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Xinjiang Goldwind Science & Technology HKSE IPO
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US$1.05bn
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Synopsis China’s second-largest and the world’s fifth-largest wind turbine manufacturer has listed on the Hong Kong Stock Exchange, continuing the trend of PRC renewable IPOs listing on the market
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Firm
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Client
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Role
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Underwriters
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International counsel
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Underwriters
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PRC counsel
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DLA Piper
Lead partners: Esther Leung, Liu Wei and Gene Buttrill
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Issuer
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International counsel
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Xinjiang Tianyang Law Firm
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Issuer
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PRC counsel
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*Underwriters: China International Capital Corporation Hong Kong, JP Morgan Securities, Citigroup Global Markets Asia, Goldman Sachs and Hai Tong Securities
China’s second-largest wind turbine maker Xingjiang Goldwind Science & Technology has raised US$1.05bn in its second listing attempt on the Hong Kong Stock Exchange – after earlier plans to list in June were shelved due to poor market conditions.
Freshfields advised China International Capital Corporation, J P Morgan Securities, Citigroup Global Markets Asia, Goldman Sachs (Asia) and Hai Tong Securities (HK) Brokerage, the underwriters in this offering. Hong Kong partner Chris Wong and US securities Calvin Lai led the Freshfields team in the October offering.
According to Wong, the Goldwind IPO involved many complexities associated with the H-share offering of an existing A-shares listed company. Goldwind is listed in Shenzhen prior to its Hong Kong public offer and some sources say, its H shares have been offered at a healthy discount to its A shares.
Freshsfields has worked on a series of major “A then H” offerings, including the IPOs of ZTE Corp, China Mingsheng Bank and China Pacific Insurance.
Jingtian & Gongcheng Attorneys At Law advised the underwriters to PRC law.
Goldwind, based in Urumqi city in Xinjiang, originally planned to raise up to $1.2 billion in the Hong Kong IPO in June through selling 395.3m new shares in Hong Kong, equal to a 15 per cent stake in the state-owned company.
DLA Piper Hong Kong acted as issuer’s counsel as to Hong Kong and US law with additional input from Xinjiang Tianyang Law Firm as to PRC law. "Chinese enterprises have been a key player in Hong Kong’s IPO and merger and acquisition scenes, and the market is entering the last quarter of the year with the same, if not stronger, dynamism," DLA Piper partner and chairman of China group Wei Lui said.ALB
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