Clifford Chance, Jingtian & Gongcheng, Harneys, Paul Hastings and Zhong Lun Law Firm have advised on China Resources Beverage’s HKD5 billion debut on the HKEX, which is second to Midea Group’s IPO this year.
The China beverage giant, which owns brands such as C’estbon, a renowned bottled water product, sold 347.8 million shares at HKD14.5 each, raising HKD5.04 billion (USD650 million).
Clifford Chance’s partners Tim Wang, Fang Liu and Virgina Lee acted as the issuer’s Hong Kong and US legal counsel. Jingtian & Gongcheng was China Resources Beverage’s PRC legal adviser, and Harneys‘ partner Jessie Xu assisted on Cayman Islands law.
Paul Hastings advised 10 underwriters, including joint sponsors UBS, BOC International, CITIC Securities and BofA Securities, on Hong Kong and US law. Its team was led by the firm’s chair of Greater China Raymond Li and partners Fan Chaobo, Peter Cheng, Steven Hsu and Crystal Liu.
Partners Anthony Zhao, William Jia and John Shen led Zhong Lun’s team to advise underwriters on PRC law. They were assisted by partners Roy Zheng, Deng Furong, Raphael Liu and Tom Yu.
Hong Kong has seen two large listings within a week with China Resources Beverage debuting on 23 October and a day later Horizon Robotics’ IPO will launch. The autonomous driving system supplier is expected to raise HKD5.4 billion.
To raise the city’s attractiveness as an international fundraising venue, Hong Kong’s Securities and Futures Commission and the HKEX clarified the timeframe for new listing applications on 18 October.
Read the related article here:
Five firms steer home appliance group Midea’s HKD31bn IPO
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
For more stories about Midea Group, visit law.asia.
