O’Melveny Represents Hainan Drinda in US$180 Million Hong Kong Listing
May 8, 2025
Transaction makes Hainan Drinda the First Dual A+H listed PV Cell Company
FOR IMMEDIATE RELEASE
HONG KONG—MAY 8, 2025— O’Melveny represented Hainan Drinda New Energy Technology (“Hainan Drinda”, 2865.HK) in its listing of H shares on the Main Board of the Hong Kong Stock Exchange. The total offering size was approximately HK$1.405 billion (approximately US$180 million). This is the second listing of the year in Hong Kong of a China A-share company. O’Melveny acted as Hainan Drinda’s Hong Kong and U.S. counsel.
Established in 2003 and listed on the Shenzhen Stock Exchange, Hainan Drinda is a leading specialized manufacturer of photovoltaic cells (“PV cells”). It is principally engaged in the R&D, production and sale of high-efficiency PV cells. Leveraging its R&D innovation and key technologies, the company maintained competitive position across different generations of mainstream PV cells, including both N-type TOPCon cells and P-type PERC cells. Based on the 2024 shipment volume among specialized manufacturers, Hainan Drinda’s N-type TOPCon cells market share ranked first globally, and its PV cells market share ranked second globally.
This H-share listing is not only an important step in the internationalization strategy of Hainan Drinda as a leading company in PV cells, but also marks the fact that it has become the first “A+H” listed company in the PV cell industry.
Huatai International, CMB International and Deutsche Bank acted as joint sponsors, they acted together with CLSA Limited and CICC as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.
The O’Melveny team was led by partners Ke Zhu and Ke Geng. The core team members included counsels Vincent Wang, Qianyu Hu, associates William Sun, Jingwei Huang, legal consultants May Qian, Joshua Wang, legal manager Rachel Peng, and trainee solicitors Norman Luk and Bianca Cheng. Associates Sean Sy and Chao Deng also provided valuable support.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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