News Release
Sidley Austin Advises Sinotruk on its US$1.16 Billion IPO
December 12, 2007
Hong Kong - International law firm Sidley Austin recently advised Sinotruk (Hong Kong) Limited, a P.R.C. state-owned red chip company (offshore incorporated holding company with operations primarily in mainland China), in connection with its initial public offering listed on The Stock Exchange of Hong Kong Main Board with concurrent global placement pursuant to Regulation S under the U.S. securities laws. The IPO raised approximately US$1.16 billion.
Sinotruk is one of the largest heavy truck manufacturers in China, measured by sales volume, with over 60,000 trucks sold during the first nine months of this year.
Partners from the Sidley Austin office in Hong Kong, Timothy Li and Gloria Lam, represented Sinotruk as to U.S. law and Hong Kong law, respectively. John Russell, partner from the Sidley Austin office in London, assisted in English law related matters.
Mr. Li commented, "We are delighted to have represented Sinotruk with its IPO. This transaction underlines our strength as a team of multiple qualified lawyers, capable of assisting companies, as well as underwriters, on issues under Hong Kong, U.S. and English laws in such an initial public offering."
China International Capital Corporation and JPMorgan are the joint bookrunners on this transaction.
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers practicing in 16 U.S. and international cities including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Sidley is consistently ranked at the top of the Thomson Financial league tables. For 2006, the firm was ranked as:
- top issuer's counsel and third as underwriter's counsel for U.S. debt, equity and equity-related offerings;
- top issuer's counsel and top underwriter's counsel for U.S. investment grade debt; and
- top issuer's counsel and third underwriter's counsel for U.S. straight debt, including asset-backed and mortgage backed securities.
In Asia, lawyers in the corporate finance team advise clients on U.S., Hong Kong and English law in connection with all types of equity, debt and equity-linked transactions, including SEC-registered offerings in the United States, international securities offerings pursuant to Rule 144A and Regulation S governed by U.S. and English law, The Stock Exchange of Hong Kong Main Board and Growth Enterprise Market (GEM) listings and issuances involving the creation of ADR or GDR programs.
Every year since 2003, Sidley has been named to Legal Business' Global Elite, their designation for "the 15 finest law firms in the world."
For more information:
Timothy Li, Partner, 852.2509.7865
Gloria Lam, Partner, 852.2901.3863
Lisa Kong, Marketing Manager, 852.3710.3099
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