May 17, 2004 – LAWFUEL – Simmons & Simmons recently advised UBS AG as global co-ordinator, bookrunner, sponsor and lead manager on the successful global offering of shares in China Resources Peoples Telephone Company Limited (“Peoples”) on The Stock Exchange of Hong Kong Limited. Peoples is one of Hong Kong’s primary providers of mobile voice and data communications services.
China Resources (Holdings) Co., Ltd., a conglomerate in Hong Kong ultimately owned and controlled by the government of the People’s Republic of China, is a substantial shareholder of Peoples.
The global offering of approximately 268 million shares on 01 April 2004 raised a total of approximately HK$1.22 billion (US$156 million). The shares of Peoples, each with a nominal value of HK$0.48, were priced at HK$4.55 each for the global offering. ABN AMRO Rothschild, BOCI Asia Limited and CLSA Limited were co-lead managers on the listing.
The Simmons & Simmons team was led by corporate partner Nicholas Norris, assisted by Joseph Lee, Jodie Coutts, Vi Vi Chow and Elaine Siu.
Nicholas Norris commented:
“We were delighted to advise UBS AG on its latest Hong Kong listing project. Peoples Telephone presents an opportunity for investors to buy into the mobile communications sector in Hong Kong. There were a number of challenges, however, including a pre-IPO capital reduction, as well as the deterioration in market sentiment at the time the IP was launched.”