Baker & McKenzie has advised China’s Zhengzhou Coal Mining Machinery Group (Zhengzhou Coal) on its HK$2.3 billion ($296 million) listing on the Stock Exchange of Hong Kong.
Partner and head of the Hong Kong and China securities practice group, Elsa Chan, led the transaction for Baker & McKenzie, alongside Moscow-based partner Alexander Gomonov. Zhong Lun Law Firm acted as PRC counsel to Zhengzhou Coal.
Clifford Chance, led by Beijing partner Tim Wang, Shanghai partner Jean Thio, and Hong Kong-based partner Virginia Lee, advised the underwriters – UBS, CITIC Securities Corporate Finance, J.P. Morgan, and Deutsche Bank.
CITIC Securities Corporate Finance bought 22.4 million shares, while Deutsche Bank took up 710,000 shares and UBS another 4.65 million shares, Reuters reported.
Zhengzhou Coal intends to use the net proceeds to fund its international business expansion plans, including setting up manufacturing facilities in Russia and India, aftermarket service network and components centres in Russia, U.S., India, Turkey and Australia, coal mining transport equipment making facilities in Russia, research and development in Germany and the U.S., developing its coal washing equipment products, procuring raw materials, and for general corporate purposes.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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