07 October 2016
ShineWing successfully assisted China Merchants Securities (「CMS」), one of the top ten securities firms in China to go listed on the Main Board of The Stock Exchange of Hong Kong Limited on 7 October 2016 by issuing H-shares. This global initial public offering raised funds of around HKD$10.6 billion, and recorded over-subscription of 5.23 times. It was one of the top 3 IPO cases with the highest funds raised in Hong Kong in 2016. This case marks a significant milestone in ShineWing's financial services, as it is the first time for a non-「Big Four」 accounting firm to complete an IPO H-share case for a sizable financial institution.
CMS, providing comprehensive financial products and services, is a subsidiary company under the China Merchants Group (「CMG」), a leading conglomerate in China with over a hundred year of history. It was listed on the Shanghai Stock Exchange in 2009, its shared were admitted to the CSI 100 Index, SSE 180 Index, FTSE Xinhua China A50 Index. As of 30 June 2016, CMS has the total assets of RMB$245.3 billion and over 200 securities branches, ranking top 10 in terms of integrated capabilities.
ShineWing has provided audit services to CMS since 2012 and acted as reporting accountants in this listing engagement. ShineWing, together with sponsors China Merchants Securities (HK) Co., Limited, J.P. Morgan Securities (Far East) Limited and Morgan Stanley Asia Limited, joined forces to complete this IPO project. The listing engagement demonstrates our increasing international capabilities, which are also widely recognized by CMG, CMS and the international investment banks.
The listing of CMS in Hong Kong indicates a fact that more Chinese companies are seeking to go global, which comes together with some professional service providers who are able to assist their expansion into the world. ShineWing has always been playing a vital role to support Chinese enterprises and Chinese capital to go global. Since 2005, ShineWing has strategized for internationalization and formed ShineWing Hong Kong, which currently has over 60 listed clients, including 18 clients of H-share and accumulated around 30 successful IPO cases. This listing case symbolizes our great leap forward in the international financial market. To further promote our international development, ShineWing will continue to enhance our advantages, providing more high quality services for cross-border corporations.