Two Chinese A shares successfully launched global depositary receipts (GDRs) on the SIX Swiss Exchange within a week, advised by Swiss law firm Advestra, Baker McKenzie, Linklaters, Jia Yuan Law Offices, Allen & Overy, Grandall Law Firm, and JC Master Law Offices.
Smart manufacturing company Supcon Technology raised USD565 million in an IPO on the SIX, marking the largest trading event via the China-Switzerland Stock Connect programme so far this year.
The company’s GDRs occupied 8.39% of its total original A shares, which is the highest ratio since the new GDR scheme between China and Switzerland took effect last year. It is nearly at the maximum approved by Chinese regulators.
Legal counsel for Supcon Technology were Advestra and Linklaters, with corporate partner John Xu and capital markets partner Lipton Li leading the Linklaters team.
Jia Yuan provided PRC law advice, with leading partners Xu Ying, Zhang Wen, Liu Jing and partner Zhong Yunchang.
Allen & Overy served as legal counsel for the underwriters, including Huatai Financial Holdings, CLSA, Guotai Junan Securities, Shenwan Hongyuan Securities and China Galaxy International Securities. Jonathan Hsui and Liu Kung Wei were the lead partners, with of counsel Ryan Tou leading the other team members for the project.
The second GDR issue on the SIX was semiconductor manufacturer Yangjie Electronic Technology’s USD215 million IPO.
Baker McKenzie advised Yangjie Electronic Technology on US, UK and Swiss law, led by Beijing-based partner Wang Hang and Zurich-based partner Matthias Courvoisier.
JC Master acted as PRC counsel to the issuer and its team included leading partners Yan Denghong and Yan Aizhong, supported by partners Wang He and Tang Yong.
The Linklaters’ team involved in the first GDR issue and Grandall were engaged as overseas and PRC legal counsel, respectively, for underwriters Huatai Financial Holdings, Guotai Junan Securities, GF Securities and China Galaxy International Securities.