11 May, 2017
Davis Polk advised China Everbright Greentech Limited in connection with its spinoff, initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$3.02 billion ($390.2 million) prior to any exercise of the over-allotment option.
Prior to the spinoff, China Everbright Greentech was a wholly owned subsidiary of China Everbright International Limited, a company listed on the Hong Kong Stock Exchange (stock code: 257) and principally engaged in project investment, construction engineering, operation management, technology development and equipment manufacturing related to environmental protection and new energy projects. China Everbright Greentech is a PRC specialty environmental protection service provider, focused on the biomass and hazardous waste treatment industries. China Everbright Greentech has a leading position in these markets in the PRC, with the fourth-largest aggregate biomass power generation designed capacity and the third-largest aggregate hazardous waste disposal designed capacity in the PRC as of December 31, 2016, for projects in operation, under construction and at the planning stage, according to Frost & Sullivan.
The Davis Polk corporate team included partners Bonnie Y. Chan and Paul Chow, associates Amanda Lau, Yang Chu and Flora Tsui, registered foreign lawyers Bo Huang and Jennifer Liu. The tax team included partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong and London offices.
