On July 16, 2020, Jiaxing Gas Group Co., Ltd. (Jiaxing Gas, stock code: 09908.HK) completed its IPO on the Main Board of the Hong Kong Stock Exchange. Jiaxing Gas issued 33,340,000 H shares (3,334,000 shares of Hong Kong offered and 30,006,000 international placing) through the global offering and raised a net of HKD 290.5 million at a price of HKD 10 per share.

Jiaxing Gas is the largest, piped natural gas operator in Jiaxing, a major prefecture-level city in Zhejiang Province. Following a concession agreement, Jiaxing Gas has been the exclusive distributor of piped natural gas in Jiaxing. Jiaxing Gas operates in the Port Area and downtown Jiaxing, covering an area of 1,041.4 square kilometers. Jiaxing Gas principally engages in: (i) the sale and distribution of gas, mainly piped natural gas under the concession agreement, LNG and LPG; (ii) the provision of construction and installation services, including for an end-user pipeline network and gas facilities for property developers, residential and non-residential facilities; and (iii) ancillary services, including natural gas transportation, the sale of vapor and construction materials, and property leasing.

As the legal counsel on Chinese law for the joint sponsor and underwriter, Jingtian & Gongcheng’s legal team advised our client throughout the IPO and listing process. The firm conducted thorough due diligence on the issuer, analyzed and resolved critical legal issues and helped Jiaxing Gas to successfully complete its IPO.