Hong Kong Stock Exchange Listings And IPO Update

By Guy Coltman Partner, Carey Olsen

Following the decision of the Hong Stock Exchange to approve Jersey as a jurisdiction of incorporation for admission to the Exchange, the first Chinese business held through a Jersey company has been listed successfully.

West China Cement Limited (WCC), a leading cement producer in the Shaanxi province of China and recognised in 2009 by Forbes magazine as one of 'Asia's 200 Best Companies with a Market Capitalization Under US$1billion', completed its global offering and listing on the Hong Kong Stock Exchange (HKEx) on 23 August 2010.

The global offering, which comprised of a Hong Kong public offering and an international placing, was substantially oversubscribed and raised approximately HK$1,280 million. WCC de-listed from AIM in conjunction with its admission to the HKEx. Carey Olsen advised WCC on the Jersey legal aspects of the transaction, which went smoothly from a Jersey perspective, with no material Jersey issues.