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Nongfu Spring’s Hong Kong USD 1.08 billion IPO 18/1/2021
Chinese beverage and bottled water company Nongfu Spring has made a USD 1.08 billion initial public offering (IPO) and listing of its shares on the Hong Kong Stock Exchange (HKSE). Dealings in the company’s shares began yesterday morning. Headquartered in Xihu District, Hangzhou, in east China’s Zhejiang province, Nongfu Spring’s IPO is one of the largest in Hong Kong and the second largest IPO to be completed by a food and beverage company in 2020.To get more news about Nongfu Spring, you can visit en.nongfuspring official website.
The company intends to use half of the net proceeds received from the IPO to build its brand and purchase operating equipment in order to grow its sales capabilities, with the rest being put towards capital expenditure for increasing production capacity, strengthening the company’s core business operations, repaying existing bank loans, and to meet Nongfu Spring’s general working capital requirements. In its listing documents released on 25 August, when the offering was initially announced, Nongfu Spring noted the company’s fast growth, stating that from 2017 to 2018 and from 2018 to 2019, its “revenue increased by 17.1% and 17.3%, respectively, which were much higher than the growth rates of 5.0% and 6.6% in the PRC soft beverage industry”. The company also stated: “We believe our net liabilities position will be improved after the listing with net cash inflows generated from operating activities.
” Clifford Chance acted as legal counsel to the joint sponsors on the IPO, China International Capital Corporation and Morgan Stanley Asia, as well as the underwriters, Citigroup Global Markets Asia and Hong Kong-headquartered capital market company CLSA. Tim Wang, Clifford Chance’s China co-managing partner, led the advisory team alongside partners Liu Fang and Tianning Xiang. They were supported by Hong Kong, Beijing and Shanghai-based lawyers including senior associates Claire Cao, Erxin Lu and Sheng Chen, and associates Alex Feng and Tao Yang. it acted for video game developer Archosaur Games in a USD 280 million IPO, also on the HKSE. In November last year, Latham & Watkins advised on Hong Kong’s second largest IP

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