Grandall Law Firm and JunHe participated in COSCO Shipping Energy Transportation’s RMB8 billion (USD1.12 billion) private placement, which is one of the largest bookbuilding private placements in the A-share market in the past two years.
COSCO Shipping, the subsidiary of China COSCO Shipping Corporation, is a Shanghai and Hong Kong-listed company that operates oil products and liquified natural gas (LNG) transportation businesses.
It issued A shares at RMB11.52 per share to targeted investors, and the funds raised will be used to build 11 oil tankers and LNG carriers to enhance the company’s competitiveness in the global energy transportation sector.
Grandall partners Liu Wei and Cheng Jingjiu acted as the issuer’s legal counsel. The firm said the team assisted in transaction structuring, due diligence, preparation of filing documents and responded to inquiries from stock exchange centres. Within six months, the firm facilitated the project’s progression from obtaining registration approval from the China Securities Regulatory Commission to receiving full fund settlement.
JunHe advised Guoxin Development Investment Management Company, which invested nearly RMB2.1 billion, and the firm’s team was led by partners Lei Tianxiao and Ma Rui.
The other seven investors included the controlling shareholder, China COSCO Shipping Corporation and Cinda Securities, among others.
