King & Wood Mallesons (KWM) advised Buyang International Holding Inc (Buyang International, Stock Code: 2457) on its global offering and listing on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK).
Shares of Buyang International were listed on the SEHK on 15 December 2022. The global offering comprised a total of 250,000,000 shares (subject to exercise of the over-allotment option). Priced at HK$0.50 per share, the listing raised gross proceeds of approximately HK$125 million, assuming the over-allotment option is not exercised. Zhongtai International Capital Limited acted as the sole sponsor of this global offering.
Buyang International was established in 2007 in Yongkang City, Jinhua City, Zhejiang Province. As an aluminium alloy automobile wheel manufacturer, Buyang International focuses on the aftermarket which is the market for parts and accessories used in the repair and maintenance of an automobile, and manufactures and sells aluminium alloy automobile wheels to a diverse customer base worldwide.
As the domestic and international legal counsel of Buyang International, KWM offered comprehensive, professional, and efficient legal services to Buyang International throughout the listing process. Through close cooperation between our Hangzhou, Hong Kong, London, and Tokyo offices, KWM provided one-stop legal services for Buyang International. Since the kick-off of the project, KWM has assisted in the completion of the legal due diligence, formulation of the restructuring plan, drafting of key documents, and addressing various rounds of communication with the SEHK. In addition, KWM has provided the client with comprehensive solutions to major onshore and offshore legal issues that came up during the process, facilitating the smooth completion of the project.
A cross-office KWM team worked closely on the transaction. KWM’s Hangzhou office Partner Liang Jin, with support from Cheng Ziyi and Lin Wenbin advised Buyang International on PRC laws. Hong Kong ECM Practice Team Lead Partner, Candy Chan, with support from Owen Ow and Hon Ting Tsoi, advised Buyang International on Hong Kong laws. KWM’s London office Partner Greg Stonefield advised Buyang International on English laws. KWM’s Tokyo office Partner Ryunosuke Ushijima advised Buyang International on Japanese laws.
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”.
