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Apparel Manufacturer Crystal Group Lists in Hong Kong

Hong Kong – Paul Hastings, a leading global law firm, announced today that the firm advised Morgan Stanley and HSBC as the joint sponsors and Morgan Stanley, HSBC and Citi as the joint global coordinators and joint bookrunners in Hong Kong apparel manufacturer Crystal International Group Limited’s (“Crystal Group”) US$491 million Hong Kong IPO.

Crystal Group supplies around 350 million pieces of apparel to customers including Fast Retailing (the owner of fashion chain Uniqlo), Gap, H&M, and L Brands (which operates Victoria’s Secret). Net proceeds from the listing, which attracted cornerstone investors including Fast Retailing and L Brands, will go towards investment in capital expenditures, expanding into fabric production and repaying loans.

Paul Hastings has advised on a number of Hong Kong IPOs this year including Zhongyuan Bank’s US$1.04 billion listing in July and New Century Healthcare’s US$102 million listing in January.

The Paul Hastings team was led by Raymond Li, partner and Chair of Greater China, and partners Zhaoyu Ren and Bonnie Yung, with support from associates Gladys Tso, Qianyu Hu and Huiling Han.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.