One of the world’s leading providers of rechargeable battery components for electric vehicles, Tianqi Lithium, debuted at HKEX this year with the largest share sale ever in the Asian financial hub. Latham & Watkins, Zhong Lun Law Firm and Clayton Utz were listed as advisors.
Tianqi Lithium raised HK$13.5 billion (US$1.7 billion) in a secondary listing on the Hong Kong Stock Exchange in July. It was already listed in Shenzhen in August 2010.
Tianqi Lithium’s developments capitalize on a global trend to promote the use of electric vehicles to reduce CO2 emissions from fuel vehicles. Lithium is a core element of green batteries.
The stock sale was oversubscribed, with cornerstone investors including high-profile South Korean chemicals company LG Chem and state-owned China Aviation Lithium Battery.
Tianqi’s prospectus said 70% of the funds raised by the listing would be used to repay debt, including $3.5 billion in syndicated loans from its acquisition of the world’s second-largest lithium producer, Chilean company Sociedad Quimica y Minera, and fees from its Western Australian investment in Talison Lithium.
Latham & Watkins advised on Hong Kong and US laws.
The Latham & Watkins team was led by Hong Kong partners Howard Lam, Cathy Yeung and Terris Tang, with support from partner Benjamin Su, counsel Wang Zheng and associates Carson Wong, Mia Gu, Jovi Cheng and Duan Ruonan.
Partners Fan Bin, He Yunfan, Wen Zexiong and Meng Conghui led Zhong Lun’s team. Partners Li Xinyue, Liu Zhipeng, Liu Zhiguang and partner Shirley Lu were also involved in the transaction
Clayton Utz’s team was led by partners Brett Cohen and Liz Humphry, and vetted with the assistance of Special Counsel Armin Fazely and attorney Luke Crofts.
The underwriters for the listing, including Morgan Stanley, CICC, CMB International and five others, turned to Clifford Chance for Hong Kong and US law, JunHe for PRC law and Allens for Australian law Right.
Clifford Chance’s partners Fang Liu and Xiang Tianning co-led the transaction, with support from the Greater China team, including counsel Chen Sheng and Wu Hao, senior associate Joy Chen, and associates Ada Zheng and Li Yaping. New York partner Jefferey LeMaster provided additional support for US capital markets.
JunHe’s partner Yu Yongqiang led the transaction with the support of partners Shi Yun and Yi Yisong.
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