Latham & Watkins, Fujian Zenith Law Firm and DeHeng Law Offices are among 14 firms assisting parties involved in Zijin Gold International’s trading debut on the HKEX, raising HKD25 billion (USD3.21 billion). It became the world’s second-largest IPO of the year yet, following CATL’s listing in June.
Zijin Mining, the issuer’s parent company, said this was the biggest IPO to date in the global gold-mining sector, as well as the largest overseas listing by a Chinese mining company.
Some 13 law firms advised the issuer. Latham & Watkins, led by partners Terris Tang and Benjamin Su, counselled on Hong Kong and US law. DeHeng served as special Hong Kong legal counsel, with partners Ernest Chung, Danny Hong and Marco Chan taking charge. Fujian Zenith acted as PRC legal counsel, with founding partner Jiang Fangbin serving as general co-ordinator and senior partner Lin Han as project leader.
Ten firms advised Zijin Gold on other countries’ law, including Andersen Tajikistan advising on Tajikistan law, Kalikova & Associates on Kyrgyzstan law, HFW on Australian law, London House Chambers on Guyanese law, Lloreda Camacho & Co on Colombian law, McCarthy Tétrault on Canadian law, Conyers on Bermuda law, Advocatenkantoor Kraag on Surinamese law, JLD & MB Legal Consultancy on Ghanaian law, and Baker McKenzie on Kazakh law.
Slaughter and May advised the underwriters on Hong Kong and US law, led by partner Clara Choi, with the support of senior partner Benita Yu and partner John Moore.
Zijin Gold sold 349 million shares at an offer price of HKD71.59 each. On its trading debut, the share price surged around 61% by midday, lifting the company’s market value to HKD300 billion.
Zijin Gold is Zijin Mining’s overseas unit, which primarily engages in gold exploration, mining, refining and sales. It holds interests in eight gold mines across Central Asia, South America, Oceania and Africa. The IPO drew a roster of international heavyweight cornerstone investors, including Singapore wealth fund GIC, Hillhouse, BlackRock and Schroders.
