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China High Precision Automation Group IPO
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US$193m | |
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| Synopsis An IPO of 287.5 million shares at HK$4.00 on the HKSE | ||
| Firm | Client | Role |
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Dacheng Law Offices
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China High Precision Automation Group
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PRC counsel |
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Fred Kan & Co
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China High Precision Automation Group
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Hong Kong counsel |
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Jun He
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Underwriters | PRC counsel |
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King & Wood
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Underwriters | Hong Kong counsel |
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Conyers Dill & Pearman
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Underwriters | Cayman Islands counsel |
China High Precision Automation Group's recent IPO has attracted the who’s who of the legal industry’s top tier, with Dacheng, King & Wood and Jun He acting as PRC counsel. The issuer, a high precision industrial automation instrument and technology product company, has generated a significant amount of interest with its IPO on the HKSE which was 13.38 times over-subscribed.
Investors are no doubt attracted to investing in this company as it has been estimated that industrial automation instruments and control systems are expected to grow at an annual rate of 25% during the Eleventh Five Year Plan. The company will utilise the funds raised to establish production facilities for new products, research and development, establishing network development and sales support services which includes the construction of technical and professional service centres.
All three PRC firms are ranked within China’s top-of-the-league, with Dacheng being the largest firm by headcount. In September this year, King & Wood walked away with two awards – PRC Firm, Hong Kong Office of the Year and Project Finance Deal of the Year – presented at the Macallan ALB Hong Kong Law Awards 2009. Jun He clinched the M&A Deal of Year for advising China Merchant Bank’s acquisition of Wing Lung Bank.
The China High Precision Automation Group IPO marks the very first time in 2009 that the legal giants have worked together on a deal.
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