Paul W. Boltz, Jr.
Paul is the managing partner of Ropes & Gray’s Hong Kong office and has practiced in Asia for more than 15 years. He is a member of the firm’s securities and public companies group and has a wide-ranging practice, with a particular emphasis on high-tech and life science industries. His work includes representing issuers and underwriters in U.S. and Hong Kong IPOs, as well as representing publicly listed and pre-IPO companies in Asia in such corporate matters as M&A transactions, joint venture formation, PIPEs and registered secondary offerings, privatizations, and ongoing compliance matters. Notably he also represents some of the world’s largest sovereign and institutional investors in their investing activities in Asia and elsewhere.
Paul is also a guest lecturer on U.S. securities laws at the Faculty of Law at the University of Hong Kong.
- Represented Hutchison China MediTech (Chi-Med), a China-based health care group and one of the largest biotech companies in Asia, in its $101 million U.S. IPO and listing on NASDAQ. Bank of America Merrill Lynch and Deutsche Bank Securities acted as joint book runners for this offering. Established in 2000, Chi-Med is majority owned by the multinational conglomerate CK Hutchison Holdings Limited. Chi-Med was publicly listed on London’s AIM market in 2006, and is currently the only Asia-based company that is dual-listed in London and on NASDAQ.
- Represented MYOB Group Limited, Australia and New Zealand’s leading accounting software provider, as U.S. counsel in its global offering of shares and listing on the Australian Stock Exchange. The offering to retail and institutional investors raised total proceeds of approximately A$833 million, valuing the company at a total enterprise value of more than A$2.5 billion, and was the largest IPO by a software company ever completed in Australia.
- Represented Nova Founders Capital and its affiliated companies in numerous rounds of private equity financings. Nova Founders Capital builds and supports internet companies focusing on the financial services sector in various markets around the world.
- Represented numerous private equity sponsors and global asset managers in a wide range of securities matters, including representing:
- Sequoia Capital and DCM in their U.S. registered secondary offering of shares of Vipshop Holdings (NYSE: VIPS),
- Sequoia’s cornerstone investment in Qihoo 360 Technology concurrent with its IPO (NYSE: QIHU),
- TPG in the NYSE IPO of portfolio company ShangPharma Corp., and
- An international investment bank in the Indian IPO of Bharti Infratel and numerous other public and private securities transactions.
- Represented Asian- and Middle-Eastern based sovereign investors in their investments and divestments in Asian markets.
- Represented Bain Capital, as selling shareholder, in the IPO on the Tokyo Stock Exchange of its portfolio company Skylark Co., Ltd.
- Advised an ad hoc group of noteholders with respect to the U.S. securities law and listing rules aspects of the restructuring of notes issued by LDK Solar. Named 2015 “Finance Deal of the Year for Restructuring & Insolvency” by The Asian Lawyer.
- Represented DYNAM JAPAN HOLDINGS Co., Ltd. (HKSE Main Board, stock code 06889) as its international counsel in its listing on the Main Board of the Hong Kong Stock Exchange and concurrent Reg S/Rule 144A global offering. The IPO is notable in that DYNAM is the first Japanese company to ever have a primary listing in the Hong Kong market.
- Represented long-time client NetEase.com, Inc. (NASDAQ Global Select: NTES), one of China’s leading online game companies and internet portal operators, in a variety of corporate matters including its establishment of an onshore/offshore joint venture with Blizzard Entertainment for the operation of World of Warcraft in China and NetEase’s US$125 million convertible notes offering.
- Represented the Special Committee of Independent Directors of NASDAQ-listed ChinaEdu Corp. in connection with its privatization by members of the company’s management and McGraw-Hill Education.
- Represented the buyer consortium in the all-cash take private of NASDAQ-listed Ninetowns Internet Technology Group.
- Represented the buyer consortium consisting of TPG Growth and the Chairman of NYSE-listed ShangPharma in its take private transaction.
- Represented MicroPort Scientific Corporation (HKSE Main Board, stock code 853), China’s leading minimally invasive medical device manufacturer, in its initial listing in Hong Kong and concurrent global offering.
- Represented China Zenix Auto International (NYSE: ZX), China’s leading commercial vehicle wheel manufacturer, in its initial listing on the New York Stock Exchange.
- Represented China GrenTech Corporation Ltd. (NASDAQ Global Select: GRRF), a mobile network communication equipment manufacturer in China, in a variety of corporate matters including an SEC-registered secondary sale of equity securities and its subsequent privatization from the U.S. markets.
- Quoted, “Regulatory Reach – Hong Kong’s Securities and Futures Commission gets tough after a new series of fraud allegations against listed Chinese companies,” FinanceAsia (October 2014)
- Quoted, “Internet Stocks Lead Chinese Charge into US,” The Financial Times (February 26, 2014)
- Quoted, “First of NYSE-Delisted China Stocks Launches HK IPO,” The Wall Street Journal (February 14, 2014)
- Quoted, “Chinese firms returning to US market for IPOs,” Reuters (February 10, 2014)
- Quoted, “In China, Concern About a Chill on Foreign Investments,” The New York Times (June 2, 2013)
- Co-author, “M&A Litigation Goes Global,”Insights (May 2013)
- “SEC’s Charges Against Chinese Affiliates Of U.S.-Based Accounting Firms Have Broad Implications,”Bloomberg BNA Securities Regulation & Law Report (April 2013)
- Presenter, “Listing, Compliance and Corporate Governance,” Forum on Corporate Governance for Listed Companies – sponsored by the Chamber of Hong Kong Listed Companies, Shenzhen (May 2014)
- Presenter, “China, the Internet & Your Business: Navigating Deals in the World’s Largest and Most Complicated Internet, Market,” Licensing Executives Society - Silicon Valley Chapter seminar, Palo Alto, CA (June 2013)
- Lead Moderator and Presenter, “Cross-Border M&A Deals: Best Practices and Worst Pitfalls. What Both the Buy- and Sell-Sides in China Need to Know,” Ropes & Gray seminar, Beijing (February 2013)
- “Risks When Delisting from the U.S. Markets,” joint Ropes & Gray and Marsh seminar, Beijing, Shanghai, Guangzhou (2012)
- Presenter, “What Every China-Based U.S.-Listed Company Needs to Know About U.S. SEC Enforcement Actions,” Ropes & Gray webinar (June 2012)