Latham & Watkins Advises China Jinmao on HKD3.33 Billion Share Sales

The shares represent approximately 7.78% of the enlarged share capital of China Jinmao.

24 January 2018

Latham & Watkins has advised Chinese property developer, China Jinmao Holdings Group Limited (China Jinmao), on its placing of existing shares and top-up subscription of new shares. 

China Jinmao has, via a top-up placement, placed 900.12 million shares to various third party institutional investors, including Kerry Holdings Ltd and New China Life Insurance Co., Ltd., at HKD3.70 per share. The shares represent approximately 7.78% of the enlarged share capital of China Jinmao. The gross proceeds from the top-up placement of approximately HKD3.33 billion, will be used as general working capital.

Goldman Sachs (Asia) and HSBC acted as the placing agents. 

Cathy Yeung, Global Co-Chair of the firm’s Latham & Watkins’ Capital Markets Practice and Chair of the firm’s Greater China Practice, commented: “We are delighted to have advised our long term client, China Jinmao, on another successful transaction. This is one of the largest recent top-up placings, which further demonstrates the strength and breadth of Latham’s Greater China capital markets practice.” 

The Latham team has advised China Jinmao since its Hong Kong IPO in 2007, and the firm has guided the company through its series of subsequent significant corporate finance transactions including its rights issue, previous placements of shares, and multiple bond offerings.

The Latham & Watkins Hong Kong team was led by corporate partner Cathy Yeung, with counsel Terris Tang, and associates Bonnie Tse and Bing Xi Sia.

 
 
Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.