19 December, 2015
Baker & McKenzie recently acted as legal advisor to CRCC High-Tech Equipment Corporation Limited ("CRCC High-Tech") on its HK$2.79 billion (US$359 million) (subject to the exercise of over-allotment option) global offering. CITIC CLSA Capital acted as the sole sponsor and sole global coordinator, with Deutsche Bank and CICC acting as joint bookrunners of the global offering. The shares of CRCC High-Tech commenced trading on The Stock Exchange of Hong Kong Limited on 16 December 2015. The net proceeds from the global offering will be mainly used to construct a new research and development centre, to develop CRCC High-Tech's business network, for general domestic and overseas acquisitions, as well as for working capital and other general corporate purposes.
The Baker & McKenzie team advising CRCC High-Tech was led by Beijing-based capital markets partner Jackie Lo and special counsel Wang Hang. The team had lead responsibility for advising CRCC High-Tech on securities and regulatory issues, negotiation with cornerstone investors, communication with the regulators and general transaction management.
Founded in Shaanxi Province in 1954, CRCC High-Tech, a subsidiary of China Railway Construction Corporation ("CRCC"), is the largest developer, manufacturer and service provider of large railway track maintenance machinery in China. As of 31 December 2014, CRCC High-Tech had sold approximately 2,200 large railway track maintenance machines in China, accounting for approximately 81.5% of the market share in the PRC. Its is ranked as No. 1 in Asia and No. 2 globally in terms of sales revenue of manufacturers of large railway track maintenance machinery. The listing is a spin-off of CRCC High-Tech from CRCC, creating a more distinct business focus for CRCC High-Tech.
