China-based glass manufacturer Xinyi Glass has closed a ‘top-up’ placement and a private placement, the combined total value of which is US$125 million.
China International Capital Corporation Hong Kong Securities (CICC) and Citigroup Global Markets Asia acted as joint placing agents on the placements, which included a ‘top-up’ of 90,000,000 shares and a private placement of 80,000,000 shares by Xinyi Glass’ controlling shareholders.
Fried Frank Harris Shriver & Jacobson (in association with Huen Wong & Co) acted as US and Hong Kong counsel to the joint placing agents, with corporate partners Joseph Lee and Joshua Wechsler leading its team. Squire Sanders & Dempsey acted as US and Hong Kong counsel to Xinyi Glass.
Xinyi Glass manufactures automobile glass, construction glass and float glass products that are sold internationally. The ordinary shares of Xinyi Glass are listed on the Hong Kong Stock Exchange.