Dechert Advises Guotai Junan on the Listing of China Risun
March 15, 2019
HONG KONG – Dechert advised Guotai Junan Capital Limited (acting as Sole Sponsor), Guotai Junan Securities (acting as the Sole Global Coordinator) and the Underwriters on the HK$1.93 billion global offering, initial public offering and listing of China Risun Group Limited (“China Risun”) on the Main Board of the Hong Kong Stock Exchange. The shares began trading on March 15, 2019.
This is the second listing that Dechert has advised on this week in Hong Kong, following the HK$1.16 billion global offering of Zhejiang New Century Hotel Management Co., Ltd., which began trading on March 11, 2019.
China Risun is an integrated coke, coking chemical and refined chemical producer and supplier in China. China Risun intends to use the net proceeds from its initial public offering to repay existing debts, improve and upgrade its environmental, automation and information facilities. The proceeds may also be used to acquire, strategically invest in as well as develop its strategic operation and management services to other third-party coke and refined chemicals producers in China.
“We are delighted to have advised the top investment bank, Guotai Junan, and more than 10 leading underwriters in this transaction, all of whom exhibited excellent teamwork, spirit and professionalism during the listing process,” said Dechert partner Yang Wang, who has extensive experience and substantial knowledge on initial public offerings of Chinese companies on the Hong Kong Stock Exchange.
"Supported by these investment banks and other professional teams, China Risun has finally achieved its strategic goal of becoming a public company in Hong Kong which is well positioned to capture global opportunities in the coming years,” added Wang.
The Dechert team advising Guotai Junan and the Underwriters on the listing was co-led by partners Yang Wang and Stephen Chan, with support from associates Denise Tsui, Charles Lam, Helen Wong, Jacqueline Foo and Leo Li.
Partner Stephen Chan, who led the team advising on the listing of Zhejiang New Century Hotel Management Co., Ltd., commented, “Dechert is pleased to have assisted another firm in its listing on the Hong Kong Stock Exchange. These two IPO deals highlight the incentives Hong Kong continues to bring to Chinese issuers and demonstrates why the city has maintained its position as the top destination for listing.”
About Dechert
Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
