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DeHeng Advised CRCC on the Spin-off and IPO on the SSE STAR Market of China Railway Construction Heavy Industry Corporation Limited
On June 22, 2021, China Railway Construction Heavy Industry Corporation Limited (stock code: 688425), a subsidiary of CRCC, was officially listed on the STAR Market of Shanghai Stock Exchange. The number of shares issued for the initial public offering was 1,285.18 million (1,477.957 million, if the over-allotment option was fully exercised), at the price of RMB 2.87 per share. The total share capital after the issuance amounted to 5,140.72 million shares (5,333.497 million shares, if the over-allotment option was fully exercised), and the funds raised totaled about RMB 3,688 million (about RMB 4,242 million, if the over-allotment option was fully exercised).
China Railway Construction Heavy Industry Corporation Limited is a controlled subsidiary of CRCC, mainly engaged in the design, R&D, manufacturing, sale, leasing and services of tunnel boring machines, rail transport equipment and special equipment. Before the spin-off and IPO, CRCC directly held 99.5% of its shares, and indirectly held the remaining 0.5% of the shares through its wholly-owned subsidiary China Civil Engineering Construction Corporation (CCECC), totaling 100% of the shares.
The spin-off was the first domestic spin-off and IPO case announced after the release of the Rules for Spin-off, making it the first IPO of a central state-owned enterprise spin-off, the first of its kind in the construction machinery industry, and the largest IPO in the field of specialized equipment. As CRCC’s legal counsel for the project, the DeHeng team was led by partner Li Zhihong of its Beijing office and partner Wang Yuwei of Shanghai office, with primary support from associates Yang Yong and Deng Di. The team worked closely with CRCC and other intermediary agencies, and provided professional, comprehensive, high-quality and efficient legal services for the spin-off and IPO.
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