King & Wood Mallesons (KWM) has advised AAG Energy Holdings Limited (AAG Energy) on its successful red chip listing on the main board of the Stock Exchange of Hong Kong.(stock code: 02686). The shares have been offered globally, and are crowned the first stock to be offered by a Chinese Coal Bed Methane (CBM) commercial developer. In this project, a total number of761.4million shares have been issued globally with net proceeds of approximately HKD $1.923 billion after deduction of the underwriting commissions and other  expenses. The listing attracted five cornerstone investors with a combined total investment of aroundHKD $1.775 billion).

KWM acted as the PRC lawyer to the issuer. This project was led by partners Ms. Peng Jin and Mr. Zhang Yi, supported by Ms. Mu Xiaoqing, Ms. Zhang Ying and Ms. Yang Nan. Partners Mr. Gong Mulong, Ms. Xu Xiaodan, Mr. Tony Dong and Mr. Zhao Yan provided strong support to this project.

AAG Energy focuses on the exploration, development, production and sales of CBM in China. The Panzhuang concession, operated by Asian American Gas, Inc., a subsidiary of AAG Energy, remains the first and only commercially advanced Sino-foreign CBM concession in China to have received overall development plan approval by the National Development and Reform Commission (NDRC).