King & Wood Mallesons (KWM) advised Guotai Junan Capital Limited and Giraffe Capital Limited as the joint sponsors’ and the underwriters’ onshore and offshore legal counsel on the approximately HK$1,057.7 million initial public offering and the listing of H-shares of Beijing SinoHytec Co., Ltd. (SinoHytec, Stock Code: 2402) on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK).
Shares of SinoHytec listed on the SEHK on 12 January 2023. The global offering priced at HK$60.00 and comprised a total of 17,628,000 H-shares (subject to the over-allotment option). SinoHytec was established in 2012 and has had its A-shares listed and traded on the Shanghai Stock Exchange Science and Technology Innovation Board (SSE STAR Market) since August 2020. It has now become the first dual-listed (A+H) hydrogen fuel cell company in China Mainland. SinoHytec is a leading provider of fuel cell systems in China Mainland, focusing on the design, development and manufacture of fuel cell systems for commercial vehicles. According to an industry consultant, SinoHytec ranked first in the PRC hydrogen fuel cell system market in terms of the total power output of hydrogen fuel cell systems sold in 2021.
In this project, King and Wood Mallesons (KWM), acting as the onshore and offshore legal counsels for the joint sponsors and underwriters, provided the legal services to the joint sponsors in a comprehensive, professional and efficient manner throughout the listing process. By leveraging the close collaboration between its Shanghai and Hong Kong offices, KWM provided “one-stop” legal services with respect to the listing of SinoHytec. Since the launch of this project, KWM has been deeply involved in various stages of work, including conducting of legal due diligence, drafting of core documents, and multiple rounds of feedback to and communication with the SEHK. Through providing an integrated solution to deal with the key onshore and offshore legal issues emerging in the whole process of this project, KWM assisted SinoHytec in completing this listing successfully.
A cross-office KWM team worked closely on the transaction. The Hong Kong office team was led by partner Anthony Wan and Corey Zhang, with support from Matthew Yim, Rocky Cheung, Yuyang Lin, Vivienne Poon and Mei Cui. The Shanghai Office team was led by partners Yang Zhenhua and Chen Fuan, with support from Chen Miao, Ouyang Zhenni, Ru Qiule and Tang Shijun, and from partner Gao Zhao.
*Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to "Hong Kong Special Administrative Region of the People's Republic of China".
