Baker McKenzie has advised property developer China Evergrande Group on the placement of 260 million shares, or 2.66 percent of issued share capital, of China Evergrande New Energy Vehicle Group HK$10.6 billion ($1.36 billion).

Placing of the shares serves to reduce the shareholding ratio of the top 20 shareholders of Evergrande Vehicle to below 90 percent, fulfilling the conditions for the new energy vehicles manufacturing unit to participate in the Hong Kong Stock Connect in the next step, Reuters cited the property developer as saying.

Haitong International Securities, Huatai Financial Holdings, and CMB International Securities are the placing agents.

The Baker McKenzie team was led by Hong Kong partner Christina Lee.


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