Chinese snack maker listed in HK

Want Want China started its listing on the Hong Kong Stock Exchange with a US$1.05 billion global offering. This is the first sizeable listing on the Hong Kong Stock Exchange of a company that was de-listed from the Singapore Stock Exchange. The Shanghai-based Want Want China and its owners are offering 2.7 billion shares at HK$3 each. The shares sold represent 20.5% of the company's enlarged share capital. The public offer began on March 11 and closed at noon on March 14, and the shares are scheduled to start trading in Hong Kong on March 26.

Want Want is a leading food and beverage manufacturer and a widely recognized food and beverage brand in China. The company has a diverse product mix comprising rice crackers, dairy products and beverages. BNP Paribas, Goldman Sachs, KGI Capital Asia and UBS arranged the stock sale. O'Melveny and Myers represented underwriters, while Freshfields Bruckhaus Deringer acted as the issuer's Hong Kong and US counsels. Jun He Law Offices acted as the issuer's PRC counsel, while Jingtian & Gongcheng acted as the underwriters' PRC counsel.