Billion dollar IPO completed on HK Ex
Mainland cement producer debuts on Hong Kong stock market

China Shanshui Cement Group has completed its HK$1.74 billion initial public offering and Rule 144A/Regulation S Offering on the Hong Kong Stock Exchange.

Shanshui Cement issued 650.8 million new shares in Hong Kong, equivalent to 25% of its enlarged equity. It set the IPO price at HK$2.8 a share, close to the lower end of the indicative price range of HK$2.7 to HK$3.65 per share.

Simpson Thacher & Bartlett acted as US counsel to issuer, while Norton Rose acted as Hong Kong counsel. Commerce and Finance Law Office acted as PRC counsel to issuer, while Jones Day acted as Hong Kong counsel to underwriters. King & Wood acted as PRC counsel to underwriters. Shearman & Sterling advised the underwriters, Morgan Stanley and Credit Suissie, on this deal. Shearman & Sterling’s team was led by Alan Seem, together with associates Xinmei Chen, Xikang Wang, Tracy Li, and Maggie Guan.

More resorts in Hainan to be developed for tourists
US investment bank works with Chinese developer on resort project

Chinese developer Agile Property has sold a 30% stake of a Hainan Island resort project to Morgan Stanley Real Estate Fund and Morgan Stanley Special Situations Group.

The US investment bank has invested approximately US$770 million in Crown Golden Investments, which is established by a Hong Kong listed company Agile Property.

The two companies will jointly develop the Hainan Qingshuiwan Project, which covers about 9.73 million square meters. Agile Property will own the remaining 70% of the venture.

Paul, Weiss, Rifkind, Wharton & Garrison advised on this deal. The team was led by Jeanette Chan and Lawrence Wee, and associates Eliza Au-Yeung, Sabari Bagchi and Mable Law.