Clifford Chance advises on Ming Yang Smart Energy's US$657 million offering and London GDR listing

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14 July 2022

Clifford Chance advises on Ming Yang Smart Energy's US$657 million offering and London GDR listing

Leading international law firm Clifford Chance has advised UBS, HSBC and CLSA (as joint global co-ordinators) and CICC and Haitong International (as joint bookrunners) on Ming Yang Smart Energy Group Limited's (Ming Yang Smart Energy) global depositary receipts (GDRs) offering and listing on the Shanghai-London Stock Connect segment of the London Stock Exchange. The GDR offering is expected to raise gross proceeds of approximately US$657 million (US$707 million including any exercise of the over-allotment option).

Ming Yang Smart Energy is a leading wind turbine manufacturer and clean energy solutions provider in China.

China Co-Managing Partner Tim Wang co-led the deal with partners Chris Roe (London) and Jean Thio (Singapore) and was supported by a cross-border team, which includes counsel Lorna Lyu (Shanghai), senior associate Anjaneya Das (London), associate Meng Mao (Shanghai) and transaction support officer Sally Zhang (Shanghai).

Tim said, "We are proud to advise on this landmark London listing by Ming Yang Smart Energy, which builds on our market-leading practice's work advising on cross-border GDR offerings and listings via the Shanghai-London Stock Connect scheme. This transaction highlights the attractiveness of the Stock Connect scheme for innovative Chinese companies in strategic sectors seeking access to international capital markets."

Clifford Chance's market-leading equity capital markets teams in Beijing, Hong Kong, London and Shanghai have been at the forefront of advising on GDR offerings under the Shanghai-London Stock Connect scheme and have now advised on four of the five transactions to have completed under the scheme to date, having advised on Huatai Securities' trailblazing US$1.7 billion offering and GDR listing (the first listing under the Shanghai-London Stock Connect programme), China Pacific Insurance's US$1.8 billion offering and GDR listing and SDIC Power's US$220 million offering and GDR listing.

高伟绅助力明阳智能6.57 亿美元伦交所GDR发行上市

国际领先律师事务所高伟绅就明阳智慧能源集团股份公司（“明阳智能”）在伦敦证券交易所（“伦交所”）沪伦通板块的GDR（全球存托凭证）发行上市项目，担任联席全球协调人瑞银、汇丰和中信里昂以及联席账簿管理人中金和海通国际的国际法律顾问。明阳智能此次募集资金总额预计约为6.57亿美元（假设超额配售权获悉数行使，将增至7.07亿美元）。

明阳智能是中国领先的风力涡轮机制造商和清洁能源解决方案提供商。

本交易由中国区联席管理合伙人王彦峰、新加坡办公室合伙人张珮真及伦敦办公室合伙人Chris Roe共同领导，包括吕娜、Anjaneya Das、毛檬、张子昕在内的跨境团队提供支持。

王彦峰律师表示："凭借高伟绅团队在‘沪伦通’机制下的伦交所GDR发行上市领域的领先经验，我们非常荣幸能为明阳智能此次具有里程碑意义的伦敦上市提供法律服务。该交易突显了跨境证券交易互联互通机制对战略行业创新型中国企业寻求进入国际资本市场的吸引力。"

高伟绅北京、香港、伦敦及上海市场领先的股权资本市场业务团队在参与“沪伦通”机制下的伦交所GDR发行上市项目方面始终处于领军地位，目前已为该机制下完成的五项交易中的四项提供了法律服务，包括此前完成的华泰证券开创性的17亿美元GDR发行上市（“沪伦通”首单GDR发行上市项目）、中国太平洋保险18亿美元GDR发行上市以及国投电力的2.2亿美元GDR发行上市。