King & Wood Mallesons, Jia Yuan Law Offices and Commerce & Finance Law Offices assisted on Huadian New Energy’s SSE main board debut, raising RMB15.8 billion (USD2.18 billion) in the largest A-share IPO by a state-owned company in the past three years.
This is also the first main board listing exceeding RMB10 billion since China fully implemented the registration-based system.
The company set the price at RMB3.18 per share, and it soared up to 215% on its debut to RMB10.02 apiece.
King & Wood Mallesons counselled Huadian New Energy, with the team led by Beijing-based partners Gong Mulong, Li Yuanyuan, Wang Ning and counsel Li Huan.Beijing-based partners Kathy Fan, Yu Zhenzhen and Hong Kong-based partner Ricky Lioe also assisted.
Wang Junfeng, King & Wood Mallesons’ principal founding partner, said: “This IPO will help push the transformation of China’s energy sector and achieve the country’s ‘dual carbon’ goals. Leveraging our extensive experience in capital markets and the new energy sector, as well as our global legal service network, King & Wood Mallesons continues to provide clients with efficient and high-quality legal services.”
Lead underwriters Huatai United Securities and CICC were advised by Jia Yuan and Commerce & Finance, respectively.
Jia Yuan senior partners Zhang Wen, Yi Jiansheng and Zhou Shuyao led the team assisting Huatai United Securities in due diligence, shareholding reform and application work.
Huadian New Energy is a subsidiary of China Huadian Corporation, one of China’s five major power generation groups, that operates wind and solar power generation. The funds raised in the IPO will be used for construction.
