11月13日，中国最大的婴幼儿配方奶粉制造商中国飞鹤有限公司在香港联交所挂牌上市，此次上市共筹集67亿港币（约8.55亿美元）资金。竞天公诚律师事务所担任了发行人中国法律顾问，富而德律师事务所担任其香港及美国法律顾问，衡力斯律师事务所担任其开曼群岛法律顾问，欧华律师事务所则担任其美国和加拿大法律顾问。通商律师事务所及年利达律师事务所在交易中为联席保荐人提供了法律意见。

此次上市使得飞鹤成为了港交所历史上首发市值最大的乳品企业，根据路透社的报道，这也是港交所今年第六大IPO。飞鹤之前曾于纽约上市，但于2013年在CEO冷友斌和摩根士丹利亚洲私募股权部门的主导下完成了私有化。飞鹤的招股书表明，其目前占据中国婴幼儿配方奶粉市场7.3%的份额，此次募集资金将用于偿还债务、进行并购、支持工厂扩建及其他商业拓展计划。

此次交易中竞天公诚团队牵头律师为北京办公室合伙人乔胜利。富而德团队的牵头律师为中国区资本市场业务主管王昶舜及合伙人赖志诚。

Jingtian, Freshfields, C&F, Linklaters act on Feihe’s $855 mln HK IPO

Jingtian & Gongcheng, Freshfields Bruckhaus Deringer, Harney Westwood & Riegels and DLA Piper have advised China’s largest infant milk producer China Feihe on its $855 million initial public offering on the Hong Kong Stock Exchange, with Commerce & Finance Law Offices and Linklaters advising the underwriters.

This is the sixth largest IPO in Hong Kong this year and the largest one for diary company in the history of HKEX. According to Reuters, Feihe was previously listed in New York but was taken private in 2013 in a deal led by Chairman Leng Youbin and Morgan Stanley’s Asian private equity arm. The prospectus shows that Feihe now holds a 7.3% share of the infant milk market, and the proceeds will be used for the repayment of offshore debts, acquisitions, plant development as well as other expansion.

The Jingtian team was led by Beijing partner Qiao Shengli. The Freshfields team was led by partner and Head of China ECM Richard Wang and partner Calvin Lai.

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