International law firm Freshfields Bruckhaus Deringer has advised the lead underwriters, comprising CITIC Securities, Bank of America Merrill Lynch and UBS on the US$266 million initial public offering on the Hong Kong Stock Exchange of CITIC Dameng Holding Ltd, China’s largest producer of manganese. CITIC Dameng was a spin-off from CITIC Resources Holdings Ltd, a Chinese energy and resources company listed in Hong Kong, which is controlled by the CITIC Group of China.
The company initially sold 750 million shares at HKD 2.75 apiece, at the top end of its indicative price range between HKD 2.10 and HKD 2.75. CITIC Dameng will use the proceeds from the IPO to fund development and construction projects, acquire mines and relevant facilities, pay back bank loans and replenish working capital.
The Freshfields team was led by Hong Kong managing partner and the firm’s global capital markets co-head, Kay Ian Ng, and US securities partner Calvin Lai. The team also comprised lawyers Zhaoyu Ren, Kerensa Chan, Nan Li and Chimmy Tao and Kevin Li.
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