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Eversheds Sutherland advises on Hong Kong IPO of major Chinese renewable energy leader

  • Hong Kong

    07-01-2019

    Eversheds Sutherland has advised BOCOM International (Asia) Limited as sponsor of the IPO of Sichuan Energy Investment Development Co., Ltd., (‘Sichuan Energy’) on the main board of the Stock Exchange of Hong Kong.

    The IPO raised approximately HK$475.8 million (USD 60.6 million) following the listing on 28 December, 2018.

    Sichuan Energy is a vertically integrated power supplier and service provider, focusing on power generation and supply, together with an electrical engineering construction service and a sales division that markets electrical equipment and materials.

    Sichuan Energy owns and operates 35 hydropower plants with a total installed capacity of 138,680 kW. The company will use the funds raised through the IPO to acquire power-related assets and hydropower plants, construct a higher voltage power supply network, upgrade existing power grid facilities, establish a centralised power dispatch control centre and promote the automation and informatisation of power grid system.

    'Hydropower now contributes nearly 20 per cent of the total electricity generated in China, far ahead of wind and solar. China has quadrupled its installed capacity since 2000 and accounted for over half of the global growth of hydropower. We are pleased to have worked with BOCOM on this deal’ commented lead deal partner, Norman Hui.

    The Sole Sponsor was BOCOM International (Asia). The Sole Global Coordinator was BOCOM International Securities. Joint Bookrunners were BOCOM International Securities, First Capital Securities, Haitong International Securities, CCB International Capital, ABCI Capital and Guotai Junan Securities (Hong Kong). The Joint Lead Managers were BOCOM International Securities, First Capital Securities, Haitong International Securities, CCB International Capital, ABCI Securities, Guotai Junan Securities (Hong Kong), Sinomax Securities, Livermore Holdings and Kaiser Securities.

    Norman Hui and Amy Yu were assisted on the transaction by associates Jennie Chow and Jasmine Xu, and paralegals Amy Ye and Jennifer Chen.

    Amy Yu, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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