Tiangong International Company Limited (“Tiangong”, 0826) listed on the main board of Hong Kong Stock Exchange on July 26, 2007. Tiangong is the largest manufacturer of high speed steel and high speed steel cutting tool in China. BNP PARIBAS is the sponsor for Tiangong in the listing.
The reaction of the market to IPO of Tiangong was hot, with 667.5 times of over subscription in public offer, RMB49.896 billion of frozen capital, 130 million shares issued in international market and raised HKD827 million of capital with the profit margin of 15.3 times. The opening price on the first day of listing was HKD11.2, which was 76% up from the issue price of HKD 6.36.
Zhong Lun Law Firm is the PRC legal counsel for the listing of Tiangong. Mr. Hu Yanfeng was attorney in charge of this project and Mr. Gu Pingkuan and Mr. Liu Zhiyong also worked for this project.