Midas, a leading manufacturer of aluminium alloy extrusion products, is the first Singapore-listed company to take advantage of an additional channel for capital-raising in Hong Kong. Earlier this year, changes to the HKSE listing rules saw a relaxation of criteria for companies to secondary list on the HKSE – in particular companies from the mining and petroleum sector – an option that few companies have exercised thus far.

"Midas is one of the only three secondary-listed companies in Hong Kong, and the first Singapore listed company to be secondary-listed on the Hong Kong Stock Exchange,” co-lead partner of the Herbert Smith team Carolyn Sng said.

Herbert Smith’s Hong Kong corporate team advised Credit Suisse, J.P. Morgan and CCB International as joint lead managers on both the Hong Kong and US law aspects of the transaction. “Secondary listings are uncommon in Hong Kong,” Herbert Smith partner John Moore said.

Established in 2001, Midas is a Singapore-based company engaged in the production of aluminium alloy extrusion products for the passenger rail transportation sector in the PRC. Midas’ production base is located in Jilin Province, China. The company is a public company incorporated in Singapore on 17 Nov 2000. It was listed on the Singapore Exchange on 23 Feb 2004, and was transferred to the Main Board on the SGX-ST on 7 Sep06.

Midas is one of the first and among the few in the aluminium alloy extrusion industry in
the PRC to possess capabilities for the downstream fabrication of passenger train car bodies.ALB

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