stock code: 688) in its acquisition of a property portfolio in 25 cities in China from CITIC Group (HKEX stock code: 267) for US$4.8 billion (RMB31 billion).  The transaction represents the largest M&A in the China property sector and a major consolidation in PRC real estate sector between two large-scale state-owned enterprises.

Recent IPO/ECM experience:

  • Advising HSBC Corporate Finance (Hong Kong) Limited and Goldman Sachs (Asia) L.L.C. as the joint sponsors to the spin-off and listing on the Main Board of the Hong Kong Stock Exchange of Country Garden Services Holdings Company Limited (HKEX Stock Code: 6098)(Country Garden Services), a leading residential property management service provider in China. The transaction involved the distribution in specie of the shares of Country Garden Services to the qualified shareholders of Country Garden Holdings Company Limited, a leading property developer in China which shares are listed on the Main Board of the Hong Kong Stock Exchange (HKEX Stock Code: 2007).
  • Advising China Galaxy International Securities (Hong Kong) Co., Limited as sole sponsor in the listing of Top Education Group Ltd (HKEX stock code: 1752)(TOP) on the Main Board of the Hong Kong Stock Exchange and HK$207 million global offering of shares. TOP is a private higher education provider in Australia offering accredited undergraduate and postgraduate award courses in business and law.
  • Advising The Hongkong and Shanghai Banking Corporation Limited, acting as the placing agent, in relation to the placing of 420,000,000 new H shares of BAIC Motor Corporation Limited (HKEX stock code: 1958)(BAIC) with maximum net proceeds of approximately HK$3,266 million. BAIC is a leading manufacturer of passenger vehicles in China. It is engaged in the design, research and development, manufacture and sale of an extensive and diversified portfolio of passenger vehicle models, and the provision of related services in China.
  • Advising The Hongkong and Shanghai Banking Corporation Limited, acting as one of the placing agents, in relation to the top-up placing of up to 900,124,000 ordinary shares of China Jinmao Holdings Group Limited (HKEX stock code: 817)(China Jinmao) at a placing price of HK$3.7 per share which also involved the subscription of shares by its controlling shareholder, Sinochem Hong Kong (Group) Company Limited. China Jinmao is the platform enterprise of Sinochem Group Co., Ltd. in the development of real estate business, and is a developer and operator of large-scale and quality real estate projects in the PRC.
  • Advising China Galaxy International Securities (Hong Kong) Co., Limited as the sole sponsor in Risecomm Group Holdings Limited's listing on the Main Board of the Hong Kong Stock Exchange and HK$200 million global offering of shares. Risecomm is a fabless research and development oriented technology company, which pioneered in developing products and solutions adopting the power line communications (PLC) technologies for the deployment of automated meter reading systems in China. Risecomm's IPO was one of the top gainers among new listings on the Hong Kong Stock Exchange in the first half of 2017.
  • Acting for Beijing Capital Land Ltd (HKEX stock code: 2868) in its proposed A share offering and listing in the PRC. The company proposed to issue not more than 370 million A shares at the offer price to qualified investors on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The underwriters are CICC, JP Morgan First Capital and CSC. Beijing Capital Land Ltd is a large property developer in the PRC and its H shares were listed in the Stock Exchange of Hong Kong since 2003.
  • Advising SMIT Holdings Limited (HKEX stock code: 2239) on its global offering (raising up to HK$291 million) and its initial public offering on the Main Board of the Hong Kong Stock Exchange.  The company is a leading security devices provider for pay TV broadcasting access worldwide and for mobile point-of-sale payment systems in China.
  • Acting for HSBC, Morgan Stanley, Deutsche Bank, CITIC Securities and UBS in relation to the HK$12.1 billion global offering of BAIC Motor Corporation Limited (HKEX stock code: 1958) and its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange.  The Company is a leading manufacturer of passenger vehicles in China engaging in the design, research and development, manufacture and sale of an extensive and diversified portfolio of passenger vehicle models.
  • Advising COFCO Land Holdings Limited (HKEX stock code: 207) on its reverse takeover (and deemed listing application) and US$501 million placing of shares to institutional investors.
  • Advising CNQC International Holdings Limited (HKEX stock code: 1240) on its HK$2.6 billion acquisition of CNQC (South Pacific) which constitutes a very substantial acquisition, a connected transaction and a reverse takeover/deemed new listing of the Company under the Hong Kong Stock Exchange Listing Rules.
  • Cantonese
  • Chinese
  • English

Knowledge

Tightened Listing Rules on “backdoor” listings

Publication | September 12, 2019

Asset management quarterly - Asia

Publication | October 2016