China Nonferrous Mining Corporation (CNMC), the country’s largest overseas copper producer, will complete its HK$2.44 billion ($314 million) initial public offering (IPO) on the Hong Kong Stock Exchange on June 29. Law firms Davis Polk & Wardwell and Norton Rose are acting on the deal.
The state-owned CNMC has operations in Zambia focusing on mining, ore processing, leaching, smelting, and the sale of copper. It decided to resume the planned IPO last week after a suspension in May this year due to unstable market conditions. Corporate partner Antony Dapiran of Davis Polk’s Hong Kong office led the legal team that represented CNMC on the Rule 144A/Reg S offer.
The joint global coordinators, joint bookrunners, joint sponsors and joint lead managers of the deal were UBS, China International Capital Corporation, Hong Kong Securities (CICC), and J.P.Morgan Securities. All of them were advised by a Norton Rose Hong Kong-based team that included partners Shaun McRobert, Jon Perry and Ji Liu.
"This complex cross border resources transaction involved liaison on the ground in Zambia, use of our extensive network in Hong Kong, Johannesburg and Beijing, utilisation of our experience with regulators across the world, and most importantly, our ability to deliver innovative solutions in real time to assist the sponsors and the company to meet each of their objectives," commented McRobert in a statement.
Other underwriters of the CNMC IPO include Pacific Foundation Securities, China Merchants Securities (HK), and the Haitong International Securities Company.
Liu Zhen is North Asia senior journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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