Baker, King & Wood pilot Ferretti’s Hong Kong IPO

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Ferretti, an Italian luxury yacht builder controlled by state-owned Weichai Holding Group, raised HKD1.91 billion (USD244 million) from a Hong Kong IPO in the first listing by a European business on the city bourse in a decade.

The 83.5 million shares on offer were priced at HKD22.88 apiece and debuted on the exchange’s main board on 31 March. It is the first listing by a foreign company since HKEX’s new listing regime for overseas issuers came into effect on 1 January.

Baker McKenzie advised the issuer on Hong Kong and US laws. The Baker McKenzie team was led by partners Wang Hang in Beijing and Adam Farlow in London and Marco Marazzi in Milan. Senior counsel Stella Hu and counsel Yolanda Zheng and Michael Lian from FenXun Partners, as well as associates from Baker McKenzie‘s capital markets team Daisy Chen, Clara Kwan and Benjamin Cheung, assisted on the deal.

King & Wood Mallesons (KWM) counselled CICC, the sole sponsor, and the deal’s underwriters on Hong Kong, US, and Italian law. KWM’s Hong Kong ECM partner Candy Chan led the transaction with support from partners Sunny Lam, Kevin Ng and Jieshan (Coral) Yuan, who advised on Hong Kong laws. Hong Kong-based partner Corey Zhang, with assistance from Yuyang Lin and Marcel Fan, advised on US laws.

KWM’s Milan office managing partner Davide Proverbio, with support from Giulia Zoccarato, advised on Italian laws. Partner Xu Ping and Jia Han from KWM’s Beijing office advised on certain PRC law matters from the perspective of Weichai Group.

Pedersoli Studio Legale advised the issuer on Italian law.

Ferretti is one of the oldest Italian luxury yacht producers with a portfolio of seven brands, such as Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN and Custom Line.