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Eversheds Sutherland advises on the first completed non-public issuance of A-Shares and H-Shares involving a whitewash waiver in Hong Kong

  • Global
  • Hong Kong

    27-04-2018

    Eversheds Sutherland has advised Datang International Power Generation Co., Ltd (Datang Power) on its non-public issuance of A-Shares to its controlling shareholder, China Datang Corporation Limited (CDC), and its non-public issuance of H-Shares to a wholly-owned subsidiary of CDC, for an aggregate consideration of approximately RMB13 billion (approximately US$2.1 billion).

    This is the first completed non-public issuance of A-Shares and H-Shares involving a whitewash waiver in Hong Kong.

    The transaction was highly complicated and involved many novel and difficult issues under the Hong Kong Takeovers Code and Hong Kong Listing Rules due to the differences in regulatory requirements between the People's Republic of China (PRC) and Hong Kong faced by Datang Power in view of its multiple jurisdictions listing status. A solid understanding of the regulatory requirements in the PRC and Hong Kong and an ability to provide innovative solutions were a must to advise on this challenging transaction.

    The Eversheds Sutherland team was led by Stephen Mok, Head of Corporate, Asia and Consultant Sin Joh Chuang. Corporate Partner, Norman Hui, was also involved. They were assisted by Viola Cheung, Crystal Kwok, Ian Tam, Luke Ng, Alvin So, Jonathan Lai, Frederica Yeung, Faith Lee and Steven Yuen.

    Stephen Mok commented:

    “Datang Power is a longstanding and valued Eversheds Sutherland client. We are very pleased to have advised Datang Power on this market precedent transaction. The successful completion of this transaction is a testament to our expertise in the public M&A arena and our commitment to serve clients to the best of our ability.”

    Datang Power is one of the largest state-owned power producers in the People’s Republic of China and is also one of a handful of Chinese companies to be triple- listed in Hong Kong, Shanghai and London. The group is principally engaged in the construction and operation of power plants, the sale of electricity and thermal power, maintenance of power equipment and provision of power related technical services in mainland China.

    安睿顺德伦为首宗在香港顺利完成清洗豁免的非公开发行A股及H股提供法律咨询服务

    在大唐国际发电股份有限公司(大唐发电)对其控股股东中国大唐集团有限公司(大唐集团)的A股非公开发行及对大唐集团一家全资附属公司的H股非公开发行中,安睿顺德伦国际律师事务所为大唐发电提供法律咨询服务。是项非公开发行项目的总代价约为人民币130亿元(合约21亿美元)。

    此乃香港境内首宗已告完成清洗豁免的非公开发行A股及H股。

    鉴于大唐发电在中华人民共和国(中国)及香港两地均有上市地位,由于两个司法管辖区的监管规定有别,该项交易异常复杂,且在香港《标准守则》和《上市规则》项下牵涉多项的前所未有难题。要就该项富有挑战性的交易提供法律意见,必须对中国和香港的监管规定有深切的了解,同时提出创新解决方案的能力亦必不可少。

    在有关交易中,安睿顺德伦的律师团队由亚洲区公司部主管莫仲堃律师及法律顾问庄心柔律师带领,公司部合伙人许俊健律师亦参与其中。团队其他成员包括张崇欣律师、郭颖珊律师、谭颖坚律师、伍景裕律师、苏宇政律师、黎骏逸律师、杨御淘见习律师、李智见习律师及袁绍彰见习律师。

    莫仲堃律师表示:

    “大唐发电是安睿顺德伦十分重视的长期合作客户。我们非常荣欣可以在这宗开创先河的市场交易中为大唐发电提供法律意见。这宗交易的顺利完成充分证明了本事务所在上市公司并购领域的专长以及我们尽心尽力为客户服务的承诺。”

    大唐发电是中华人民共和国最大规模的发电企业之一,亦是为数不多的在香港、上海和伦敦三地上市的中国公司之一。该集团的主业是在中国内地经营发电厂兴建及营运、电力和热力销售、电力设备的检修以及提供与电力有关的技术性服务。

    For more information contact

    Stephen Mok, Partner
    Sin-Joh Chuang, Consultant

    Disclaimer

    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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