Mayer Brown has advised Deutsche Securities Asia Limited and Morgan Stanley Asia Limited as the joint sponsors and Deutsche Bank AG, Morgan Stanley Asia Limited and five other banks as underwriters on the listing of Jinmao Investments & Jinmao (China) Investments Holdings Ltd on the Hong Kong Stock Exchange. The initial public offering (IPO) has raised approximately HK$3.2 billion (US$413 million) which may further increased by approximately HK$481.5 million (US$61.7 million) if the greenshoe is exercised.
Jinmao Investments & Jinmao (China) Investments Holdings Ltd priced its offer of 600 million share-stapled units at HK$5.35 each, representing a 9 percent yield. The share stapled units comprise units in Jinmao Investments that are linked to shares in Jinmao (China) Investments Holdings Ltd, the company holding the underlying assets of the trust. The listed trust’s assets include a number of hotels in mainland China, including the Grand Hyatt Shanghai (within Jin Mao Tower), The Westin Beijing Chaoyang and JW Marriott Shenzhen. They also include the Renaissance Beijing Wangfujing Hotel and Grand Hyatt Lijiang (both currently under construction).
The Mayer Brown Corporate & Securities partners team included partners Jacqueline Chiu and Chester Wong. The US team was led by Mayer Brown LLP partner Jason T. Elder who was assisted by registered foreign consultant (New York, USA) Hao Yang and registered foreign lawyer (New York, USA) Chenbo Zhang.