Ashurst advises Migao Group in completing one of the largest IPOs in Hong Kong in Q1 2024

Global law firm Ashurst has advised Migao Group Holdings Limited (SEHK: 9879) ("Migao Group") in its listing on the Main Board of the Hong Kong Stock Exchange and Regulation S offering, acting as its legal advisers as to Hong Kong law, U.S. law, international sanctions law and Singapore law.

Migao Group is a national potash fertiliser company in China with sourcing, procurement, processing, manufacturing and sales capabilities. It ranked 3rd among potash fertiliser companies in China in terms of sales volume of potash fertilisers in 2022 and ranked 2nd among non reserve-based potash fertiliser companies.

The total proceeds raised is nearly US$120 million and it is the second largest IPO in Hong Kong in the first quarter of 2024.

Lead partner Melody He commented: "Ashurst is very pleased to have participated in this project and provided a wide range of legal services to our long standing client Migao Group. After the successful listing of UBTech Robotics Corp Ltd. at the end of last year, this is another testament to our diversified legal services that Ashurst has to offer to assist companies to successfully list in Hong Kong. We have combined our expertise in different legal fields to provide comprehensive support for projects involving Hong Kong listing rules, Hong Kong laws, US securities laws, international sanctions laws, Singapore laws and other practice areas. This project further demonstrates Ashurst's ability to work seamlessly across our global offices to help our clients meet the ever-changing and increasingly complex regulatory requirements. Congratulations once again to Migao Group for the successful listing in Hong Kong. We are grateful for our client's trust in us and we wish them a prosperous and bright future. We also wish them great success in implementing its international strategy, and realising its vision of bringing safe and reliable food to many households."

The transaction was led by partner Melody He, supported by Janny Tai (Counsel), Brenton Tse (Senior Associate); Alex Yiu (Associate), Lily Lyu (Legal Manager), Yejun Yang (Legal Manager), Evelyn Chan (Trainee Solicitor), Marshall Kwok (Trainee Solicitor), Joyce Ng (Trainee Solicitor), Alvis Lui (Trainee Solicitor). Partners Alexander Dmitrenko, Olivier Dorgans and James Clarke provided international sanctions laws support, and partner Michelle Phang advised on Singapore law.