Lovells reaps Asian Citrus's AIM flotation

Lovells has advised new client Asian Citrus Holdings on the largest Chinese IPO on the AIM market to date.

Asian Citrus, China's largest orange plantation operator, has two orange plantations, which combined cover an area the size of Guernsey. Lovells developed a relationship with the company through its Hong Kong office, which advised on the IPO alongside London.

Partners Richard Brown in London and Colin Law in Hong Kong led on the deal, which valued the business at around £68m. Asian Citrus is one of a small but growing number of Chinese companies to float on AIM.

Simmons & Simmons partners Charles Mayo and Richard May advised nominated adviser and broker Evolution Securities and new client Evolution Securities China, which is a new wing the broker has set up to focus on the growing market for London listings in China.

Asian Citrus is the largest exclusively Chinese business admitted to AIM. China is a target market for the London Stock Exchange (LSE), along with India and Russia, and Lovells and Simmons are beginning to see the fruits of the LSE's continuing marketing campaigns there.