Deal highlights

Deal highlights - February 2022


Huitongda Network, a fast-growing sinking market retail industry transaction and service platform, raised HKD2.1 billion (USD268.5 million) from its IPO on the main board of HKEx. The joint sponsors on the deal were CICC, Citi and China Renaissance. Clifford Chance advised the issuer on Hong Kong and US law, while Tian Yuan Law Firm acted as PRC counsel. For the joint sponsors and underwriters, Cooley and its Hong Kong association, CYL & Partners, advised on US and Hong Kong law, respectively, with Jingtian & Gongcheng as PRC counsel.

Sanyuan Biotechnology, one of the world’s largest suppliers of the sweetener erythritol, raised RMB3.7 billion (USD585.5 million) from its IPO on the ChiNext board of the Shenzhen Stock Exchange (SZSE). Grandway Law Offices advised the issuer, while AllBright Law offices advised China Securities, the main sponsor and underwriter to Sanyuan.

Lepu Biopharma, a biopharmaceutical company focusing on oncology therapeutics, completed its IPO by raising HKD904 million on the main board of HKEx under chapter 18A of the listing rules. The joint sponsors were CICC and Morgan Stanley. Clifford Chance advised the issuer on Hong Kong and US law, while Zhong Lun Law Firm was PRC counsel. For the joint sponsors and underwriters, Herbert Smith Freehills acted as Hong Kong and US counsel, and Haiwen & Partners as PRC counsel.


The Bank of Qingdao completed its A+H shares rights issue with aggregate net proceeds amounting to HKD5.1 billion. This is a rare move in recent years for Chinese banks with A+H dual listing status. Clifford Chance and King & Wood Mallesons advised the bank, while Baker McKenzie and JunHe advised the underwriters. The funds raised will be used to replenish core tier-one capital, improve the capital adequacy ratio of the bank, and support future development of the business.

Zhong Lun Law Firm advised China Greatwall Technology Group on its RMB3.99 billion private placement on the SZSE. The company mainly engages in developing and manufacturing computers and peripheral equipment.

Tian Yuan Law Firm advised Mingyang Smart Energy, a wind turbine manufacturer, on its RMB2 billion private placement on the Shanghai Stock Exchange (SSE). The company was formerly listed on the NYSE and, after privatisation, returned to the home market to list on the SSE.

Beijing State-owned Capital Operation and Management Company successfully issued EUR1 billion (USD1.09 billion) in three-year 1.206% senior fixed-rate notes on the HKEx via its overseas vehicle. Advised by JunHe, Linklaters and Ogier, the company is the largest local state-owned enterprise (SOE) in China in terms of assets, with nearly RMB3.2 trillion by the end of 2020. Clifford Chance and Commerce & Finance Law Offices advised the joint lead managers. The notes were assigned A+ and A1 by Fitch and Moody’s, respectively, a level equivalent to sovereign-level credit ratings.


Fangda Partners advised Kirin Holdings, the Japanese beverages giant, on its USD1 billion sale of equity in a joint venture with China Resources to Plateau Consumer. The transaction was seen as an exemplary case of SOE ownership reform and a foreign investment exit.

Zhong Lun Law Firm advised Sinomine Resource Group on its acquisition of all shares of two Mauritian companies by cash offer, indirectly buying a 74% stake in the Bikita lithium mine project in Zimbabwe for a consideration of USD180 million.


Zhong Lun Law Firm advised Chinese hospital chain Hong Kong Asia Medical Group in securing USD400 million in a series D round of financing. The funding round was led by Country Garden Venture Capital and Primavera Capital.