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China New Borun NYSE IPO
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US$40m
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Synopsis China New Borun launches IPO on the New York Stock Exchange
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Firm
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Client
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Role
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B&D Law Firm [Lead partner Gu Yan Bin]
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Issuer
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PRC counsel
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K&L Gates [Lead partners: Clayton Parker, Thomas Poletti and Matthew Oguirk]
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Issuer
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US counsel
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Maples and Calder
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Issuer
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BVI counsel
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DLA Piper [Lead partner: Gene Buttrill]
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Managers
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Hong Kong and US counsel
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Commerce & Finance
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Underwriters
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PRC counsel
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After its recent instruction to advise on China Intelligent Lighting and Electronic’s US$10m IPO on the New York Stock Exchange (NYSE), B&D Law Firm has moved on to help corn-based-alcohol seller, China New Borun on its US$40m IPO in New York.
The company first announced plans for a US$92m IPO in April but later had to slash its share prices due to stock market volatility. A number of other IPOs have also been scaled back or shelved amid weak investor demand earlier this year.
Borun sells grain alcohol that is used in baijiu, a beverage with an alcohol content ranging from 18% to 68%. According to the company’s prospectus, as the country’s middle class grows, its market expands (baijiu is typically associated with a higher standard of living).
Beijing-based B&D, a full-service firm, employs 40 partners and over 200 legal professionals. ALB
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