Linklaters advised on 6 of the largest block trades in Hong Kong in 2017 to date valued at US$2.99bn

Linklaters has advised on six out of the seven largest block trades in Hong Kong in 2017 to date valued at US$2.99bn which included Shanghai Fosun Pharma, Huaneng Renewables, HKT Ltd., China CITIC Bank Corp Ltd., ANTA Sports Products Ltd. and UK Rusal.

For Shanghai Fosun Pharma and Huaneng Renewables in particular, these transactions are significant for the Hong Kong capital market as it is the second time a listed company has raised primary capital in the secondary market in nearly three years.

In addition, the Linklaters Hong Kong corporate team also advised on a number of other major block trades including on the HK$888m top-up placing by China Yongda Automobiles, the HK$1.185bn sale by Kingboard Chemicals in Kingboard Laminates and the HK$246m sell down of YiChang HEC ChangJiang Pharmaceutical.

Brief summary of recent block trades:

  • Shanghai Fosun Pharma on a placement of H-shares valued at HK$2.32bn
  • Huaneng Renewables new H-shares issuance valued at HK$2.19bn
  • China Yongda Automobiles Services Holdings Ltd. shares top-up valued at HK$888m
  • Kingboard Chemical Holdings Limited 4.1% issuance value at HK$1.185bn
  • YiChang HEC Chang Jiang Pharmaceutical sell down valued at HK$246m

Linklaters Hong Kong-based Counsel Iris Yeung, commented:

“The resurgence of block trades in the Hong Kong market is positive signs that there is still demand in the market and we expect this to continue as we have anticipated early in the year.”

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