Latham & Watkins has advised coal provider Kinetic Mines and Energy Ltd (Kinetic) on its listing on the Hong Kong Stock Exchange, and its subsequent initial public offering of 930 million shares. The offering, which closed on March 23, raised HK$1.1 billion ($141.6 million).

HSBC was the global coordinator and sponsor of the offering, while BOCOM International Securities, CCB International Capital, Guotai Junan Securities (Hong Kong), and UBS AG’s Hong Kong branch were involved as underwriters.

Latham & Watkins acted as Hong Kong and U.S. counsel to Kinetic, led by Hong Kong-based partners Jane Ng, Stanley Chow and Eugene Lee, Los Angeles partner Samuel Weiner, and lawyers from the firm’s Shanghai and Singapore offices. Also advising the issuer on PRC law aspects was Jingtian & Gongcheng.

Representing the underwriters were a Hong Kong-based Norton Rose team on Hong Kong and U.S. law, and Jun He Law Offices on PRC law.  

 “Emerging market issuers in Greater China continue to lead the way in terms of fundraising,” said Chow in a statement. “This is driven by rapid economic growth in the region.”

Chow stated that the Hong Kong Stock Exchange remains an attractive platform for issuers despite recent market instability and competition from other regions.

“The energy market in China is one of the fastest growing sectors in the world, and will only continue to do so as companies such as Kinetic Mines and Energy Limited raise capital to invest back into the market. This is an exciting time for China and its energy sector,” he added.

According to a Reuters report on March 12, Sany Heavy Equipment International Holdings said it would purchase $30 million worth of shares in Kinetic’s IPO in an effort to strengthen the relationship between the two companies.

Kinetic is developing the Dafanpu Coal Mine, an underground mine in Inner Mongolia.