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Zhong Lun Acted as PRC Counsel for CCP’s AIM Listing in London
Zhong Lun Acted as PRC Counsel for CCP’s AIM Listing in London
On 13 June 2007, China Central Properties ("CCP"), a company incorporated in the Isle of Man jointly by Shui On Construction and Material Limited (“SOCAM") as the major shareholder and the other founding shareholders (including JP Morgan), was successfully listed on the Alternative Investment Market of London Stock Exchange, and has raised a total fund of approximately ￡151 million (approximate US$ 302 million). Meanwhile, CCP has issued a total sum of US$ 200 million convertible bonds to global investors. At the time of listing, CCP owned and was to own seven development projects or properties under construction located in the mainland China, which are all medium to large partially completed properties as a result of their previous or current owners’ financial constraints. It is understood that, after this successful listing, CCP will continue to focus on investing in medium to large partially completed property projects in the mainland China, and upon acquisition, the projects will be upgraded, and upon completion, either be sold or leased. Deutsche Bank was lead underwriter and sole book-runner to CCP.
Appointed by SOCAM and CCP, Zhong Lun has acted as the PRC legal counsel for SOCAM and CCP and has delivered excellent and efficient legal services for the clients in connection with the IPO and issuance of the convertible bonds. This is the firm’s first AIM listing in London, the first overseas listing of unfinished Chinese real property, and it makes a gap filling record in expanding the firm’s business profile.The Zhong Lun working team for this Project was led by Mr. ZHANG Xuebing and comprised of Ms. YANG Yuhong, Mr. LI Haiqing, Mr. CHEN Ming, and Mr. Huo Wei, all from Zhong Lun Beijing Office.