On Apr. 6th, 2017, Kunming Dianchi Water Treatment Co., Ltd (Dianchi Water Treatment, Stock code: 3768.HK) had a successful IPO on the Main Board of The Stock Exchange of Hong Kong, where the company issued339,430,000 H-shares (before exercise of over-allotment option). Of those 90% of the H-shares were issued through international channels and 10% were sold in Hong Kong’s public market. The IPO, priced at HKD 3.91 per share, raised USD 171 million (before exercise of over-allotment option). As of the date of listing, Dianchi Water Treatment is the largest water service IPO in Hong Kong since 2016.

A key Participant in the national strategy to treat pollution in the Dianchi Lake, Dianchi Water Treatment is a leading company in sewage treatment and recycled water in Yunnan Province. According to Frost & Sullivan, the company ranks No.1 in Yunnan by municipal sewage treatment, accounting for 34% of the province’s designed treatment capacity and 45.1% of the actual volume, 94.4% of Kunming’s designed capacity and 97.2% of the actual volume. Dianchi Water holds the exclusive right to operate in the sewage treatment business in Kunming and certain other regions of China, and holds leading positions in the operation and management of wastewater treatment in Yunnan province as well as on a national level. 

As Chinese legal counsel to the underwriter, Jingtian & Gongcheng provided legal services throughout the process.