Apparel Manufacturer Crystal Group Lists in Hong Kong
Hong Kong – Paul Hastings, a leading global law firm, announced today that the firm advised Morgan Stanley and HSBC as the joint sponsors and Morgan Stanley, HSBC and Citi as the joint global coordinators and joint bookrunners in Hong Kong apparel manufacturer Crystal International Group Limited’s (“Crystal Group”) US$491 million Hong Kong IPO.
Crystal Group supplies around 350 million pieces of apparel to customers including Fast Retailing (the owner of fashion chain Uniqlo), Gap, H&M, and L Brands (which operates Victoria’s Secret). Net proceeds from the listing, which attracted cornerstone investors including Fast Retailing and L Brands, will go towards investment in capital expenditures, expanding into fabric production and repaying loans.
Paul Hastings has advised on a number of Hong Kong IPOs this year including Zhongyuan Bank’s US$1.04 billion listing in July and New Century Healthcare’s US$102 million listing in January.
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