CC and Milbank lead on $316m HK IPO of Chinese theme park operator
Clifford Chance and Milbank Tweed Hadley & McCloy have advised on the $316m (HK$2.45bn) Hong Kong IPO of Chinese theme park operator Haichang Holdings. The Dalian-based company, which in 2012 was reported to be the largest marine theme park operator in China in terms of admission attendance, plans to use 50% of the proceeds to build its Haichang Polar Ocean World theme park in Shanghai and 40% to fund another project, Sanya Haitang Bay Dream World.
March 13, 2014 at 05:33 AM
2 minute read
Clifford Chance and Milbank Tweed Hadley & McCloy have advised on the $316m (HK$2.45bn) Hong Kong IPO of Chinese theme park operator Haichang Holdings.
The Dalian-based company, which in 2012 was reported to be the largest marine theme park operator in China in terms of admission attendance, plans to use 50% of the proceeds to build its Haichang Polar Ocean World theme park in Shanghai and 40% to fund another project, Sanya Haitang Bay Dream World.
The rest will be used for working capital requirements or general corporate purposes.
The company, which is also planning to acquire two new parks, namely Dalian Discoveryland and Chongqing Caribbean Water Park by the end of 2014, offered 1bn shares at a price of HK$2.45 each.
Milbank advised the issuer on the deal, with the firm's Hong Kong corporate partner Dieter Yih leading a team. A US capital markets team was led by partner Joshua Zimmerman, also based in Hong Kong.
PRC counsel was provided to the company by Jun He whilst Maples and Calder gave advice on Cayman Islands law.
Clifford Chance acted for the sponsors on the deal, which included BNP Paribas, Bank of America, CCB International, China Merchants, Essence International and ICBC.
Providing Hong Kong law advice were partners Jean Yu and Tim Wang in Beijing, alongside US capital markets partner Jean Thio in Shanghai, who advised on US aspects of the transaction.
Haichang currently has six theme parks in China located in Dalian, Qingdao, Tianjin, Yantai, Wuhan and Chengdu.
The company generates revenue both from the theme parks itself and the ancillary commercial properties adjacent to the parks.
Related: CC and Linklaters lead on Harbin Bank's planned $1bn Hong Kong IPO
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