Dentons advises on Sichuan Energy Investment Development's HKEx Main Board listing

On December 28, 2018, Sichuan Energy Investment Development Co., Ltd. (SEID, stock code: 01713) was successfully listed on the main board of the Hong Kong Stock Exchange.

SEID issued a total of 268 million shares, of which 13.136 million shares were offered in Hong Kong and approximately 255.7 million shares were offered globally. The offer price was set at HK$ 1.77 per H share. After deducting the issuance fee, SEID raised a net amount of HK$ 420.3 million. According to its plan, SEID will use the proceeds from the global offering to acquire power-related assets, build and optimize its grid facilities, establish smart grid systems and for corporate operations.

With a registered capital of RMB 806 million and established in Chengdu, Sichuan Province on September 29, 2011, SEID is a vertically integrated power supplier and service provider serving Yibin city, Sichuan. It has an integrated service model of "power generation, distribution and sales". As the only regional power supplier in the service area of the administrative division of Yibin city, SEID has 6 county-level power supply companies, 2 power generation companies, 1 power sales company and 1 power supply engineering company. Currently, it is mainly engaged in: (1) power business (including power generation, supply and distribution); (2) power supply engineering services and related services (including power supply engineering services and sales of power equipment and materials).

A Dentons team, consisting of senior partners Fan Xingcheng and Chang You, partner Chen Qian, associates Lin Chen, Wang Xiangyu, Gao Jiapeng and Liu Yang, acted as the Chinese legal advisor for the sponsor of this issuance and provided a full scope legal assistance.

The legal team provided professional and efficient legal services for SEID, successfully solved the ownership problem of the country's exclusive capital reserves and rural assets, and provided a solution to transferring state-owned shares under the new social security fund regulations. They assisted the sponsor in carrying out legal due diligence, participated in the design of the listing plan, reviewed the legal opinions, prospectus and various legal instruments, assisted in the preparation of the declaration documents, the communication with the competent authorities and responding to the Hong Kong Stock Exchange, and explained relevant legal issues related to listing under Chinese law. SEID finally gained approval from the Sichuan Provincial State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission and the Hong Kong Stock Exchange for its listing. Our team's quality, efficient and professional legal services have been highly appreciated by SEID and other participating agencies.