Rajah & Tann along with Beijing firm Tian Yuan have advised on the largest IPO on the Singapore Stock Exchange (SGX) seen this year – that of China Gaoxian Fibre Fabric Holdings.
China Gaoxian is tapping the Singaporean market through the US$83.2m global offering on which Rajah & Tann lawyers Chia Kim Huat, Danny Lim, Benjamin Beh, Xun Ting Ting and Penelope Loh advised. The deal is also the largest S-Chip initial public offering on the SGX this year.
Kim Huat (pictured), who leads Rajah & Tann’s corporate and China practices, has a positive outlook for more PRC company-listings on the SGX, despite recent developments in China which support local listings. “Notwithstanding the revival in the PRC capital markets which make it more attractive for Chinese companies to list onshore, we don’t think this will stop Chinese companies from listing on international bourses such as the SGX,” he said. “Other than international standing and prestige, international listings also enable Chinese companies to gain access to foreign capital, a base of international shareholders, and the opportunity to improve corporate governance and transparency standards.”
Collins Stewart along with UOB-Kay Hian acted as the joint underwriters and placement agents for the listing, while Ernst & Young were reporting auditors and accountants.
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