Clifford Chance and Simpson Thacher & Bartlett are advising on Chinese brokerage firm Huatai Securities Co’s $4.5 billion IPO on the Hong Kong Stock Exchange.
Huatai, which is also listed in Shanghai, has priced its Hong Kong offering at HK$24.80 per share, at the top end of its indicative price range. The shares are to start trading on the Hong Kong Stock Exchange on June 1.
The firm’s offering will elevate Hong Kong to the top spot worldwide as a venue for IPOs, ahead of the U.S. and Shanghai. Hong Kong last held the number one position from 2009 to 2011.
Clifford Chance is advising Huatai, China’s fourth-largest broker by assets, with a team led by Shanghai partner Jean Thio and Hong Kong partner Amy Lo. King & Wood Mallesons is advising Huatai on PRC law.
J.P. Morgan, UBS and Huatai Financial Holdings, the brokerage’s Hong Kong-based affiliate, are the joint sponsors of the offering. The three banks, as well as ICBC International, BNP Paribas and China Merchants Securities, are acting as joint global coordinators, bookrunners and lead managers.
A Simpson Thacher team led by Hong Kong partners Leiming Chen and Celia Lam is representing the banks, while Commerce & Finance Law Office is providing PRC legal advice.
