International law firm Eversheds has advised steel manufacturer, Xiwang Special Steel Company Limited, on a USD171 million Hong Kong IPO listing.
Chinese steelmaker Xiwang Special Steel has raised USD171 million from the first initial public offering of size in Hong Kong this year. The offering of 500 million shares or 25 percent of the enlarged share capital was priced at HKD2.65 per share. J.P. Morgan is the Sole Sponsor and Sole Global Coordinator of the offering.
In June 2011, Xiwang Special Steel was recognized by the Shandong Economic and Information Technology Committee in its Twelfth Five-Year Developing Plans as one of the leading special steel producers in Shandong Province for special steel products such as alloy structural steel and bearing steel.
The Eversheds team was led by partner Stephen Mok and senior associate Norman Hui, assisted by associates Janice Yip, Catherine Chun, Sian Lewis and Daniel Taylor and trainee Queenie Chan.
Stephen Mok commented:
“The Hong Kong IPO market has been rather sluggish of late and hopefully the success of the Xiwang IPO signifies a return of confidence to the market. We wish Xiwang every success with its listing as it cements its position as one of PRC’s leading steel manufacturers.”
Commenting on Xiwang Special Steel’s prospects, Mr. Wang Yong, the Group’s Chairman, said:
“We intend to strengthen our leading position in Shandong Province by continuing to deliver high quality products, further optimizing our production process, expanding our manufacturing chain downstream and expanding our sales network and expect to become one of the leading special steel manufacturers in the PRC. Our legal team at Eversheds offered a sterling and extremely efficient service throughout the IPO process.”
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