Davis Polk advised Nexteer Automotive Group Limited (Nexteer) in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the global offering amounted to approximately HK$2 billion (approximately US$260 million) prior to any exercise of the over-allotment option.

Nexteer is one of the world’s leading automobile steering and driveline suppliers. Headquartered in Saginaw, Michigan, Nexteer was the fifth-largest steering supplier globally, the largest steering supplier in the United States and the third-largest halfshafts supplier globally in terms of revenue for the year 2012. The company supplies its products to global customers, including General Motors, Ford, Fiat, Chrysler and PSA Peugeot Citroen.

BOCI and J.P. Morgan acted as joint global coordinators, joint bookrunners and joint sponsors for the offering.

The Davis Polk corporate team included partners Bonnie Y. Chan, Antony Dapiran, Richard A. Drucker and Howard Zhang, and associates Stephenie Fung, Wilson Chan, Melissa Glass, Liang Dong, Ashley M. Bryant, Winnie Ling, Ankang Li and Alice Z. Chen and registered foreign lawyer Dan Ouyang. Partner John D. Paton and associate Adam B. Perry provided tax advice. Counsel Jeanine P. McGuinness and associate Susan Klavens Hutner provided regulatory advice. Counsel Catherine L. Martin and associate Jake H. Wang provided 1940 Act advice. Counsel Betty Moy Huber and associate Kevin J. Klesh provided environmental advice. Members of the Davis Polk team are based in the New York, Hong Kong, Beijing, London and Washington DC offices.