LISTINGS
Aquila Acquisition Corporation became the first special purpose acquisition company (SPAC) to list in Hong Kong. Promoted by CMB International Asset Management and AAC Mgmt Holdings, Aquilla raised HKD1 billion (USD127.7 million) from its IPO on the main board of HKEX. Joint sponsors of the deal were Morgan Stanley and CMB International Capital. Freshfields advised the issuers on Hong Kong and US law, while Maples Group advised on Cayman Islands law. Linklaters advised the joint sponsors and underwriters on Hong Kong and US law.
Highbroad Advanced Material, which produces optoelectronic display thin-film devices, became the first stock transferred from the Beijing Stock Exchange (BSE) to the Shenzhen Stock Exchange’s ChiNext board since rules on referring transfer to another board for listing came into effect. As the transfer involved no new shares issues, Highbroad did not need to undergo registration formalities under the China Securities Regulatory Commission and instead went direct to ChiNext after passing Shenzhen Stock Exchange’s listing review. DeHeng Law Offices provided legal counsel to Highbroad.
Semiconductor quartz products giant Kaide Quartz raised RMB300 million (USD47.1 million) from its IPO on the main board of the BSE. It is the first domestic manufacturer of quartz components for integrated circuit technology that has passed the certification of SMIC’s 12-inch components and is regarded as the “first stock of quartz products” on the BSE. Its strategic investors included insurance company Dajia Life, while Grandway Law Offices advised the issuer. Tianfeng Securities, the main sponsor and underwriter to Kaide Quartz, was advised by JunZeJun Law offices.
Artificial intelligence computer vision startup Deep Glint listed on the Star Board of the Shanghai Stock Exchange, raising RMB1.82 billion and becoming the first AI specialist on the Star Board. Grandway Law Offices advised the issuer while AllBright Law Offices advised Haitong Securities, the main sponsor and underwriter to Deep Glint.
China’s largest private dental service provider, Arrail Group, completed its IPO on the HKEX and raised HKD680 million, becoming the first dental service group listed on the main board of the HKEX. Kirkland & Ellis advised issuers on Hong Kong and US law, while Commerce & Finance Law Offices and Harneys advised on PRC and Cayman Islands law, respectively. Clifford Chance acted as Hong Kong and US counsel to Morgan Stanley and CMB International Capital, the joint sponsors and underwriters to Arrail Group, with Tian Yuan Law Firm as PRC counsel.
Jinmao Property Services, a spinoff from China Jinmao Group, raised HKD825 million in its IPO on the main board of the HKEX. The joint sponsors of the deal were CICC and HSBC. Latham & Watkins advised issuers on Hong Kong and US law, while Tian Yuan Law Firm provided PRC legal advice. For the joint sponsors and underwriters, Fangda Partners advised on Hong Kong and US law, while Jingtian & Gongcheng acted as PRC counsel.
M&A
Grandall Law Firm advised Lekin Semiconductor on its acquisition of the optoelectronic compound semiconductor business of LG Innotek. The acquisition transaction covers nearly 10,000 patents and corresponding equipment and technologies, some of which are to be transferred from South Korea to Suzhou. Upon completion, Lekin will become one of the companies with the largest number of high-value compound semiconductor patents in China.
ISSUANCES
AIC-GMAC issued RMB1 billion of three-year 3.2% senior unsecured fixed-rate green notes on the HKEX, which is the first dim sum bond and the first offshore green bond in China’s auto finance industry. King & Wood Mallesons advised SAIC-GM Finance. Clifford Chance and AllBright Law Offices advised the joint lead managers.
FINANCING
AnJie Law Firm and DeHeng Law Firm advised Miracle Miles, a global leading footwear technology company, on its USD100 million series-A financing. The funding round was led by Sequoia Capital and IDG Capital. XH Capital served as the long-term exclusive financial adviser.
