Leading international law firm Clifford Chance has advised BAIC Motor Corporation Limited on its US$1.42 billion H-share listing on the Hong Kong Stock Exchange. A total of 1.24 billion shares were offered at HK$8.90 per share, raising HK$11.03 billion. Proceeds will be used for investment into production facilities, new car development and to pay down debts.
BAIC Motor Corporation Limited, a subsidiary of Beijing Automotive Group Co., Ltd., is China’s fifth-largest domestic carmaker and is partially owned by Germany’s Daimler AG which holds a 12% stake.
“We’re delighted to have advised BAIC Motor on their successful listing,” said Beijing Corporate partner Tim Wang. “This caps off a busy year for our Greater China ECM team who have advised on 14 Hong Kong IPOs this year raising US$9.8 billion.”
Tim Wang co-led the deal with Beijing Corporate partner Jean Yu. They were supported by senior associate Xiang Tianning, associate Wu Hao and trainees Liu Qian and Liu Zibo. Hong Kong partner Fang Liu advised on the US law aspects of this transaction and was supported by associates Corey Zhang and Lawrence Zhang.
Source: www.cliffordchance.com
