Law firm Clifford Chance has advised UBS as sole global coordinator and sponsor on the listing of Silver Base Group Holdings Limited on the Main Board of the Hong Kong Stock Exchange.
Silver Base distributes Wuliangye liquor, one of the best-known Chinese spirits brands domestically and internationally. China was the world’s single largest market for spirits in 2007, with 21% of global sales.
The final offer price was HK$3.45, raising gross proceeds of approximately US$133 million (approximately HK$1.03 billion), the largest IPO in Hong Kong so far this year in terms of gross proceeds raised. The shares begin trading 8 April.
“China’s retail/consumer market is a fast-growing and exciting sector and we are delighted to have advised UBS on Silver Base’s IPO,” says corporate partner Amy Lo, who led the team advising UBS. “It is also encouraging to see the offering market reviving in Hong Kong. While we do not expect a sudden deluge of placements, it is clear that some companies are again prepared to consider listing as a means to raise capital.”
Amy Lo advised on the Hong Kong aspects of the IPO, assisted by counsel Lina Lee, senior associate Jonathan Hsui and associate Stephenie Fung. Partner Alex Lloyd advised on the US aspects of the IPO, assisted by associate Zhou Hao. All are based in Hong Kong.
D.C.