May 29, 2019

Milbank Advises on Xinyi Energy’s US$468.5M Hong Kong Initial Public Offering

IPO marks second-largest, first-time share sale in Hong Kong this year

Milbank LLP, acting as US counsel, represented BNP Paribas Securities Limited as the sole sponsor and China International Capital Corporation Hong Kong Securities Limited, The Hong Kong and Shanghai Banking Corporation Limited, and Kingsway Financial Services Group Limited as the joint global coordinators and underwriters in connection with the Hong Kong initial public offering of Xinyi Energy Holdings Limited (“Xinyi Energy”), with a Rule 144A/ Reg S offering. A total of 1,882,609,471 shares were sold for a price of HK$1.94 per share, raising $468.5 million. This marks the second-biggest, first-time share sale in Hong Kong to date in 2019.

This IPO is a spinoff listing from parent company Xinyi Solar, a Hong Kong-listed solar glass manufacturer. One of the leading solar farm owners and operators in China, Xinyi Energy, plans to use the proceeds to add another 540MW of generation capacity to its portfolio. The solar company currently operates a 954MW portfolio of PV plants in China.

The Hong Kong-based Milbank team was led by Global Capital Markets partner David Kuo with associate York Wu.

Mr. Kuo said: “We are very pleased to have played a role in supporting Xinyi Solar on successfully launching this IPO, despite the challenging market conditions. This transaction demonstrates the strength of Milbank’s equity capital markets expertise in Asia and we look forward to continuing to build upon our reputation as a leading advisor in the region.”