Jingtian & Gongcheng has advised state-owned power producer China Huaneng Group on its $2 billion acquisition of Huaneng Renewables’ all H shares in Hong Kong, with Herbert Smith Freehills advising the seller. Slaughter and May provided legal advices to the sole finance advisor CLSA.
According to Jingtian & Gongcheng and China Huaneng Group, this is the first successful privatisation deal since Hong Kong Securities and Futures Commission raised the threshold in 2018. It’s also by far the largest privatisation transaction among Hong Kong-listed energy companies as well as state-own enterprises.
Huaneng Renewables Corporation, a Chinese electricity generation company, is a subsidiary of Chinese state-owned enterprise China Huaneng Group. The company went public in 2010 and after withdrawing the application and re-applying in 2011, Huaneng Renewables listed its H shares on the Stock Exchange of Hong Kong on 10 June 2011.