Tian Yuan advised Nongfu Spring to be listed on the main board of Hong Kong
Nongfu Spring Co., Ltd. ("Nongfu Spring", 9633. HK) to successfully land on the Hong Kong capital market. Nongfu Spring is also the first H-share company that applied for "full circulation" of domestic shares at the time of IPO and was successfully listed after the China Securities Regulatory Commission issued the Business Guidelines for "Full Circulation" Domestic Unlisted Shares of H-Share Companies in November 2019.To get more news about Nongfu Spring, you can visit en.nongfuspring official website.
This global offering of about 388 million shares by Nongfu Spring accounted for 3.47% of the total number of shares after the issuance, and the issuance pricing was HK$21.5 per share, which was at the upper limit of the bidding price range. The raised capital was about HK$8.35 billion. The project is also the largest IPO project in the consumer goods industry in the capital market of Hong Kong so far in 2020. The Hong Kong public offering part of Nongfu Spring was involved in 1,147.3 times of oversubscription, freezing the fund of HK$677.7 billion, breaking the record of HK$530 billion when another project was issued in 2008, and becoming the "frozen capital king" with the largest amount of frozen IPO funds in the history of Hong Kong stock market. After the opening of the Hong Kong stock market today, the share price of Nongfu Spring rose rapidly with a short-term increase of more than 80%, and the company's market value exceeded HK$400 billion, surpassing the market value of the Hong Kong stocks of Sinopec, so its stocks are well-deserved leading blue-chip stocks among consumer goods stocks.
In this listing project, Tian Yuan served as the Chinese legal adviser of the co-sponsors China International Finance Hong Kong Securities Co., Ltd. and Morgan Stanley Asia Co., Ltd. and the underwriting group, participated in the whole process of the project and provided professional and high-quality legal services, including providing professional advice and detailed solutions for H-share IPO and full circulation application to the China Securities Regulatory Commission as well as China's legal and compliance treatment, and assisting the sponsors in the legal matters related to the due diligence on Chinese laws and other aspects, which have been widely praised and highly recognized by the issuer, the co-sponsors and the project participants.