Two sports shoe maunfacturers have become the first Bermuda-incorporated companies to make their their primary listings on the Bursa Malaysia Stock Exchange.

Xingquan International Sports Holdings Ltd. has raised RM165 million via an initial public offering (IPO), while Multi Sports Holdings Ltd. is expected to raise RM57.6 million through its IPO, due to take place within the next week.

Janice Oh, a director of Conyers Dill & Pearman's Singapore office, and Stacie Seetho advised on the Bermuda elements of the Xingquan International Sports IPO, alongside DLA Piper Hong Kong, which provided Hong Kong legal advice.

Wong Beh & Toh acted as legal adviser for the IPO and CIMB Investment Bank was the adviser, underwriter, placement agent and sole bookrunner.

Kung Whooi Phing, who is responsible for the Malaysian desk of Conyers' office, is providing Bermuda legal advice on the Multi Sports Holdings deal. Wong Beh & Toh is legal adviser for the IPO and AmInvest Bank Berhad is the adviser, sole underwriter and sole placement agent.

Whooi Phing said: "Recent changes introduced by Bursa Malaysia have made it easier for foreign companies to list their shares in Malaysia. Xingquan International Sports Holdings Ltd. and Multi Sports Holdings Ltd. are the first two China-based companies to announce direct listings on the Main Board of Bursa Malaysia, and we are advising several other Bermuda and Cayman Islands companies on their proposed listings in Malaysia. We may be seeing the beginning of a trend of increasing foreign listings in Malaysia."

Xingquan International Sports Holdings is a manufacturer of sports shoes, while Multi Sports Holdings manufactures sports shoe soles. Both companies are based in the city of Jinjiang, which accounts for almost one quarter of the total global production of sports shoes.