Jurisdiction - Hong Kong
Hong Kong – Herbert Smith Advises Citigroup and DBS on USD148m IPO of Hongguo International.

30 September, 2011


Herbert Smith has recently advised Citigroup Global Markets Asia Limited and DBS Asia Capital Limited as the joint global coordinators on the HK$1.15 billion (US$148 million) listing of Hongguo International Holdings Limited ("Hongguo") on the main board of the Hong Kong Stock Exchange and Rule 144A/Regulation S global offering.


Headquartered in China, Hongguo is one of the largest retailers of women's formal and casual footwear in China. The Company designs, manufactures and sells mid-to-premium range footwear through department stores and independent outlets in China, as well as wholesale to distributors. The Company also manufactures footwear for international companies for overseas export.


The global offering consisted of an aggregate of 500 million shares at an offer price of HK$2.30 per share. Hongguo intends to use the IPO proceeds to expand its retail network, online sales and production facilities; open new outlets for its self-developed brands; construct offices and warehousing facilities; acquire other footwear businesses, and repay existing debts.   


Corporate partner Gary Lock led the Hong Kong team and was assisted by senior associate Victor Ding and associate Carmen Leung. The US securities team was led by corporate partner Melody Chen, senior associate Eugene Yujie Gu and associate Jackie Chen.


Sidley Austin was the legal adviser to Hongguo as to Hong Kong Law and US law; GFE Law Office as to PRC law; and Appleby as to Bermuda law. Jingtian & Gongcheng advised the underwriters on PRC law.


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