Media Release: Clayton Utz acts as Australian counsel to Tianqi Lithium on US$1.7bn IPO and listing in Hong Kong

18 Jul 2022
Time to read: 1 minute

Clayton Utz has acted as the Australian counsel to long-term client, dual-listed China-based Tianqi Lithium Corporation (Tianqi) on its HK$13.5bn (US$1.7bn) Initial Public Offering (IPO) and secondary listing on the Hong Kong Stock Exchange (HKSE) – the largest listing so far this year in Hong Kong.

Perth partners Brett Cohen and Liz Humphry led the firm's multi-disciplinary team, which included special counsel Armin Fazely and lawyer Luke Crofts.

The share sale was oversubscribed, with cornerstone investors including South Korean diversified chemical company, LG Chem, and state-owned China Aviation Lithium Battery Co.

Congratulating Tianqi on its IPO milestone, Brett and Liz said: "This is a significant achievement for Tianqi, and we're pleased to have been involved in helping them bring this second listing to market. The response reflects the strong global demand for lithium, which continues unabated."

This is the latest transaction on which Tianqi has engaged Clayton Utz, with Brett, Liz and Armin also leading a team in advising on Tianqi's entry into a lithium joint venture with ASX-listed nickel and copper miner IGO Limited in respect of Tianqi’s Australian lithium operations. That deal, which completed in July 2021, was one of the largest energy and resource deals in Australia last year.

Tianqi's Australian operations, located in Western Australia

Operations comprise the Greenbushes lithium concentrate mining operations and the Kwinana Lithium Hydroxide Plant, Australia's first fully automated lithium hydroxide processing plant. The Kwinana plant delivered its first batch of battery-grade lithium hydroxide in May this year, with electrified transport and energy storage systems fuelling a demand boom for the metal.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.