Xinyi Energy Holdings has raised $468.5 million during an IPO in Hong Kong. This marks the second biggest first-time share sale in Hong Kong to date in 2019.
This IPO is a spin-off listing from parent company Xinyi Solar, a Hong Kong-listed solar glass manufacturer.
Xinyi Energy, one of the leading solar farm owners and operators in China, plans to use the proceeds to add another 540MW of generation capacity to its portfolio. The solar company currently operates a 954 MW portfolio of PV plants in China.
Milbank LLP, acting as U.S. counsel, represented BNP Paribas Securities as the sole sponsor and China International Capital Corporation Hong Kong Securities, Hong Kong and Shanghai Banking Corporation, and Kingsway Financial Services Group as the joint global coordinators and underwriters.
The Hong Kong-based Milbank team was led by Global Capital Markets partner David Kuo with associate York Wu.
David Kuo said: “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.”