Kirkland & Ellis’ Asia capital markets practice represented clients in the listings of two companies on the Hong Kong Stock Exchange today.
The Firm represents Qinhuangdao Port Co., Ltd., one of the world’s largest independent port operators for major dry bulk cargo, as Hong Kong and U.S. issuer’s counsel in its IPO valued at approximately US$560 million. The deal was underwritten by Citigroup, CICC, HSBC, UBS, J.P. Morgan, China Merchant Securities and BOCOM International.
Kirkland also represents Citigroup Global Markets Asia Limited, the sole sponsor, as Hong Kong counsel in the listing by introduction of 5,700,000,000 shares of Xinyi Solar Holdings Limited (968:HKG), a China-based solar glass manufacturer, in a spinoff from its parent company Xinyi Glass Holdings Limited (868:HKG). The parent company, through its subsidiaries, will continue to be the largest shareholder of Xinyi Solar Holdings Limited after the completion of the listing.
The Kirkland team in the Qinhuangdao Port Co., Ltd. IPO is led by Hong Kong-based corporate partners Dominic Tsun, David Zhang, Li-Chien Wong, Benjamin Su and Stephanie Lau. Dominic Tsun, Li-Chien Wong and Stephanie Lau also lead the Firm team in the listing of Xinyi Solar Holdings Limited.
These two listings cap off a strong year for Kirkland’s Asia capital markets team, which has advised on seven Hong Kong listings in 2013. Other Hong Kong listings on which the Firm advised this year:
- Credit Suisse (Hong Kong) Limited, as sole sponsor, sole global coordinator, joint bookrunner and joint lead manager, and China Renaissance Securities (Hong Kong) Limited, as joint bookrunner and joint lead manager, in the IPO of Boyaa Interactive International Limited;
- Hydoo International Holding Limited in its IPO and concurrent Rule 144A/Regulation S offering of shares;
- Morgan Stanley and J.P. Morgan, as joint global coordinators and joint bookrunners, as well as China International Capital Corporation and Macquarie, as the other joint bookrunners and joint lead managers, in the IPO of Forgame Holdings Limited;
- the joint global coordinators and joint bookrunners in the IPO of SINOPEC Engineering; and
- Goldman Sachs (Asia) L.L.C., as sole global coordinator, joint bookrunner and joint sponsor, and China International Capital Corporation Hong Kong Securities Limited, as joint bookrunner and joint sponsor, in a global offering, including the IPO, of China Harmony Auto Holding Limited.
Kirkland attorneys have been trusted advisors in Asian deals for more than two decades, regularly representing clients in complex transactions in and involving Greater China and the rest of Asia, including inbound and outbound mergers and acquisitions and leveraged buyouts, capital markets issuances, joint ventures, growth equity investments, and offshore and RMB fund formations. The Firm also has a leading government enforcement and investigations practice, based in Shanghai, led by a former federal prosecutor with the U.S. Department of Justice. Kirkland’s Hong Kong, Shanghai and Beijing offices have more than 70 lawyers.
Kirkland & Ellis LLP is a global law firm with approximately 1,600 lawyers representing clients in complex private equity, corporate and tax, litigation and dispute resolution/arbitration, restructuring, and intellectual property and technology matters. The Firm has offices in Beijing, Chicago, Hong Kong, London, Los Angeles, Munich, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C.