5 December, 2016
Morrison & Foerster’s Hong Kong capital markets team is representing Shanghai Dazhong Public Utilities (Group) Co., Ltd. in relation to its HK$1.7 billion H-share initial public offering (IPO), which listed today on the Hong Kong Stock Exchange.
Shanghai Dazhong is a leading public utility service provider in Shanghai that complements its operations with strategic and financial investments in its associated companies in public utility and other industries. It is the largest gas supplier in Shanghai, and is also an A-share listed company on the Shanghai Stock Exchange. Shanghai Dazhong will use most of the proceeds for expansion, including investment in gas supply businesses and acquisition of gas suppliers.
Ven Tan, managing partner of Morrison & Foerster’s Hong Kong office and head of the Hong Kong capital markets team, led the deal team, which also included Of Counsels Samuel Ng and Wang Yu.
“We continue to see a steady stream of A-share listed companies coming to Hong Kong for a dual listing to extend their global reach. We are fortunate to have represented Shanghai Dazhong in its dual listing in Hong Kong and add them to our growing list of dual-listed clients which include China CNR, Angang Steel, Shanghai Petrochemical, Fosun Pharma, China CITIC Bank, Dalian Port and Goldwind. We see this growing client base as an important source for compliance work and other outbound transactional deals,” said Mr. Tan.
