Maples and Calder, the Maples Group’s law firm, is pleased to have advised Cirrus Aircraft Limited (“Cirrus Aircraft”), on its recent global offering of 54,875,900 shares and listing on the Main Board of the Hong Kong Stock Exchange (“HKEX”). The offering, which closed on 12 July 2024, raised a gross proceed of approximately HK$1.5 billion (approximately US$193 million). This is the second largest IPO in Hong Kong so far this year.
Cirrus Aircraft, a U.S. based company with a PRC parent, is the world’s largest private jet manufacturer. Primarily founded in the U.S., Cirrus Aircraft was acquired by China Aviation Industry General Aircraft (CAIGA), a subsidiary of Chinese state-owned enterprise Aviation Industry Corporation of China (AVIC), in 2011.
A team of lawyers based in the firm’s Hong Kong office acted as Cayman Islands counsel to Cirrus Aircraft, and was led by Finance Partner, Lorraine Pao and assisted by Of Counsel, Irena Wu. The Group’s Fund Services business acted as the Cayman Islands Share Registrar, with a team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.
Commenting on the transaction, Lorraine said “We’re pleased to have supported Cirrus Aircraft on its successful listing on the HKEX. As a US based Chinese owned company listed in Hong Kong, Cirrus Aircraft faced a unique set of cross border regulatory requirements. This listing demonstrates the continued attractiveness of Hong Kong as a global financial hub and the ability of Chinese companies to access international capital markets.”
A&O Shearman acted as Hong Kong and US legal adviser while Jia Yuan Law Offices acted as PRC legal adviser to Cirrus Aircraft. Slaughter and May acted as Hong Kong and US legal adviser, and King & Wood Mallesons acted as PRC legal adviser to the sole sponsor, China International Capital Corporation Hong Kong Securities Limited. ~ ENDS ~
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