China-Mongolia coking coal supplier and transporter, Winsway Coking Coal Holdings, is set to become the very first BVI company to list in Hong Kong since the HKSE approved the listing of BVI-incorporated companies in December last year. Winsway is to aiming to raise approximately US$611m in its launch.

Maples and Calder is acting as the offshore counsel to Winsway while its affiliate, Maples Finance Limited, is providing BVI principal registrar services for the issuer.

“The listing of Winsway demonstrates the streamlined listing process for BVI-incorporated companies, which has helped increase the attractiveness of a Hong Kong listing as the exit strategy for investors. BVI-incorporated companies no longer need to undertake a significant and expensive pre-listing restructuring,” said John Trehey, the Maples and Calder partner who led the deal.

BVI has long been a popular domicile for Chinese business as it offers efficiency and cost advantages over other offshore jurisdictions. Winsway’s debut may lead to further BVI company listings in Hong Kong and encourage more investment into China through BVI companies.

An application was submitted by law firms last year, on behalf of Winsway, to accept BVI as a jurisdiction for listing purposes.

Deutsche Bank and Goldman Sachs are the joint sponsors and joint global coordinators for its global offering. ALB

Related stories:

• HKSE approves listing of BVI-incorporated companies (17 December 2009)