Walkers, the leading International Financial Centre law firm, is pleased to announce it acted as Cayman Islands counsel to MGM China Holdings Limited on its HK$11.7 billion (US$1.5 billion) Hong Kong initial public offering.
The listing of casino joint venture, MGM China Holdings Limited on the Hong Kong Stock Exchange took place on June 3, 2011 and the Walkers team was led by partner Denise Wong.
“MGM China Holdings Limited is one of many high profile international companies that have either listed recently or plans to list on the Hong Kong Stock Exchange, underlining its attractiveness as a listing venue,” commented Ms. Wong. “Over the past two years, Hong Kong has led the world’s stock exchanges in terms of funds raised via new share offerings.”
MGM China Holdings sold 760 million shares at HK$15.34, which was at the higher end of the offer price range. The shares closed 2% higher at $15.62 on the first day of trading.
MGM China Holdings Limited is a joint venture between MGM Resorts International, the owner of some of the largest casinos in the US and Pansy Ho, the daughter of Macau gambling tycoon Stanley Ho, the largest casino operator in Macau.
Valued at US$1.5 billion, international press reports have ranked MGM China Holdings Limited’s IPO as the fourth biggest gaming IPO globally. The world’s largest gaming IPO was Sands China’s US$2.5 billion Hong Kong listing in November 2009, which Walkers was also Cayman Islands counsel with Denise Wong as lead partner.
MGM China Holdings Limited’s IPO is the third largest to take place in Hong Kong this year, behind the US$2 billion Shanghai Pharmaceutical and the US$1.6 billion renminbi denominated Hui Xien REIT.
“Current market conditions have created an excellent window of opportunity for international businesses to list on the Hong Kong Stock Exchange and Walkers is delighted to be involved in so many high profile IPOs this year and to assist these companies in achieving their listing objectives,” Ms. Wong added.
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