On 12 June 2024, Yankuang Energy Group Company Limited (Yankuang Energy, 01171.HK/600188.SH) successfully completed its H-share placement. A total of 285 million H-shares were issued in the placement, raising gross proceeds of approximately HK$5 billion. This is the largest equity financing in the Hong Kong stock market in 2024 so far and marks the first H-share placement of an “A+H” listed company under the new filing rules for overseas listing of domestic enterprises.
Yankuang Energy, listed on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong since 1998, is a mega energy enterprise with additional listings on exchanges in Australia and other markets. This H-share placement underscores Yankuang Energy’s attempt to leverage capital market instruments, such as equity financing, to implement strategic reserve funds and build up strength for future leapfrog development.
King & Wood Mallesons (KWM), as the counsel to Yankuang Energy in China, provided comprehensive and efficient legal services in the H-share placement. KWM’s involvement included justification of the approval process, disclosure of information of the listed company, and assistance in the preparation of the offering and filing materials. These efforts ensured a compliant and efficient placement process.
The KWM team was led by Tang Lizi, Han Jie, Sun Yong, and Yu Rui, with support from Zhu Zexin, Gao Yani, Li Shan, and He Peiyao.
