Chinese auto maker debuts on HKSE

Guangzhou Automobile Group (GAC) has listed on the Hong Kong Stock Exchange (HKSE) by way of introduction with the simultaneous privatisation by scheme of arrangement of its subsidiary Denway Motors. This was the first listing by introduction on the HKSE effected through the privatisation of an existing listed company.

GAC is one of the largest PRC sedan makers and it has formed partnerships with many leading auto makers in the world, such as Honda, Toyota, Hino, Fiat and Mitsubishi.

Freshfields Bruckhaus Deringer represented GAC in the privatisation of Denway Motors and acted as underwriter's counsel to JP Morgan, Morgan Stanley and CICC on the listing of GAC. Hong Kong managing partner Kay Ian Ng led the team and US law advice was provided by partner Calvin Lai.

Woo Kwan Lee & Lo was the Hong Kong counsel to GAC in its listing. It also advised Denway Motors in the privatisation while the financial advisors were represented by Herbert Smith.