CC and A&O among international quartet on key Hong Kong IPO double
Clifford Chance (CC) and Allen & Overy (A&O) have landed lead roles on two key Hong Kong initial public offerings (IPOs), working opposite US outfits Davis Polk & Wardwell and Kirkland & Ellis respectively. The planned listings of state-owned brokerage China Galaxy Securities Co and Sinopec Engineering (Group) Co, a wholly owned subsidiary of Asia's biggest oil refiner, Beijing-based Sinopec Group, are said to be the biggest IPOs in Hong Kong so far this year.
April 16, 2013 at 10:42 PM
3 minute read
Clifford Chance (CC) and Allen & Overy (A&O) have landed lead roles on two key Hong Kong initial public offerings (IPOs), working opposite US outfits Davis Polk & Wardwell and Kirkland & Ellis respectively.
The planned listings of state-owned brokerage China Galaxy Securities Co and Sinopec Engineering (Group) Co, a wholly owned subsidiary of Asia's biggest oil refiner, Beijing-based Sinopec Group, are said to be the biggest IPOs in Hong Kong so far this year.
The companies reportedly received approval from the Hong Kong Stock Exchange last week, and are expected to begin pre-marketing later this month.
CC and Davis Polk are acting on the $1bn-$1.5bn (£653m-£980m) IPO of China Galaxy Securities, the country's seventh-largest brokerage, with the magic circle firm representing the underwriters and the US firm acting for the issuer.
CC's team is led by corporate partner Tim Wang in Beijing, while Davis Polk's efforts are being jointly managed by Hong Kong corporate partners Bonnie Chan and Antony Dapiran and Beijing-based partner Li He, who is advising on US aspects.
A group of 16 banks are arranging the IPO, which is just short of a record 17 appointed by the state owned People's Insurance Company (Group) of China (PICC Group) for its own $3.5bn (£1.87bn) listing, which closed at the end of last year.
Those cited in media reports include China Galaxy International, Goldman Sachs and JP Morgan, in addition to ABC International, BoCom International, Bank of America Merrill Lynch, Credit Suisse Group, CCB International, Citigroup, Deutsche Bank AG, Haitong Securities International, HSBC Holdings PLC, ICBC International, Nomura, Standard Chartered and UBS.
Chinese outfits assisting on the deal include Grandall Law Firm and Commerce & Finance Law Offices.
Meanwhile, A&O and Kirkland are advising on the $1.5bn-$2bn (£980m-£1.3bn) IPO of Sinopec Engineering, with the magic circle firm acting for the issuer and the US firm representing the banks.
A&O's team is being led by Vivian Yiu in Hong Kong, whilst Kirkland has turned to former Skadden capital markets partner Dominic Tsun to lead its team out of Hong Kong.
Sponsors and joint bookrunners include Citic Securities International, JP Morgan and UBS, alongside Bank of America Merrill Lynch, CICC, Citigroup, Deutsche Bank, Goldman Sachs, Haitong Securities International and HSBC.
Last year was one of the worst on recent record for Hong Kong listings, with the city's bourse dropping from the world number one for three years running to fourth place, according to Dealogic. Partners were hoping for an uptick in 2013, but have continued to feel the pressure of a dearth in new offerings.
The biggest listing so far this year has been the $398m (£253m) IPO of China's biggest aluminium producer Chinalco Mining Corp, with Slaughter and May, Paul Hastings and Simpson Thacher & Bartlett among those advising on the deal.
Last year's largest IPO was by PICC Group, on which Slaughter and May and Davis Polk picked up lead advisory roles alongside Sullivan & Cromwell.
Related: Slaughters, Simpson Thacher among firms on $398m Chinalco HK listing.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Singapore Leaders Stress the Importance of the Rule of Law Amid Geopolitical Tensions
Can Law Firms Avoid Landing on the 'Enemy' List During the Trump Administration?
5 minute read
Letter From Asia: Will Big Law Ever Bother to Understand Asia Again?
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
