Nanshan Aluminium International, the subsidiary of aluminium giant Nanshan Aluminium, has debuted on the HKEX and raised RMB2.2 billion (USD310 million).
Seven law firms supported the Southeast Asian alumina manufacturer on this IPO, providing expertise in Hong Kong, Indonesia, Singapore, mainland China and Cayman Islands laws.
Nanshan Aluminium International broke tradition by not appointing an international law firm as its Hong Kong legal counsel. Instead, it hired Stevenson Wong & Co, which operates in association with AllBright Law Offices, as Hong Kong law counsel. Senior partner Rodney Teoh led the project.
Jakarta-based firm, Persekutuan Perdata EY Law, counselled the issuer on Indonesia law; Rajah & Tann advised on Singapore law; Conyers advised on Cayman Islands law; and Grandway Law Offices’ executive partner Ma Zhe advised on PRC law. Grandway partners Zang Xin and Xue Yuting also assisted Ma.
Eric Chow & Co, in association with Commerce & Finance Law Offices, counselled 15 underwriters, including Huatai International and CMB International, on Hong Kong law. Imran Muntaz & Co acted as their Indonesia law counsel.
Nanshan Aluminium International is one of the top three alumina producers in Southeast Asia, which focuses on developing bauxite and coal in Indonesia. Its profit has seen steady growth in recent years, from posting USD175 million in 2023 to USD266 million in 2024.
As the Hong Kong IPO market shows signs of recovery, many A-share listed companies such as Nanshan Aluminium are making their debut either through direct listings or spinning off their subsidiaries. Prominent Chinese companies such as battery maker CATL, heavy equipment manufacturer SANY Group, drinks company Eastroc Beverage and semiconductor maker Tsinghua Unigroup have kickstarted their Hong Kong listing plans.
