Shearman & Sterling represented BOCI Asia Limited as the sole sponsor, and BOCI Asia Limited, ICBC International Capital Limited, ICBC International Securities Limited, CIMB Securities Limited and ABCI Securities Company Limited as the underwriters in connection with the approximately HK$3.88 billion primary listing on The Stock Exchange of Hong Kong Limited and global offering of the H shares of China Machinery Engineering Corporation (the “CMEC”).
CMEC attracted much attention from both retail and institutional tranches. In particular, its Hong Kong Public Offering is, as year-to-date, the most over-subscribed in 2012, with its H shares being over-subscribed for 57.93 times. An Over-allotment Option has been granted to the International Underwriters. The company plans to use a majority of the IPO proceeds to finance its international engineering contracting projects in the power and transportation sectors.
A PRC-incorporated company found in 1978, CMEC is a leading international engineering contractor and service provider by revenue with a primary focus on engineering, procurement and construction projects and particular expertise in the power sector.
The following Shearman & Sterling team advised the sole sponsor and the underwriters in the transaction: Hong Kong Managing Partner Colin Law (Hong Kong-Capital Markets) and partner Alan Seem (Shanghai/ Palo Alto-Capital Markets) and associates Paloma Wang, Maggie Guan and Wanda Woo (Hong Kong-Capital Markets).
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