Skadden, Jia Yuan Law Offices, Shihui Partners, Freshfields Bruckhaus Deringer and King & Wood Mallesons have advised on China home appliance giant Midea Group’s more than HKD31 billion (USD3.98 billion) IPO, which is the largest debut on the Hong Kong bourse in the past three years.
The offering was priced at HKD54.8 apiece, reaching the upper limit set in the prospectus, and offered 73.82 million additional shares, making it one of the few IPOs in recent years to use the option for adjusting the offering quantity.
Skadden advised the Midea Group on Hong Kong and US law while Jia Yuan’s founding partner Xu Ying and senior partner Liu Xing acted as PRC counsel.
Shihui acted as the issuer’s data compliance counsel.
Freshfields acted as Hong Kong and US counsel to the joint sponsors, CICC and BofA Securities. Its team was led by China chairman Teresa Ko, head of China ECM Richard Wang and partner Howie Farn.
KWM’s leading partner Gong Mulong, Su Zheng and Huang Xiaoxue acted as PRC counsel to the joint sponsors.
The HKEX filings show that 18 cornerstone investors, including COSCO Shipping Holdings, UBS AM Singapore and BYD, have collectively committed nearly USD1.26 billion.
Midea Group is the 45th listed company in Hong Kong this year, a modest rise compared to the 38 IPOs during the same period last year. The next biggest IPOs this year after Midea Group include Baicha Baidao’s HKD2.59 billion and Cirrus Aircraft’s HKD1.51 billion.
