Herbert Smith has recently advised Morgan Stanley as the sole bookrunner on the RMB 885 million (US$133 million) accelerated book build, Regulation S offering of RMB-denominated and US dollar-settled convertible bonds by Sound Global, a Singapore-listed provider of water and wastewater treatment services in China. We also advised Morgan Stanley as the sole sponsor on the dual primary listing of Sound Global on the Hong Kong Stock Exchange by way of introduction, including advising on the arrangements to be implemented to provide liquidity to meet demand for Sound Global’s shares upon and in the period immediately following the introduction.
Sound Global is one of China’s leading turnkey water & wastewater treatment solutions providers. The Group develops proprietary technologies and customises them into effective turnkey solutions for industrial and municipal projects.
The Herbert Smith Hong Kong corporate team advised Morgan Stanley on both Sound Global’s listing and convertible bond issue. The team was led by partners John Moore and Matt Emsley, together with Carolyn Sng (on the convertible bond issue) and Tim Mak (on regulatory aspects of the liquidity arrangements). They were assisted by Yujie Gu, Kelly Lee, Minchu Wang and Athena Young.
Matt Emsley commented:
“This is another key transaction for our capital markets practice in Hong Kong, which allows us to reinforce our relationship with this key client. We look forward to continuing to work with Morgan Stanley on further deals.”
Fried, Frank, Harris, Shriver & Jacobson was international counsel to Sound Global, WongPartnership as Singapore counsel and Commerce & Finance Law Offices as PRC counsel. Zhong Lun Law firm was the PRC counsel to Morgan Stanley.
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