Latham & Watkins Advises on Drinda’s HK$1.4 Billion IPO

Latham & Watkins has advised the joint sponsors and underwriters on the initial public offering (IPO) of Hainan Drinda New Energy Technology Co., Ltd. (Drinda) on The Stock Exchange of Hong Kong (HKEX). The offer price was determined at HK$22.15 per H share, with Drinda issuing a total of 63.4 million H shares and raising approximately HK$1.4 billion. Drinda’s A Shares are currently listed on the Shenzhen Stock Exchange. Upon Drinda’s HKEX listing, it has become the first A-H dual-listed company in the photovoltaic industry.

Huatai International, CMB International, and Deutsche Bank acted as the joint sponsors, acting together with CLSA and CICC as overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.

Drinda is a leading specialized manufacturer of photovoltaic cells (PV cells), focusing on the R&D, production, and sales of high-efficiency PV cells. Based on the shipment volume in 2024 among specialized manufacturers, Drinda’s N-type TOPCon cells’ market share reached approximately 24.7% and ranked first globally, and Drinda’s PV cells’ market share reached approximately 17.9% and ranked second globally.

The Latham team was led by Hong Kong corporate partners Terris Tang and Benjamin Su, with Beijing counsel Wei Wei and Hong Kong associates Weigang Meng, Marie Lim, and Lizzy Zhang, with foreign legal consultants Manyu Tian, Ziyue Li, and Kenneth Wang, and senior paralegal Candy Mak.