Shaanxi-based cement producer is first issuer to transfer listing from London to Hong Kong

West China Cement Limited (WCC), a cement producer in the Shaanxi province of Western China, has raised HK$1.39 billion (US$179 million) through its initial public offering on the Hong Kong Stock Exchange with a Rule 144A/Regulation S global offering. WCC was previously listed on London's Aim (Alternative Investment Market) and the offering was made simultaneously with a delisting from Aim. This is the first time for a Chinese issuer to transfer its listing from London to Hong Kong.

Orrick Herrington & Sutcliffe was underwriter's counsel. A cross-border team that included Edwin Luk, Mark Lee and Phoebus Chu in Hong Kong and Hilary Winter in London advised ICBC International Capital Limited and Deutsche Bank. Constance Choy led a Sidley Austin team on Hong Kong and US law to WCC. US and UK counsel were provided by Carey Olsen and Memery Crystal respectively, and Dong Heng Law Firm represented it on PRC law.