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Zhong Lun Advises General Motors Corporation on IPO 2010-12-09

General Motors Corporation (GM) has listed on New York Securities Exchange on November 18, 2010 local time. Due to the huge market demand, GM increased the offering price to as high as US$33 from an earlier estimate of US$26 to US$29 a share. It is expected that GM will raise a record $22.7 billion in its initial public offering, becoming the largest-ever IPOs worldwide. In addition, GM’s partner in China, SAIC Motor Corp, has spent US$500 million to purchase 0.97% of GM shares in this initial public offering through its wholly owned Hong Kong subsidiary, SAIC Motor HK Investment Ltd.

Zhong Lun Law Firm partner Zhou Yun led a team that comprised associates Gao Ting and Sun Chuanling to act as the Chinese legal counsel for the underwriters of GM IPO. We provided legal services in areas of securities investment, foreign exchanges, overseas investment and State-owned assets supervision etc. and advised on the following matters: i) limitations and restrictions on offering and marketing of shares in China via private placement under PRC law; ii) foreign exchange rules on overseas securities investments by Chinese domestic investors, including the channels, rules and practice of domestic commercial banks, fund management companies, securities companies and insurance companies under the Qualified Domestic Institutional Investor (QDII) system; and manners for domestic high net worth individuals in overseas securities investment; and iii) the practical ways for domestic State-owned enterprises to invest in overseas securities market.

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