Lovells, Clifford Chance and domestic Chinese firms Jun He and Fangda Partners were on hand earlier this month for the US$133m HK IPO of Chinese liquor distributor Silver Base Group Holdings.
 
The offering comprised a HK public offering and international offering of a total of 300 million shares, representing 25% of the share capital. Full exercise of the over-allotment will bring the total deal size to US$153m. The HK public offering was 43 times over-subscribed, allowing the deal to be priced at the top of the range.

Silver Base is one of the largest distributors of Wuliangye Liquor Series, a traditional Chinese baijiu liquor, as well as Dimple Scotch Whisky and a number of PRC cigarette brands.

Lovells, led by corporate partner Terence Lau, acted for Silver Base; while Fangda Partners advised Silver Base on PRC law. Clifford Chance and Jun He acted for Joint lead bookrunner and joint lead manager UBS on Hong Kong and PRC law respectively. There has been a flurry of activity on Hong Kong's capital market over the last few months. In addition to Silver Base's listing, Real Gold recently raised US$132m and earlier this year CVM Minerals, China Singyes Technologies Holdings, Strong Petrochemical and China Overseas all successfully listed on the HK stock exchange despite the inclement economic conditions.