Herbert Smith has advised Goldman Sachs Asia (Asia) L.L.C., as placing agent, on the sale of 187 million shares of China High Speed Transmission Equipment Group (“China High Speed”) for HK$3.25 billion (US$418 million).
The deal comprised 187 million shares: 130 million shares of which were sold under a top-up placement and 57 million shares were sold by Fortune Apex, a company owned by members of the company’s management. The final price was fixed at HK$17.38 per share.
Founded in 1969, China High Speed is one of the leading high-speed wind power gear transmission equipment manufacturers in China. The company was listed on the Hong Kong Stock Exchange in 2007.
Herbert Smith’s Hong Kong corporate team advised on both the Hong Kong and US law aspects of the transaction. The US team was led by corporate partner John Moore and senior associate Siddhartha Sivaramakrishnan, assisted by Jackie Chen. Corporate partner Matt Emsley led the Hong Kong aspects, together with senior associate Victor Ding and associate Bosco Yiu.
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