Chinese packaging giant Jin Bao Bao Holdings braved a depressed market as it raised about HK$62.5 million through its Hong Kong listing on Nov. 18.
Jin Bao Bao engaged Guangdong’s Shu Jin Law Firm, Hong Kong’s Loong & Yeung and offshore firm Appleby for PRC, Hong Kong and Cayman laws respectively.
Shu Jin’s team was led by lawyers Ma Li and Chen Xiaoming, while Appleby’s Hong Kong corporate partner Judy Lee and associate Chris Cheng advised on the transaction.
Cinda International Capital was the sole sponsor of the listing, and it retained D.S. Cheung & Co. Solicitors and Deheng Law Firm as its Hong Kong and PRC counsels.
As China’s third-biggest commercial plastics packaging maker, Jin Bao Bao is riding on the nation’s burgeoning domestic consumption.
It designs and produces tailor-made wrapping material and packaging products made from EPS and EPO foam for electrical appliances, and counts major Chinese white goods manufacturers Haier, Konka, Gree and Changhong as its key clients.
The company plans to allocate about 88 per cent of net proceeds raised to set up a new factory in Wuhu City, in addition to its existing plants in Chongqing, Chuzhou and Sichuan. The new facility will have an annual production target of about 5,000 tones of packaging material.
The remaining funds will be used for repayment of bank loans and general working capital and corporate needs. ALB
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