PRC coal supplier to become first BVI company to list in Hong Kong

Winsway Coking Coal Holdings (Winsway) has announced its plan for a HK$5.1 billion (US$661 million) global offering on the Hong Kong Stock Exchange (HKSE). It will be the first British Virgin Islands (BVI) incorporated company to list on the bourse since the HKSE approved the listing of such companies in December 2009. The trading of shares is expected to commence on October 11 2010.

A Chinese coking coal logistics company, Winsway is partly owned by China-focused private equity fund Hopu Investments. It engages in the supply and transportation of Mongolian coking coal into China. The joint sponsors and joint global coordinators were Deutsche Bank and Goldman Sachs.

The issuer was advised on Hong Kong and US laws by a team from Richards Butler in association with Reed Smith. King & Wood served as PRC counsel to Winsway. A Maples and Calder team led by John Trehey advised on BVI law, and Lehman Lee & Xu Mongolia represented the issuer on Mongolian law.

Chinese wind power equipment maker sells stake

High-speed wind power gear transmission equipment manufacturer, China High Speed sold 187 million shares for HK$3.25 billion (US$418 million). Of these 130 million were sold under a top-up placement, and 57 million were sold by Fortune Apex, a company owned by members of China High Speed's management.