Leading international law firm Clifford Chance has advised UBS, HSBC and CLSA (as joint global co-ordinators) and CICC and Haitong International (as joint bookrunners) on Ming Yang Smart Energy Group Limited’s (Ming Yang Smart Energy) global depositary receipts (GDRs) offering and listing on the Shanghai-London Stock Connect segment of the London Stock Exchange. The GDR offering is expected to raise gross proceeds of approximately US$657 million (US$707 million including any exercise of the over-allotment option).
Ming Yang Smart Energy is a leading wind turbine manufacturer and clean energy solutions provider in China.
China Co-Managing Partner Tim Wang co-led the deal with partners Chris Roe (London) and Jean Thio (Singapore) and was supported by a cross-border team, which includes counsel Lorna Lyu (Shanghai), senior associate Anjaneya Das (London), associate Meng Mao (Shanghai) and transaction support officer Sally Zhang (Shanghai).
Tim said, “We are proud to advise on this landmark London listing by Ming Yang Smart Energy, which builds on our market-leading practice’s work advising on cross-border GDR offerings and listings via the Shanghai-London Stock Connect scheme. This transaction highlights the attractiveness of the Stock Connect scheme for innovative Chinese companies in strategic sectors seeking access to international capital markets.”
Clifford Chance’s market-leading equity capital markets teams in Beijing, Hong Kong, London and Shanghai have been at the forefront of advising on GDR offerings under the Shanghai-London Stock Connect scheme and have now advised on four of the five transactions to have completed under the scheme to date, having advised on Huatai Securities’ trailblazing US$1.7 billion offering and GDR listing (the first listing under the Shanghai-London Stock Connect programme), China Pacific Insurance’s US$1.8 billion offering and GDR listing and SDIC Power’s US$220 million offering and GDR listing.