Paul Hastings Janofsky & Walker recently advised Morgan Stanley as the sole bookrunner and sole global coordinator, and CCB International Capital and Morgan Stanley as joint sponsors and joint lead managers, in the US$100 million Hong Kong IPO and global offering of Changfeng Axle, a Chinese automotive parts manufacturer based in Fujian province. The offering comprised a Hong Kong public offering and an international offering under Regulation S/Rule 144A.
“We have seen the number of completed listings in the Hong Kong IPO market pick up over the past few weeks and the Changfeng Axle IPO is the first in a series of upcoming IPOs that our capital markets team expect to complete in the next several weeks,” said Raymond Li, chair of Paul Hastings’ Greater China practice. “We are currently advising our clients on approximately two dozen Hong Kong IPOs covering a broad spectrum of industries, advising both issuers and underwriters.”
Partner Sammy Li of the firm’s Hong Kong capital markets team led the transaction, assisted by associates John Baptist Chan and Sunny Li. The US capital markets team was led by Milton Chou.
