Hong Kong: LAWFUEL – Legal Announcements – Leading law firm Clifford Chance has advised Morgan Stanley Asia Limited and CCB International Capital Limited on the listing of GCL-Poly Energy Holdings Limited on the Main Board of the Hong Kong Stock Exchange.
GCL-Poly is one of the mainland’s largest foreign-owned independent cogeneration plant operators. The initial offer size was approximately US$152 million (approximately HK$1.18 billion), and the shares were listed on 13 November 2007.
This is the second renewable energy-related IPO on which Clifford Chance has advised Morgan Stanley this year. The first was China High Speed Transmission Equipment Group, which listed on the HKEx in July and was very favourably received by the market.
The Hong Kong portion of the GCL-Poly offering was 905 times over-subscribed for a total of 26,078,732,000 shares and has received subscription monies of over HK$108 billion (approximately US$14 billion). The international tranche was approximately 211 times over-subscribed.
Amy Lo advised on the Hong Kong aspects of the IPO, with senior associate Candy Chan and associate Vincent Lin. Alex Lloyd advised on the US aspects of the IPO, with counsel Christopher Holland and associate Hao Zhou.