Initial public offerings are back, in China and Hong Kong at least. The largest IPO reported this week was Sany Heavy Industry Co.’s proposal to raise $3 billion on the Hong Kong Stock Exchange, with Hong Kong and U.S. law advice from Sidley Austin. The company, which makes construction vehicles and other heavy machinery, also sought Chinese counsel from Hunan Qiyuan Law Firm, a firm based in its home city of Changsha, Hunan Province. [Read full story]
Meanwhile, a rival to Sany Heavy, crane maker XCMG Construction Machinery Co. Ltd., is also planning to float on the Hong Kong Stock Exchange. The Xuzhou, Jiangsu Province-based company hopes to raise $2 billion. Clifford Chance is advising XCMG on Hong Kong and U.S. law, and Beijing’s Jingtian & Gongcheng is advising on Chinese law. [Read full story]
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