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.
"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...