Richards Butler in Association with Reed Smith has advised China Zhongwang Holdings Limited on its US$1.3 billion listing on the Hong Kong Stock Exchange, one of the largest Asian IPOs this year
Publication Date: June 09, 2009
International law firm Richards Butler in association with Reed Smith has acted for China Zhongwang Holdings Limited on its US$1.3 billion listing on the Hong Kong Stock Exchange, one of the largest Asian IPOs this year.
China Zhongwang Holdings is a leading aluminium extrusion products manufacturer in Asia. The Hong Kong IPO and Global Offering raised approximately HK$9.8 billion. Trading commenced on 8 May 2009.
Richards Butler in association with Reed Smith was engaged from the initial pre-listing reorganisation, which involved the segregation of many different businesses and assets in China between the private and the listed group, as well as the establishment of an off-shore holding structure for the listing. Richards Butler in association with Reed Smith also advised China Zhongwang on the pre-listing strategic investment by Olympus Capital Holdings Asia, a private equity firm, for US$100 million through the issue of an exchangeable loan note by the parent company of China Zhongwang.
Richards Butler in association with Reed Smith’s Hong Kong based partner K.C. Mok, who led the transaction, commented:
“The eventual share sale was implemented by way of a public offering in Hong Kong and a global offering of shares. Given the recent market volatility and the sizeable amount to be raised, the deal was launched timely by China Zhongwang and the global coordinators in April and was completed in early May 2009. China Zhongwang raised approximately US$1.27 billion (before expenses). This global offering is to date, the largest in the world in 2009. “
ENDS
Note to Editors:
About Reed Smith
Reed Smith is one of the 15 largest law firms in the world, with nearly 1,700 lawyers in offices across Asia, Europe and the Middle East and the United States. We advise many of the world’s leading organisations on cross-border transactions, complex dispute resolution and regulatory matters.
About our Asian Offices
Richards Butler Hong Kong commenced practice in 1980 and is one of the largest law firms in Hong Kong. The firm enjoys a market leading position, having benefited from early entry into the market, and has led the way on many significant matters in Asia. The Hong Kong office joined forces with Reed Smith in January 2008. The combined firm has a leading practice in Greater China, with more than 130 lawyers in Hong Kong, a growing office in Beijing and plans to open an office in Shanghai. Our Asian Practice is truly international in scope, covering the complete range of specializations including banking and finance, aviation, shipping, project financing, commodities advice, company and commercial work, real estate, corporate and regulatory, general commercial litigation, international trade, arbitration and intellectual property.
For further information please visit www.reedsmith.com or contact:
K.C. Mok, Partner (Hong Kong), on +852 2810 8008
Jeyda Star, Senior Branding & Communications Executive, on +44 20 3116 2571