Herbert Smith has advised Goldman Sachs, HSBC, UBS and JP Morgan as joint bookrunners and joint lead managers on the HK$2.7 billion (US$343 million) Hong Kong IPO and Rule 144A / Regulation S global offering of Maoye International Holdings, a leading department store chain in China.
Maoye sold 863 million shares at HK$3.1 per share. The shares had been offered in a range between HK$2.9 and HK$3.8.
Maoye operates 15 stores in eight Chinese cities and focuses on the medium to high-end segment of the retail market. It plans to add another seven stores over the next two years. The department store operator has a leading market position in four special economic zones – Shenzhen, Zhuhai, Chongqing and Chengdu.
Herbert Smith advised on both the US and Hong Kong law aspects of the IPO. The team was led by partners John Moore and Tom Chau. They were assisted by senior associates Jason Sung and Melody Chen, and associates Sarah Chow, Jennifer Shen and Carol Fan.
John Moore commented:
"We are very pleased to have advised Goldman Sachs, HSBC, UBS and JP Morgan on this transaction, where Maoye is the first company to list on the Main Board of the Hong Kong Stock Exchange in the second quarter this year. This transaction exemplifies our ability to provide a fully integrated service to our investment banking client base while keeping our strong momentum in the equity capital markets practice in the region."
Tom Chau added:
"We are delighted that we have been able to work with our major investment banking clients on this successful transaction. It confirms our position as one of the leading advisers for capital markets transactions in the region."
Maoye was advised by Morrison & Foerster on matters of Hong Kong law and US law, and King & Wood on matters of PRC law. The underwriters were advised by Commerce & Finance on matters of PRC law.
Notes to editors
- Herbert Smith operates a leading China practice from our well-established presence in Beijing, Shanghai and Hong Kong. The firm has one of the leading equity capital markets practices in Asia. We are retained by major issuers and investment banks as advisers on high profile IPOs across Asia. These include advising:
- Industrial & Commercial Bank of China (ICBC) on its US$21.9 billion flotation. The IPO was the world's largest to date. ICBC was also the first company to list simultaneously on the Shanghai and Hong Kong stock exchanges, a move that was expected to create a precedent for listings of other premium PRC companies and which presented unique challenges
- Fosun International, one of China's largest privately owned conglomerates, on the HK$13.27 billion (US$1.7 billion) Hong Kong IPO and Rule 144A/Reg S international offering, one of the largest IPOs in Hong Kong in 2007. Morgan Stanley, UBS and China International Capital Corporation were joint bookrunners and lead managers for the offering
- Morgan Stanley as the sole global co-ordinator and sponsor on the HK$3.64 billion (US$466 million) Hong Kong IPO and Rule 144A/Regulation S offering of ANTA Sports Products, a leading Chinese footwear manufacturer
- JP Morgan Securities (Asia Pacific) and China International Capital Corporation as joint global coordinators and joint bookrunners on the HK$9.04 billion (US$1.16 billion) global offering and Hong Kong IPO of Sinotruk (Hong Kong), one of the largest heavy truck manufacturers in mainland China
- Herbert Smith LLP is an international legal practice with 1200 lawyers (including over 240 partners) and a network of offices in Europe and Asia. It has a formal alliance with leading German firm Gleiss Lutz and leading Dutch and Belgian firm Stibbe. On 1 April 2005 Herbert Smith became Herbert Smith LLP, a limited liability partnership. www.herbertsmith.com
- For further information please contact Tim Wright, Head of Business Development, Asia on +852 2101 4665 or tim.wright@herbertsmith.com