China Shenhua Energy lists in 2005's biggest IPO

Author: | Published: 1 Jul 2005

In the world's largest initial public offering (IPO) of 2005, China Shenhua Energy Co has listed on the Hong Kong stock exchange. The transaction saw China's largest coal producer raise HK$23 billion ($3 billion) by floating new shares equivalent to 17% of the company.

Michael Fosh: "Independence key to deal structure"

Herbert Smith acted as Hong Kong counsel to Shenhua, Beijing-based corporate partner Michael Fosh and Beijing managing partner Jeremy Xiao leading the team. King & Wood advised the company on PRC law and Sullivan & Cromwell advised as to US law. For the underwriters, Haiwen & Partners advised as to PRC law, Baker & McKenzie as to Hong Kong law and Simpson Thacher & Bartlett as to US law. The joint global coordinators and the joint bookrunners were China International Capital Corporation, Deutsche Bank and Merrill Lynch Far East.

The law firms had to take account of...