Simpson Thacher and Kirkland advise on Hong Kong IPO of Chinese luxury car dealer
Simpson Thacher & Bartlett and Kirkland & Ellis have advised on the Hong Kong listing of China Harmony Auto Holding. The two US firms closed the deal this week, with the luxury car dealer reportedly selling 275 million shares at HK$6.08 to HK$8.88 each in the hopes of raising HK$2.4bn (£203m).
May 31, 2013 at 06:29 AM
2 minute read
Simpson Thacher & Bartlett and Kirkland & Ellis have advised on the Hong Kong listing of China Harmony Auto Holding.
The two US firms closed the deal this week, with the luxury car dealer reportedly selling 275 million shares at HK$6.08 to HK$8.88 each in the hopes of raising HK$2.4bn (£203m).
Simpson Thacher advised the issuer, with capital markets partner Chris Wong leading a team in Hong Kong.
Acting for the sponsors and underwriters was US firm Kirkland & Ellis, with lead partners including Hong Kong based corporate experts Dominic Tsun, David Zhang, Li-Chien Wong and Fan Zhang.
The underwriters and sponsors on the deal were Goldman Sachs (Asia) and China International Capital Corporation Hong Kong.
Other outfits involved included Beijing Jing Rui Law Firm, who provided PRC advice to the issuer, and offshore firm Conyers Dill & Pearman who was Cayman counsel.
Providing PRC advice to the underwriters was Beijing-based Jingtian & Gongcheng.
Henan headquartered China Harmony is a group dealing exclusively in luxury passenger vehicles in China, and is a primary agent for European and Japanese brands such as BMW, Rolls-Royce, Lexus, Ferrari and Maserati.
It has 25 outlets in total, making it the largest distributor of luxury cars in central China in terms of number of branches and brand coverage.
The initial public offering (IPO) follows a steady stream of new IPOs in the North Asian financial hub in the last quarter.
Raising $550m (£363m) this month was investment trust Langham Hospitality, owned by Chinese developer Great Eagle Holdings.
Media reports say developer Hopewell Hong Kong, a subsidiary of Hopewell Holdings, is also offering 340m new shares this week in the hopes of raising $780m (£514m).
The two biggest Hong Kong IPOs this year were the $1.8bn (£1.2bn) listing of Sinopec Engineering and the $1.1bn (£725m) IPO of China Galaxy Securities.
Related: CC and A&O among international quartet on key Hong Kong IPO double
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