Kirkland & Ellis and Clifford Chance have advised on state-owned China Railway Signal & Communications Corporation’s (CRSC) $1.4 billion IPO on the Hong Kong Stock Exchange.

CRSC, the world’s largest builder of rail traffic control systems, said it would use the proceeds for acquisitions, research and expansion of its business.

Kirkland & Ellis advised CRSC on its listing, led by Hong Kong partners Dominic Tsun, David Zhang, Li-Chien Wong, Stephanie Lau and Shawn Tai, and Beijing partner Steve Lin.

The U.S. firm also counselled the company on European Union sanctions law, while Clayton Utz provided Australian sanctions law advice. Beijing DeHeng Law Offices advised CRSC on Chinese law.

A Clifford Chance team led by Beijing partner Tim Wang, Hong Kong partner Virginia Lee and Shanghai partner Jean Thio, advised the underwriters of the IPO, which included Citigroup, Morgan Stanley, UBS Securities, Macquarie Capital, BOC International, Goldman Sachs, China Merchants Securities, CMB International and Haitong Securities. King & Wood Mallesons advised the banks on Chinese law.

The offering, which took place on August 7, was Hong Kong's second-largest IPO this year after the $2 billion listing of Lenovo Group's parent Legend Holdings Corp in June.

Some 16 cornerstone investors, including construction firm China Railway Group, China Life Insurance Co and several other state-owned enterprises, bought $971 million worth – nearly two-thirds – of shares in the IPO.