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Eversheds advises on the Hong Kong IPO of Yunnan Water Investment Co., Limited

  • Hong Kong
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    The Hong Kong office of law firm Eversheds has advised Yunnan Water Investment Co., Limited on its HK$1,508.7 million initial public offering (IPO) on the Hong Kong Stock Exchange. The company was successfully listed on 27 May 2015.

    Yunnan Water Investment Co., Ltd is one of the leading integrated service providers in the municipal wastewater treatment and water supply industries in Yunnan Province, the People’s Republic of China. It is one of the core investment and operation platforms for the Yunnan provincial government. The company’s business comprises of four main segments: wastewater treatment, water supply, construction and equipment sales and others, which comprises O&M wastewater treatment, water supply and municipal waste disposal projects.

    The company raised HK$1,508.7 million by offering 287,521,000 H shares (subject to the over-allotment option), comprising 143,762,000 Hong Kong offer shares and 143,759,000 international offer shares, representing 25% of the company’s total issued share capital immediately after the completion of the IPO, at HK$5.80 each.

    The Hong Kong public offer has been over-subscribed by approximately 353 times. China Merchants Securities (HK) Co., Limited is the sole global coordinator, sole sponsor, sole bookrunner and sole lead manager.

    The transaction was led by Stephen Mok, Head of Corporate, Asia, and Jay Ze, Chief Representative of Beijing Office and Head of China Corporate, assisted by Kurt Lau, Sin Joh Chuang, Aaron Liu, Stanley Shi, Edith Ma, Shirley Chan, Tracey Ho and Anthea Leung.

    Stephen Mok said:

    "We are very pleased to have advised Yunnan Water on this successful IPO transaction, which is testament to the strength of the business and current investor appetite in the market.”

    Mr Yu Long, CEO, Yunnan Water Investment Co., Limited, commented:

    “Our legal team at Eversheds provided invaluable assistance throughout, and we thank them for ensuring such a smooth and efficient process.”

    Mr Daniel Ng, Deputy Chief Executive Officer and Head of Investment Banking, China Merchants Securities (HK) Co., Limited, said:

    “We are delighted to have been sponsor on this successful IPO. We have a longstanding relationship with Eversheds and are always impressed by their efficiency and diligence.”

    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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