On July 10, 2024, Ruichang International Holdings Limited (“Ruichang International”, the “Company” or “Issuer”, stock code: 01334.HK) completed its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange. Ruichang International offered 125 million shares globally at a price of HK$1.05 per share, with 2,500 shares per lot, raising a total of approximately HK$131 million.
Ruichang International was founded in 1994 in Luoyang, Henan. It is one of the few refining and petrochemical equipment manufacturers in China that has both design, engineering and manufacturing capabilities. Ruichang International has established and maintained stable business relationships with many well-known customers within the industry in China, including the subsidiaries and branches of the three largest petroleum refining and petrochemical groups, as well as the largest EPC (engineering, procurement and construction) contractor in China. In 2023, Ruichang International was the third largest catalytic cracking equipment manufacturer for petroleum refinery and petrochemical operations in China, with a market share of approximately 7.6%. It was also the second largest sulfur recovery equipment and volatile organic compound incineration equipment manufacturer for petroleum refinery and petrochemical operations in China, with a market share of approximately 3.4%.
JunHe acted as the PRC legal counsel to the sole sponsor in the IPO and assisted in conducting domestic legal due diligence. They reviewed and revised the prospectus and the relevant application and offering documents and assisted and closely cooperated with the intermediaries in preparing and issuing a complete set of legal documents for the overseas IPO filing with the China Securities Regulatory Commission. JunHe assisted all the parties in responding to queries regarding PRC laws that were of concern to the China Securities Regulatory Commission and the Hong Kong Stock Exchange, as well as other PRC legal work related to the listing in Hong Kong. JunHe helped Ruichang International successfully obtain the approval and consent of the Hong Kong Stock Exchange for its IPO and listing application. With their efficient and down-to-earth work style and meticulous and dedicated service attitude, JunHe won the recognition and trust of the Issuer, the sole sponsor and the other intermediaries.
JunHe partner SHANG, Shiming (George) led the team with support from partner YI, Yisong for the internal control and professional support from partner XIONG, Jingui (Alice).