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Clifford Chance advises SDIC Power on GDR offering under Shanghai-London Stock Connect and listing on LSE

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28 October 2020

Clifford Chance advises SDIC Power on GDR offering under Shanghai-London Stock Connect and listing on LSE

Leading international law firm Clifford Chance advised SDIC Power Holdings Co., Ltd., a leading power generation company in China, as to English and US law on its offering and London Stock Exchange listing of global depositary receipts (GDRs) representing its Shanghai-listed A shares via Shanghai-London Stock Connect.

Leading international law firm Clifford Chance advised SDIC Power Holdings Co., Ltd., a leading power generation company in China, as to English and US law on its offering and London Stock Exchange listing of global depositary receipts (GDRs) representing its Shanghai-listed A shares via Shanghai-London Stock Connect.

The offering raised gross proceeds for the Company of US$200.6 million (which may be increased to US$220.7 if the over-allotment option is exercised in full) and each GDR was priced at US$12.27.

A cross border team advised on the deal led by partners Jean Thio (Singapore) and Simon Thomas (London). They were supported by partner Christopher Roe (London), consultant Corey Zhang (Hong Kong), senior associate James Spencer (London), associates Emma Bao (Hong Kong), Phoebe Richardson (London), James Zhang (Beijing), Mathias Toubiana (London), Mao Meng (Shanghai), and trainees Thomas Hobbs Martin (London) and Ismaila Ngum (London).

Partner Jean Thio said, "Our team was delighted to assist SDIC Power as the latest issuer to commence trading using the Shanghai-London Stock Connect scheme. This builds on our team's previous experience with GDR offerings."

Partner Simon Thomas added, "The fact that we have now advised on three of the four completed transactions under the Shanghai-London Stock Connect programme is a reflection of the strength of our Chinese and UK ECM teams, and our ability to work seamlessly on highly complex multi-jurisdictional capital raising transactions for clients."

SDIC Power operates a diversified portfolio of projects across hydropower, coal-fired power, wind power and solar power. Among all power generation companies currently listed in China, the Company is the third largest hydropower company in terms of consolidated hydro installed capacity.

Clifford Chance's market-leading equity capital markets teams in London, Hong Kong and China have been at the forefront of advising on GDR offerings under the ground-breaking Shanghai-London Stock Connect scheme, having now advised on three of the four transactions under the scheme to date including on China Pacific Insurance's US$1.8 billion offering in June 2020 and London GDR listing and Huatai Securities on its historic London GDR listing in June 2019.

高伟绅助力国投电力按“沪伦通”交易机制在伦敦证券交易所的GDR发行上市

国际领先律师事务所高伟绅为国投电力控股股份有限公司(“国投电力”)按“沪伦通”交易机制以其在上海证券交易所上市的A股作为基础证券在伦敦证券交易所上市(“伦交所”)的全球存托凭证(GDR)的发行上市项目,并担任国投电力的英国法和美国法律顾问。国投电力是国内水电装机规模第三大的上市发电企业。

国投电力本次募集资金总额约为2亿美元(假设超额配售权悉数行使,将增至2.2亿美元),每份GDR定价为12.27美元。

高伟绅跨境法律服务团队由新加坡办公室合伙人张珮真律师和伦敦办公室合伙人Simon Thomas律师牵头负责,由伦敦办公室合伙人Chris Roe及包括张可畏、James Spencer、包宸、Phoebe Richardson、张南、Mathias Toubiana、毛檬、Thomas Hobbs Martin和Ismaila Ngum在内的律师团队提供支持。

张珮真律师表示,“凭借高伟绅团队在GDR发行领域的丰富经验,我们非常荣幸能够协助国投电力作为最新一家发行人通过‘沪伦通’成功进行交易。”

Simon Thomas律师表示,“我们现已参与了‘沪伦通’交易机制下完成的四项交易中的三项,这充分印证了我们中英股权资本市场团队的领先实力,以及我们在高度复杂的跨境融资和上市交易中为客户提供无缝式法律服务的能力。”

高伟绅业内领先的伦敦、香港和中国大陆股权资本市场团队在为“沪伦通”交易机制下的GDR发行提供法律服务方面始终位于市场的最前沿。截至目前,高伟绅已为通过该交易机制完成的四项GDR发行项目中的三项交易提供了法律服务。

高伟绅于2020年6月助力中国太平洋保险18亿美元伦交所GDR发行上市以及于2019年6月为华泰证券发行首单于伦交所上市的全球存托凭证提供法律服务