DLA Piper has advised Xinjiang Goldwind Science & Technology Co., Ltd (“Goldwind”) in its initial public offering (“IPO”) on the Main Board of the Hong Kong Stock Exchange on 8 October 2010. This is the first time an A-share company listed on the SME board of the Shenzhen Stock Exchange has listed in Hong Kong, and is the second largest IPO of PRC companies in Hong Kong in 2010 to date. Goldwind successfully raised more than HK$7.1 billion through this IPO (excluding any over-allotment option which may be exercised).
Esther Leung, partner and Co-Head of Asia Capital Markets of DLA Piper, led the deal with Liu Wei and Gene Buttrill. Hong Kong-based team members included Eugene Choi, Phil Lam, Cynthia Tan, Yeti Ho, Gu Minxia, Shirley Fu, Vivian Ji, and the Beijing team included Vivian Liu, Li Xiao, Victor Zhang, Owen Au-Yeung and Amy Li. The team advised Goldwind on both Hong Kong and US laws.
Founded in 1998, Goldwind is one of the largest wind turbine manufacturers in the world with operations in Asia, Australia, Europe and the Americas. As of the end of the second quarter 2010, over 6,000 Goldwind turbines are in service, setting a standard of excellence and reliability around the globe. Goldwind currently captures close to 8% of the global market and ranks among the top five global wind companies in terms of market share in 2009.
Commenting on the transaction, Esther Leung said: “Today’s listing is the result of more than a year of hard work by our team. By way of this deal, we have proved to the market that we have one of the finest capital market teams in Hong Kong with comprehensive capabilities, from drafting the prospectus to advising on the complexities of the IPO, which in this case involve both US and HK aspects. As a well-established international law firm, we draw on strong cross-border expertise to provide our clients with the best solutions to meet their business goals.”
Gene Buttrill, partner and Asia Head of Technology Sector at DLA Piper, said: “This deal demonstrates our global, multidisciplinary capacity in assisting technology companies in their expansion. As countries strive towards a sustainable future, technologies in renewable energy are highly sought after in both domestic and export markets. There is therefore tremendous drive as well as potential for Chinese enterprises in the technology sector to access funds in the international capital markets through IPO.”
Dr Wei Liu, partner and Chairman of DLA Piper’s China Group, said: “Chinese enterprises have been a key player in Hong Kong’s IPO and merger and acquisition scenes, and the market is entering the last quarter of the year with the same, if not stronger, dynamism. Professional cross-border legal services are in high demand; and today’s listing demonstrates that our China Capital Markets teams in Hong Kong, Beijing and Shanghai are equipped with a solid understanding of the laws and practices of both markets, which is essential in helping our clients pursue their unique business growth strategies.”
The joint bookrunners are China International Capital Corporation Hong Kong Securities Limited, J.P. Morgan Securities (Asia Pacific) Ltd., Citigroup Global Markets Asia Limited, Goldman Sachs (Asia) LLC and Hai Tong Capital (HK) Limited.
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