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Morrison & Foerster completes last Hong Kong IPO in 2012 for China Silver and first major Hong Kong IPO in 2013 for Golden Wheel Tiandi

01/18/2013
Press Release

HONG KONG – Jan 17, 2013 – Morrison & Foerster represented Golden Wheel Tiandi in the first major Hong Kong IPO in 2013, raising HK$756 million.  Golden Wheel is an integrated commercial and residential property developer, owner and operator with a proven track record in China. It focuses on developing projects in Jiangsu and Hunan provinces that are physically connected or in close proximity to metro stations or other transportation hubs.

The proceeds raised from the initial public offering and the Regulation S offering will mainly be used to finance its projects under development and the potential development projects.

Hong Kong partners Ven Tan, John Moore and Melody He-Chen led the transaction.

Morrison & Foerster also represented CCB International Capital Limited as the sole global coordinator, sole sponsor and joint bookrunner, and UOB KayHian and Oriental Patron as the joint bookrunners in the HK$187 million Hong Kong IPO and Regulation S offering of China Silver Group Limited, a leading silver producer in China.   The IPO was successfully launched and completed on December 28, 2012.

China Silver Group Limited is one of the largest silver producers in China in terms of annual production volume, deploying a comprehensive production process designed to fully recover and refine high purity silver ingots and other non-ferrous metals from ore powder and smelting slag. The proceeds raised from the initial public offering and the Regulation S offering will be used to expand its production capacity.

Ven Tan, the Hong Kong Managing Partner who led the MoFo transaction teams on both IPO deals commented "We are delighted to have the distinction of working with CCBI on closing the last Hong Kong IPO in 2012 and with BNP on the first major IPO in 2013, in challenging market conditions. The recent changes in CSRC policy for overseas H share listings and increased market liquidity in Hong Kong have led to an uptick in capital market activity and we  are already seeing increased deal flow in the Hong Kong capital markets."

The China Silver IPO and Golden Wheel Tiandi IPO follow Morrison & Foerster’s recent representation of Fosun Pharma’s HK$4 billion Hong Kong IPO in October 2012, the third largest Hong Kong IPO deal in 2012.

With full-service offices in Hong Kong, Beijing, and Shanghai, Morrison & Foerster has one of the largest and most active capital markets practices of any international law firm in the region. The practice is ranked in Chambers Asia-Pacific, Chambers Global and IFLR 1000, and ranked Band 1 in Capital Markets in China in Asia Pacific Legal 500.