Clifford Chance Advises HTSC on $4.5 Billion IPO

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Leading international law firm Clifford Chance has advised HTSC on its $4.5 billion initial public offering, the largest public offering in Hong Kong since AIA’s IPO five years ago. The offering contains a “greenshoe option” (a mechanism allowing the company to sell more shares to meet investor demands) which if exercised, would make it the biggest listing in the world thus far this year. HTSC is one of the top five securities firms in China.

Clifford Chance has a market leading position advising Chinese securities firms on their Hong Kong IPOs. These listings include GF Securities’ US$4 billion IPO in April 2015, Central China’s US$193 million IPO in June 2014, China Galaxy’s US$1.07 billion IPO in May 2013 and Haitong’s US$1.68 billion offering in April 2012.

Partner Amy Lo who co-led the deal said, “We are very pleased to advise HTSC on such a successful IPO. I’m very proud of our team which has such a strong track record on high profile IPOs in Hong Kong.”

Amy and US securities partner, Jean Thio co-led the transaction. They were supported by counsel John Baptist Chan, senior associate Corey Zhang and associates Yufei Liao, Carol Chan and Jennie Lau.

Clifford Chance has advised on other mega deals including the nuclear power operator CGN Power Limited’s US$3.16 billion IPO late last year. In 2014 alone, Clifford Chance successfully completed 14 IPOs in Hong Kong including four with offering sizes exceeding US$1 billion each.
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