Leading firms act on US$468m HK IPO

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Three global law firms and two Chinese outfits worked on the second-largest first-time share sale in Hong Kong this year.

Squire Patton Boggs (SPB), working with Grandall Law Firm, acted for Xinyi Energy in its US$468m IPO in Hong Kong. Deacons, alongside JunHe, worked for the underwriters. Milbank advised the sponsors and coordinators.

Xinyi Solar, a solar-glass manufacturer, spun off Xinyi Energy, its solar farm-management arm. Xinyi Energy said it will use the float’s proceeds to add 540MW of capacity to its 954MW portfolio of plants in China.

SPB’s team was headed by partners Francis Li and Wendy Fong. Grandall’s group was led by partners Junji Ni, Xiaochun Chen, and Cheng Cai.

The team from Deacons was headed by partners Ronny Chow and Maynard Leung. The JunHe team was led by partner Yi Wang.

Global capital markets partner David Kuo, who was assisted by associate York Wu, led the Milbank team.