Beijing / Hong Kong: Global law firm Clifford Chance has advised infrastructure company Zhejiang Expressway Co., Ltd. on its pioneer rights issue of H shares and domestic shares with gross proceeds in an aggregate amount of approximately US$860 million (RMB6.15 billion). The issuance marks Zhejiang Expressway’s first equity financing since it was listed on the Main Board of the Hong Kong Stock Exchange in 1997 and also one of the largest shares rights issuance in Hong Kong this year.
The H share rights issuance received an oversubscription of 614.63%, which is the highest in the past three years in Hong Kong.
China Co-Managing Partner Tim Wang who led on the deal said, “We are proud that our expertise in advising equity capital markets transactions in the region has assisted Zhejiang Expressway in completing its landmark issuance of shares rights.”
Tim was supported by partners Alan Yeung (Hong Kong) and Jean Thio (Shanghai, Singapore), counsel Jing Jing (Beijing) and Yuling Geng (Hong Kong), senior associates Haoze Zheng (Hong Kong) and Xuemei Wang (Shanghai), associate Jingyi Zhang (Beijing), registered foreign lawyer Aili Zhu and legal analyst Xinyi Zhan (Beijing).
Zhejiang Expressway principally engages in the investment, development and operation of high-grade roads in China. Major assets operated by the Group include eight expressways, the 248 km Shanghai-Hangzhou-Ningbo Expressway, the 141 km Shangsan Expressway and the 222 km LongLiLiLong Expressways. The company also operates a securities business via its subsidiary Zheshang Securities.
