Oil IPO raises US$410 million

Honghua Group, the largest onshore oil rig manufacturer in China , raised US$410 million from its Hong Kong IPO and Rule 144A / Regulation S global offering. The oil maker sold 25% of its enlarged share capital. Herbert Smith advised on both Hong Kong and US laws. Honghua Group was advised by Arculli Fong & Ng on matters of Hong Kong law, while Latham & Watkins advised on US law. King & Wood advised on PRC law, while Appleby advised on Cayman Islands law.