Appleby advised China Everbright Greentech Limited on its listing on the main board of HKSE and global offering
Leading offshore law firm Appleby acted as the Cayman Islands legal counsel to China Everbright Greentech Limited in its listing on the Main Board of the Hong Kong Stock Exchange and global offering this month. China Everbright Greentech, which was listed on 8 May, raised approximately HK$3 billion in net proceeds. The listing involved a spin-off of the Listco group from China Everbright International Limited, a Hong Kong company with shares listed on the Hong Kong Stock Exchange. This is the 15th Hong Kong listing Appleby has completed this year.
The Appleby team was led by Judy Lee, a corporate partner and the Corporate Group Head in the firm’s Hong Kong office, assisted by Counsels Vincent Chan and Jo Lit. Davis Polk & Wardwell was the Hong Kong and US legal advisors to China Everbright Greentech, while Herbert Smith Freehills was the Hong Kong and US legal advisors to joint sponsors China International Capital Corporation and CEB International Capital Corporation Limited. The proceeds received are expected to be used for, among other uses, developing business in China through capital contribution to pipeline projects for the development and construction of the facilities and for the research and development and acquisition of advanced technologies.
The Listco group is a Chinese specialty environmental protection service provider, with a focus on the biomass and hazardous waste treatment industries. The group has a leading position in these markets with the fourth largest aggregate biomass power generation designed capacity and the third largest aggregate hazardous waste disposal designed capacity in China as of 31 December 2016 for projects in operation, under construction and at the planning stage, according to Frost & Sullivan.