Hong Kong’s capital markets seems to show no signs of slowing down, with yet another IPO recently closed by a string of law firms – China Lilang’s US$150m IPO.
For its listing on the Hong Kong Stock Exchange, the Chinese menswear brand turned to Latham & Watkins partner Eugene Lee and associate Chun Fai How for advice on US law, Jingtian & Gongcheng lawyer Li Lingxia on PRC law, Chiu & Partners on Hong Kong law and Conyers Dill & Pearman on Cayman law.
The underwriters – Merrill Lynch and HSBC – sought Hong Kong and US law advice from Fried Frank lead partners Victoria Lloyd and Joshua Wechsler.
The deal follows the recent US$5.3bn IPO by China Metallurgical – the world’s second largest IPO this year. Hong Kong law firms are enjoying a flourishing market for Chinese IPOs, as more mainland companies look to go to market following Beijing’s lifting of a nine-month ban on new listings.
"With the retail portion of this IPO in Hong Kong being considerably oversubscribed, we believe that the successful listing of China Lilang's shares on the Hong Kong Stock Exchange is further indication of the increasing confidence investors are gaining in the market," said Latham & Watkins’ Eugene Lee (pictured).
Snapshot: Chinese HK IPOs in 2009
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IPO: Strong Petrochemical
Value: US$32m
Firms: DLA Piper, King & Wood, Sidley Austin
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IPO: Singyes Solar
Value: US$58m
Firms: DLA Piper, Grandall Legal Group, Conyers Dill & Pearman, Gordon Ng & Co, Hogan & Hartson, King & Wood
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IPO: Come Sure Group
Value: US$11.2m
Firms: Appleby Spurling Bailhache, Loong & Yeung Solicitors, Mallesons, Shu Jin Law Firm
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IPO: Real Gold
Value: US$132m
Firms: Conyers Dill & Pearman, Latham & Watkins, Mallesons, King & Wood, Gordon Ng & Co, Hogan & Hartson, Jun He
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IPO: Silver Base Group
Value: US$133m
Firms: Fangda Partners, Lovells, Jun He, Clifford Chance
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IPO: China ZhongWang
Value: US$1.3 billion
Firms: Commerce & Finance Law Office, Conyers Dill & Pearman, Latham & Watkins, Richards Butler, Jiangtian & Gongcheng, Morrison & Foerster
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IPO: Lumena Resources
Value: US$149m
Firms: Mallesons, Jun He Law Offices, Shearman & Sterling, Appleby, Grandall Legal Group, Li & Partners, Milbank.
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IPO: Sinopharm
Value: US$1.13bn
Firms: Baker & McKenzie, Chen & Co, Morrison & Foerster, Grandall Legal Group
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IPO: China Metallurgical
Value: US$5.3bn
Firms: Davis Polk & Wardwell, Slaughter & May, Freshfields, Shearman & Sterling, Tian Yuan Law Firm, Jia Yuan.
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