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Leading international law firm Herbert Smith Freehills has advised high-performance rare earth permanent magnets (REPMs) producer JL MAG Rare-Earth Co., Ltd. (06680.HK) on its Main Board listing on the Stock Exchange of Hong Kong, as a dual primary listing alongside its A shares on the Shenzhen Stock Exchange (300748.SZ).


JL Mag produces high-performance NdFeB rare earth permanent magnets (REPMs), which are used in new energy vehicles and automotive parts, permanent magnetic wind turbine generators, energy-saving variable-frequency air conditioners and other sectors. In 2020, JL Mag ranked first in the world by high-performance REPM production volume with a market share of approximately 14.5%.

The IPO raised over HK$4.045 billion (approximately US$520 million), and listed on 14 January 2022. Herbert Smith Freehills also drafted the prospectus.

"We are delighted to have worked with JL Mag, a leading supplier in global new energy and energy-saving sectors, on its successful listing on the HKEX,” said Beijing partner Isaac Chen. "The company is well positioned in a booming industry during the global energy transition."

The global consumption volume of high-performance REPMs increased from approximately 34,200.0 tonnes in 2015 to 65,000.0 tonnes in 2020 at a CAGR of 13.7%, and is expected to further increase to 129,100.0 tonnes in 2025 at a CAGR of 14.7%.

"We have a robust and long record of advising on these high-profile transactions for China's high-end manufacturing companies, which are capturing opportunities in a growing market and becoming targets for global investors," said Beijing partner Zhong Wang. "We congratulate the company on this new chapter, and look forward to its continued success."

Isaac and Zhong jointly led the team advising the issuer, assisted by senior associate Sherry Lai, associates Brian Ge, Bryan Zhu and Kathy Zhang, and legal assistants Yuanyuan Yin, Aiye Jia, Emma Chen, Gallant Guo and Nan Li.



史密夫斐尔北京办公室合伙人陈敏(Isaac Chen)表示:“金力永磁是全球新能源和节能环保领域核心应用材料的领先供应商,我们非常荣幸为其在港交所上市提供助力。在全球能源转型的浪潮中,金力永磁在一个蓬勃发展的行业中占据了有利地位。”


北京办公室合伙人王重(Zhong Wang)表示:“中国高新技术制造企业正在快速发展的市场中捕捉机会并受到全球投资者的追捧,史密夫斐尔在为其高规格交易提供法律服务方面积累了长期过硬的经验。我们祝贺金力永磁开启新的篇章,并期待其取得更大成功。”

合伙人陈敏和王重率领律师团队为发行人提供法律服务。主要团队成员包括香港办公室黎翠芬(Senior Associate)、北京办公室葛轶(Associate)、朱步凡(Associate)、张凯西(Associate)、尹圆圆(Legal Assistant)、贾瑷烨(Legal Assistant)、陈阿婷(Legal Assistant)、郭力特(Legal Assistant)和李楠(Legal Assistant)。

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Sally Greig

Sally Greig, Head of Communications, Asia

Hong Kong

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