DLA Piper Advises First IPOS of 2009 in Hong Kong

Strong Petrochemical and Singyes Solar successfully listed on HKSE

China/ Hong Kong (LAWFUEL) – DLA Piper today announced it has advised on the first two IPOs listed on the mainboard of the Hong Kong Stock Exchange this year: Strong Petrochemical Holdings Limited (“Strong Petrochemical”) on 12th January (HKSE: 852) and China Singyes Solar Technologies Holdings Limited (“Singyes”) (HKSE: 750) on 13th January. DLA Piper partners involved in these deals include Mabel Lui, Dr Liu Wei, Esther Leung and Jeffrey Mak.

Strong Petrochemical’s IPO, Hong Kong’s first in 2009, has successfully raised HK $250 million. DLA Piper advised the sponsor and underwriter of Strong Petrochemical, China Everbright Capital Limited. The deal was led by Esther Leung and the execution team included Eugene Choi, Richard Lee, Joyce Ma, Amanda Li and Douglas Lo, all from DLA Piper’s Hong Kong office.

Singyes’ IPO was over-subscribed by approximately 70 times despite a dampened environment for capital markets in recent months. DLA Piper advised Singyes in matters related to Hong Kong Law. The deal was led by Dr Liu Wei and Jeffrey Mak while other core team members included lawyers Emen Cheng, Damon Law and Kevin Hong from Hong Kong and Jessica Zhao in Shanghai. All were supported by DLA Piper’s corporate finance team led by Esther Leung in Hong Kong.

“This is an impressive beginning for 2009. The success of these two listings have helped revitalise the market and investors’ interest and confidence despite a slowdown in capital markets worldwide,” said Dr Liu Wei, Head of DLA Piper’s China capital markets and managing partner of the Beijing office. “We have been working closely with our clients, across practices and across offices, in this difficult climate to support their needs. Esther, Jeffrey and the rest of the team have shown precisely the dedication, professionalism and collaboration in these two deals that our clients require during such challenging times.”

Esther Leung, who leads the Hong Kong corporate finance team, said: “Given the current market situation, these two listings are a very important achievement for us. They are the result of many months of hard work and commitment. Team members across different offices have demonstrated excellent team spirit and the ability to deliver high quality work under tight time constraints. There are still many Chinese companies considering listings in the local markets as well as offshore and we have the capabilities in this region and globally to help them meet their business goals in a constantly shifting landscape of regulation and policies.”

Mabel Lui, Head of Corporate, China of DLA Piper, said: “These two IPOs prove that our expertise can help clients successfully achieve their listing goals no matter how difficult the economic climate. Our team drew on extensive experience with IPOs and other fundraising vehicles in international capital markets and knowledge of the Hong Kong and PRC regulatory environments to provide our clients with integrated counsel at every step.”

Strong Petrochemical is engaged in the business of trading crude oil, petroleum products and petrochemical products. It also plans to expand into oil products storage in the near future. The company’s major customers include Unipec, Sinopec, Sinochem, Petrochina, CNOOC, and Zhuhai Zheng Rong Company, all of which are state-owned oil companies.

Singyes Solar is a professional building engineering company engaging principally in the design, fabrication and installation of conventional curtain walls and thin-film BIPV (the integration of photovoltaic technology into the design of buildings and structure) system and the production and sales of solar-power products. Singyes is committed to developing the renewable energy and energy-saving engineering sectors in China and globally.

“DLA Piper’s China practice has been a crucial driver of the firm’s Asian and global growth strategies. We expect it to continue as a source of strength and ongoing growth. As a firm with a truly global platform, DLA Piper has the advantage of being able to leverage resources across multiple continents and practice areas,” said Alastair Da Costa, Asia Managing Director of DLA Piper. “The team has done a great job helping to achieve the first IPOs on the Hong Kong Stock Exchange this year. It’s a good sign for the year ahead and we’re committed to driving further success together with our clients and to continue investing in our people and growth in this region.”

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