Leading international law firm Clifford Chance has advised Macquarie and Morgan Stanley as underwriters of China Suntien Green Energy Corporation Limited’s US$370 million public offering on the main board of the Hong Kong Stock Exchange (HKEx).
China Suntien, which operates both wind power and natural gas distribution businesses in China, is the clean energy arm of Hebei Construction Group Co., the state-owned investment arm of the Hebei provincial government.
China Suntien is the second wind power company to list on the HKEx. The deal priced at the top of its range at HK$2.66 and was heavily over-subscribed. The retail portion of the offering was the fourth-largest over-subscribed stock in Hong Kong this year.
“We’re delighted that the sustained interest in natural resources and clean energy in particular has resulted in such a successful offering for China Suntien,” said partner Tim Wang, who led the team advising the underwriters.
“This IPO builds on our existing strengths in the clean energy field – last year, we advised China Longyuan, the first wind power company to list on the HKEx, on its $2.2 billion IPO. Outside the equity capital markets, we have advised on some of the largest wind, solar and other clean energy projects in Asia in recent months.”
Partner Tim Wang (Beijing) and counsel Jean Thio (Shanghai) led the team, supported by partner Amy Lo in Hong Kong, senior associate Vanessa Chan, and by associates Echo Lin, Lorna Lu, Samia Qian and Corey Zhang.
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