Cleary Gottlieb represented Dali Foods Group in its HK$8.87 billion (approximately $1.15 billion) initial public offering. Merrill Lynch and Morgan Stanley served as joint global coordinators, joint bookrunners and joint lead managers. The offering priced on November 14 and closed on November 20, 2015. The shares began trading on the Hong Kong Stock Exchange on November 20, 2015.
Dali Foods Group is a leading Chinese maker of snack foods and beverages. The transaction is the largest equity offering by a privately-owned Chinese company this year. Globally, this was the largest equity offering in the food and beverage sector in the last 12 months.