King & Wood Mallesons (KWM) advised the Sole Sponsor and Overall Coordinator, Soochow Securities International, and the underwriters on the approximately HK$200 million initial public offering (IPO) and listing of China Treasures New Materials Group Limited (China Treasures New Materials Group, Stock Code: 2439) on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK). Shares of China Treasures New Materials Group listed on the SEHK on 31 March 2023. The IPO priced at HK$1.05 and comprised a total of 190,000,000 new shares. China Treasures New Materials Group is one of the biggest manufacturers of biodegradable plastic product in northeastern China and owns a production base in Changchun, Jilin province, the PRC.
According to the Frost & Sullivan Report, in terms of revenue contributed by disposable biodegradable plastic product manufacturers in China, China Treasures New Materials Group ranked fourth among all disposable biodegradable plastic products manufacturers in China, with a market share of approximately 2.6% in 2021.
The team advised Sochow Securities International and the underwriters in respect of Hong Kong laws. The team was led by partner Anthony Wan, with support from Albert Wong, Rocky Cheung and Hanis Ip.
*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".