Herbert Smith, Sidley Austin, GFE Law Offices, Appleby and Jingtian & Gongcheng have all advised on the HK$1.15 billion ($148 million) IPO of Hongguo International, one of the largest retailers of women’s footwear in China, on the main board of the Hong Kong Stock Exchange.
The global offering consisted of an aggregate 500 million shares at HK$2.30 each. Hongguo intends to use the IPO proceeds to expand its retail network, online sales and production facilities; open new outlets for its own brands, acquire footwear businesses and repay debt.
Hongguo designs, manufactures and sells mid-to-premium range footwear through department stores and independent outlets in China, as well as wholesale to distributors.
Herbert Smith corporate partner Gary Lock led the Hong Kong team. The U.S. securities team was led by corporate partner Melody Chen.
Sidley Austin was the legal adviser to Hongguo as to Hong Kong and U.S. law; GFE Law Office advised the issuer as to PRC law; and Appleby as to Bermuda law. Jingtian & Gongcheng advised the underwriters on PRC law.ALB
Hongguo International IPO | $148m | ||
Synopsis: China’s largest women’s footwear retailer/manufacturer has gone public as part of its expansion strategy | |||
Firm | Client | Role | |
Herbert Smith | Citigroup Global Markets Asia; DBS Asia Capital | International counsel to joint global coordinators | |
Sidley Austin | Hongguo International | Hong Kong and US counsel to issuer | |
GFE Law Offices | Hongguo International | Counsel to issuer to PRC law | |
Hongguo International | Counsel to issuer to Bermuda law | ||
Jingtai Gongcheng | Underwriters | PRC counsel to underwriters | |
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