On 13 July 2022, Mingyang Smart Energy Group Corporation ("MYSE") successfully issued Global Depositary Receipts ("GDRs") and listed on the London Stock Exchange (the "Offering") at a final pricing of USD 21 per GDR. If the over-allotment option is exercised in full, the number of GDRs to be issued will be 33,660,500, representing 16,830,500 A shares, and raising gross proceeds of over USD 700 million.

The Offering set several records:

  • MYSE became the first A-share listed company to complete an offshore listing and issue GDRs since the implementation of the new Regulations on Interoperable Depositary Receipts between Domestic and Foreign Stock Exchanges ([2022] No. 28) released by the China Securities Regulatory Commission.
  • MYSE became the first private A-share listed company to successfully issue GDRs.
  • The Offering was the first issuance of GDRs priced higher than a 10% discount to the average price of the previous 20 trading days.
  • With over 70% allocation to international sovereign funds and domestic and international long-term funds, this Offering was one of the highest quality offshore offerings in terms of book building in 2020.

This Offering was the fourth GDR offering in which JunHe participated: the three previous offerings were Yangtze Power GDR (Counsel to the Issuer), SDIC Power GDR (Counsel to the Underwriters) and CPIC GDR (Counsel to the Cornerstone Investor).

As a global clean energy general solution provider, MYSE is committed to green, inclusive and smart energy. Its business covers the development and operation of wind, light, storage, hydrogen and other new energy projects and the manufacturing of related equipment. The Company ranked 18th among the top 500 global new energy enterprises in 2021 and steadily ranks first in global offshore wind power innovation. It is a leading smart energy group with significant global reach and influence.

JunHe acted as the PRC legal advisor to the underwriters in this project, which took a mere five months from project initiation to successful listing. Under a very tight schedule, JunHe provided high quality, prudent and efficient legal services, and overcame many adverse factors such as the epidemic. The team carried out domestic legal due diligence, issued legal opinions, assisted the company in preparing internal decision-making documents and domestic regulatory approval documents and finally helped MYSE to successfully issue GDRs and list on the London Stock Exchange.

In this project, the lead partners were LIU, Ge and YU, Yongqiang (YY). The main acting partner was SHI, Yun and the partner for internal review was ZHOU, Fang.