Didi Chuxing, China’s largest ride-hailing company, raised USD4.4 billion in its IPO on the New York Stock Exchange, achieving a valuation of about USD80 billion. It is the biggest Chinese share offering in the US since Alibaba’s USD25 billion IPO in New York in 2014.
Skadden, Fangda Partners and Maples Group acted as Didi’s US, PRC and Cayman Islands counsel, respectively, with Simpson Thacher and Han Kun Law Offices advising the joint underwriters on US law and PRC law, respectively. The joint underwriters were Goldman Sachs, Morgan Stanley, JP Morgan and China Renaissance.
China Three Gorges Renewables (Group), a unit of the operator of the world’s largest hydroelectric power plant, raised RMB22.7billion (USD3.5 billion) in its public placement on the Shanghai Stock Exchange (SHEX), the largest IPO for China’s power industry to date. Zhong Lun Law Firm and DHH Law Firm advised the issuer and the sponsor, respectively.
Zhong Lun advised Boshi China Merchants Shekou Industrial Zone Closed-end Infrastructure Fund on its listing on the Shenzhen Stock Exchange (SZEX), raising RMB2.08 billion. Among the first batch of nine infrastructural public offering real estate investment trusts (REITs) approved by the China Securities Regulatory Commission, four were listed on the SZEX and five on the SHEX.
Chinese bubble tea chain Nayuki debuted with a HKD5.09 billion (USD654.8 million) offering on the HKEX main board, the first milk tea company to list. Davis Polk advised the issuer on Hong Kong and US law, while Global Law Office and Walkers advised on PRC and Cayman Islands law, respectively. Kirkland & Ellis acted as Hong Kong and US counsel to the sponsors and underwriters, and Jingtian & Gongcheng was PRC counsel.
China Railway Construction Heavy Industry Corporation, a spin-off of China Railway Construction Corporation (CRCC), raised RMB3.7 billion on the Star market. This is the first spin-off announced of an A-share central enterprise to successfully list on a domestic exchange since the introduction of a new rule for publicly traded companies to list subsidiaries on mainland exchanges in 2019. JunHe and King & Wood Mallesons advised the issuer and the sponsor, respectively.