US$1.8 billion IPO for China Rongsheng

China Rongsheng Heavy Industries Group Holdings (Rongsheng) has launched a Hong Kong initial public offering (IPO) and global offering, raising US$1.8 billion. The listing included a Hong Kong public offering and a Regulation S/Rule 144A international offering.

The issuer is China's largest private shipbuilder and one of the leading large-scale heavy industry enterprise groups. Should the joint global coordinators exercise the over-allocation option, the deal could potentially increase in value to over US$2 billion.

The joint sponsors were Morgan Stanley Asia, CCB International Capital and JP Morgan Securities. The joint global coordinators, joint bookrunners and joint lead managers on the Hong Kong public offering and international offering were Morgan Stanley Asia, CCB International Capital, JP Morgan Securities, BOCI Asia and Deutsche Bank.

A Paul Hastings Janofsky & Walker team led by partners Raymond Li, Chris Betts, David Grimm and Vivian Lam advised Rongsheng on Hong Kong and US law. The underwriters were advised by Herbert Smith on Hong Kong law and by Jun He Law Offices on PRC law.