Building materials manufacturer and property investment manager and developer BBMG Corporation has completed the first H-share listing and the second largest IPO in Hong Kong so far this year.
The HK$6.8 billion (US$884 million) global offering comprised a Hong Kong public offer and an international offering, including a Reg S/144A placement.
UBS AG was sole global coordinator and sponsor, with UBS AG, Macquarie Group and JPMorgan acting as joint bookrunners.
The issuer turned to a Paul Hastings Janofsky & Walker team, led by Hong Kong-based partners Raymond Li and Sammy Li, for Hong Kong and US law advice. Haiwen & Partners’ Wu Zhisheng and Tao Jie led the firm’s team providing PRC law advice.
The joint bookrunners were advised by a Lovells team, led by Hong Kong-based Asia corporate head Jamie Barr, on Hong Kong and US law with Jingtian & Gongcheng’s Peng Guangya acting as PRC counsel.
Counsel said the deal was particularly complex due to the size and scope of the company, which comprises more than 100 subsidiaries, and its multi-segmented businesses and operations.