13 April 2015
Clifford Chance advises on GF Securities' IPO, the largest Hong Kong offering this year
International law firm Clifford Chance has advised a group of 26 underwriters, led by GF Securities (Hong Kong), Goldman Sachs, Morgan Stanley, BOCOM International Securities, Deutsche Bank and Merrill Lynch on GF Securities' HK$28 billion (US$3.5 billion) listing on the Hong Kong Stock Exchange. The deal was priced at the top end of the price range at HK$18.85 per share making it the largest listing in Hong Kong so far this year.
The deal drew record demand from institutional and retail investors, and was one of the most heavily oversubscribed IPOs in Hong Kong in recent years.
Partner Tim Wang said, "We are delighted to work on this landmark offering. This deal once again showcases our expertise and clear leadership in advising on PRC securities firms' HK IPOs after having worked on those of Haitong Securities, Galaxy and Central Securities over the past few years."
Tim, partners Cherry Chan and Fang Liu co-led on the deal. They were assisted by consultant Anthony Wan, senior associate Corey Zhang and associates Wu Hao, Liu Gehuan and Vincent Lee.
GF Securities provides comprehensive capital market services and is one of the top five securities firms in China.
Clifford Chance has advised on numerous offerings for Chinese securities firms over the past few years including Central China's US$193 million IPO in June 2014, China Galaxy's US$1.07 billion IPO in May 2013 and Haitong's US$1.68 billion offering in April 2012.