In December 2018, Shanghai Prime Machinery Co., Ltd. (“Shanghai Prime”) successfully completed the rights issue of H shares and domestic shares rights (this “Rights Issue”). The newly added H shares have been listed on the Stock Exchange of Hong Kong Limited (the “SEHK”), and the total financing amount of this Share Issue was approximately RMB 312 million.
Shanghai Prime is an enterprise under Shanghai Electric. It was listed on the main board of the SEHK in April 2006 (stock code: 2345). This Rights Issue is the first equity refinancing of Shanghai Prime after more than ten years of listing.
Shanghai Prime and its parent company Shanghai Electric, are important clients of JunHe. Ever since JunHe assisted Shanghai Prime in completing a H-share IPO, JunHe has served as the perennial legal counsel of Shanghai Prime for 13 consecutive years, and has provided services for issuing corporate bonds, and a number of domestic and foreign investments, and asset disposal projects.
As Chinese legal counsel for Shanghai Prime in this Rights Issue project, JunHe assisted the issuer in communicating with the state-owned assets supervision authorities, issue legal opinions on the Rights Issue project, prepare application documents and responses, and finally obtain approval documents from the China Securities Regulatory Commission. The JunHe team's rigorous and pragmatic work attitude, professional level of service and skills, and efficient supervisory communication skills won the high recognition and trust of the clients and other intermediaries.