Coal news and updates

Four law firms counsel on HKD5.7bn privatisation of Yitai Coal

Four law firms assisted Inner Mongolia Yitai Coal Company (Yitai Coal) in a HKD5.7 billion (USD726 million) H-share buyback offer, making it the largest such privatisation to date.

Global Law Office advised Yitai Coal on PRC law, led by partners Liu Jinrong and Zhu Qin.

Clifford Chance, led by China co-managing partner Tim Wang and Hong Kong-based partner Tommy Tam, counselled Yitai Coal on Hong Kong law.

Corporate partner Joey Chau headed the Kirkland & Ellis team, representing the financial adviser China International Capital Corporation Hong Kong Securities.

Partners Jaycen Liao and Xia Jihai led the Zhong Lun Law Firm team, acting as Hong Kong legal counsel for Datang International Power Generation, which held 11.06% of Yitai Coal’s H shares. Partner Shi Jie also provided support.

Yitai Coal, a core subsidiary of Inner Mongolia Yitai Group, listed shares that were open to foreign investors on the SSE in 1997 and debuted on the HKEX in 2012.