Latham & Watkins and Sullivan & Cromwell have starred in Chinese automotive glass maker Fuyao Glass Industry Group’s $953 million IPO in Hong Kong, the largest offering in the city so far this year.
The Shanghai-listed company, whose customers include General Motors Co and Volkswagen’s luxury car brand Audi, had priced the offering last week at the top of its HK$14.80 to HK$16.80 marketing range.
The orders from retail investors accounted for more than 45 times the shares on offer, while the institutional tranche of the deal was also “very significantly over-subscribed,” Fuyao Glass said in a securities filing on Mar. 30.
Latham & Watkins advised Fuyao Glass on the listing, led by Hong Kong partners Cathy Yeung, Eugene Lee and William Woo. The firm’s Hong Kong office also advised HKBN, Hong Kong’s second-largest broadband Internet provider, on its $750 million IPO earlier in March.
Fujian Zenith Law Firm advised Fuyao Glass on PRC law.
China Merchants Securities and UBS AG were hired as joint sponsors of the deal, with Goldman Sachs and HSBC also acting as joint global coordinators.
Sullivan & Cromwell advised the banks on Hong Kong and U.S. law, with a team led by partners Garth Bray and Gwen Wong in Beijing, and partner Kay Ian Ng in Hong Kong. Commerce & Finance Law Offices served as PRC legal advisor to the banks.
