Leading global law firm Herbert Smith Freehills has advised China Everbright International Limited (stock code: 257.HK) on the US securities law aspects of its US$1.27 billion rights issue on the Stock Exchange of Hong Kong.
As a leading company in China’s and Asia’s environmental protection industries, Everbright International considers the rights issue will allow it to take advantage of development opportunities in providing environmental solutions. The issuance of 1.66 billion new shares will raise funds for waste-to-energy projects and other environmental protection business initiatives.
The sole global coordinator, bookrunner and underwriter to the rights issue was China International Capital Corporation Hong Kong Securities Limited.
"We are proud to have advised the Everbright Group, having previously advised the joint sponsors and underwriters of the IPO and spin-off listing of China Everbright Greentech Limited (stock code: 1257.HK)," said Singapore partner Siddhartha Sivaramakrishnan, who led the team advising Everbright International on the rights issue.
"With China increasingly investing in green technology and other projects supporting a cleaner environment, we are going to see more environmental protection companies expanding out of China and into the global market."
Siddhartha was assisted by senior US associates Jin Kong and George Wu.