Clifford Chance
Clifford Chance advises Zhejiang Expressway on its pioneer rights issue of approximately US$860 million
14 December 2023
Clifford Chance advises Zhejiang Expressway on its pioneer rights issue of approximately US$860 million
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.
高伟绅为浙江沪杭甬约8.6亿美元的首次供股交易提供法律服务
领先国际律师事务所高伟绅为浙江沪杭甬高速公路股份有限公司（以下简称“浙江沪杭甬”）的首次H股+内资股供股交易提供法律服务，募集资金总额约为8.6亿美元（约合人民币61.5亿元）。本次发行是浙江沪杭甬自1997年在香港联交所主板上市以来的首次股权融资，也是港股上市高速公路公司有史以来最大的权益类融资项目。
本次H股供股项目获得614.63%的超额认购，为港股市场近三年来超额认购率最高的供股交易。
本项目的牵头负责人暨高伟绅中国区联席管理合伙人王彦峰律师表示：我们很荣幸能凭借高伟绅在香港股权资本市场方面的领先业务实力成功帮助浙江沪杭甬完成此次具有里程碑意义的供股项目。
高伟绅香港办公室合伙人杨逸龙律师和上海/新加坡办公室合伙人张珮真律师为本交易提供主要支持，其他团队成员还包括耿玉玲、经晶、王雪梅、张静怡、朱艾立、郑镐泽和詹欣意。
浙江沪杭甬是一家主要从事高等级公路投资、开发和经营的上市公司，主要资产包括全长248公里的沪杭甬高速公路、141公里的上三高速公路及222公里的龙丽丽龙高速公路等在内的八条高速公路。该公司还通过其子公司浙商证券经营证券业务。
