Ningbo Lygend in HK$3.76 Billion IPO
December 30, 2022
Cleary Gottlieb represented Ningbo Lygend Resources & Technology Co. Ltd (Ningbo Lygend) in its approximately HK$3.76 billion (including over-allotment option) initial public offering and listing in Hong Kong.
CICC and CMBI acted as joint sponsors and overall coordinators; CICC, CMBI, BOC International, and DBS acted as joint global coordinators, joint bookrunners, and joint lead managers; ABC International and BNP Paris acted as joint bookrunners and joint lead managers; and Silverbricks Securities acted as joint lead managers.
The offering priced on November 26, 2022, and closed on December 1, 2022. The shares began trading on the Main Board of The Stock Exchange of Hong Kong Limited on December 1, 2022. The over-allotment option was partially exercised on December 24, 2022, and closed on December 30, 2022.
Ningbo Lygend is a company with business across the entire nickel industry value chain. For nickel product trading, the company ranked first globally in terms of nickel product trading volume in 2021 and first in China in terms of nickel ore trading volume in 2021. For nickel product production, the HPAL project on the Obi Island, Indonesia, which the company has jointly developed with its Indonesian partner, is one of the most technically advanced nickel-cobalt compound hydrometallurgy projects worldwide, and has the lowest cash cost among all nickel-cobalt compound production projects worldwide.