Dalian Port H 1.4 billion shares placement

Overview:

• Dalian Port Company—listed in Hong Kong and Shanghai, and the 10th largest port company in the world—will place up to 1.5 billion new H-shares under a specific mandate.
• The first tranche of the placement was for just over 1 billion shares, subscribed by China Merchants Holdings at the price of HK$3.67 per share.
• The deal is distinctive for H-share listed companies as it involves possibly more than one tranche under the same shareholders' mandate, allowing greater flexibility with the appropriate offering size.
• Clifford Chance acted for GF Securities (Hong Kong) Brokerage as the sole placing agent, with Tim Wang leading the deal alongside senior associate Yufei Liao and associate Claire Cao.