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A&O advises on largest Shanghai London Stock Connect deal to date

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Bloch Michael
Michael Bloch

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Liu Kung-Wei
Kung-Wei Liu

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Hong Kong

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Wells Adam
Adam Wells

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30 September 2020

A&O has advised the underwriters led by the joint global coordinators in relation to the offer of Global Depository Receipts (“GDRs”) by China Yangtze Power Co., Ltd. (“CYP”) and admission to trading on the Shanghai London Stock Connect Segment of the London Stock Exchange. 

The transaction is valued at USD2.011 billion, assuming full exercise of the over-allotment option, which would make it the largest Shanghai London Stock Connect deal by value to date and one of the larger offerings on the London Stock Exchange this year. It is also the first Shanghai London Stock Connect deal to include an offer to Qualified Institutional Buyers in the United States in reliance on Rule 144A of the Securities Act.

CYP is the largest hydropower company in the world, operating a number of hydroelectric dams on the Yangtze River in China, including the Three Gorges Dam, the world’s largest hydroelectric power station. In April 2020, CYP also acquired 83.64% of Luz del Sur, a leading Peruvian electricity distribution company, and approximately 80% of the proceeds of the GDR offering are intended to re-finance that acquisition.

A&O led a fully integrated transaction team advising the joint global coordinators and joint bookrunners on English and US law. The core team was led by partners Michael Bloch in London and Kung-Wei Liu in Hong Kong, with support from senior associate Matthew Gee and associates Sidi Han and Philip Whitehead and legal advisor Clark Han, working across A&O’s Hong Kong, Beijing, Shanghai and London offices. Partner Adam Wells in London, Counsels Ryan Tou in Hong Kong and Xunming Lim in Singapore and senior associate Paul Jing in Shanghai also provided valuable support.

A&O’s International Trade and Regulatory and Business and Human Rights practices, led by partners Matt Townsend, Ken Rivlin and Suzanne Spears, provided specialist advice on a number of sanctions, environmental, social and governance issues. A&O’s UK tax practice, led by partner Tim Harrop as well as A&O’s US tax practice, led by partners Jack Heinberg and Dave Lewis, provided tax specialist advice. A&O’s UK regulatory practice, led by partner Damian Carolan provided UK regulatory specialist advice.

 

 


Notes for Editors:

Disclaimer: The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The shares referred to herein (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States.

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