Global law firm Clifford Chance acted as the international counsel to China Resources Beverages for its initial public offering and listing on the main board of the Hong Kong Stock Exchange. The IPO is expected to raise approximately US$650 million.
Tim Wang, Chair of China Practice and partners Fang Liu and Virginia Lee co-led the deal, with support from counsel Claire Cao and Qingyu Wu, senior associate Emma Bao and Ran Bi, associates Yuer Shao, Ashley Sun and Jingyi Zhang, trainee solicitor Ke Shi, legal specialist Bryan Lu, legal analysts Serena Shen and Kelsey Lu.
Tim said “We are proud to advise some of China’s most prominent homegrown companies on their strategic transactions, such as China Resources Beverages on its successful Hong Kong listing. With the long-term growth opportunities in China’s consumer economy, we expect companies will continue to raise capital in Hong Kong’s capital markets.”
China Resources Beverages is the second largest company in the packaged drinking water market and the largest company in the purified drinking water market in China. The company has a diverse product portfolio which includes packaged drinking water, tea drinks and juice beverage products.
Clifford Chance has advised on the IPO listings of some of China’s well-known consumer products companies, including ChaPanda (tea beverages), Shiyue Daotian Group Co Ltd (kitchen staple food company), Weilong Delicious (spicy snacks company) and Guoquan Food Shanghai Co Ltd (packaged meals company).
