Huayou Cobalt raises USD582.5m in successful SIX listing

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Huayou Cobalt's SIX Listing
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Four law firms advised on Chinese A-share listed company Huayou Cobalt’s largest global depository receipts (GDR) listing on the SIX Swiss Exchange this year, raising USD582.5 million.

Huayou Cobalt, which is listed on the Shanghai Stock Exchange, placed 50 million GDRs on the SIX, with an offer price of USD11.65 per GDR. The listing was conducted via the China-Swiss Stock Connect scheme, which allows Chinese companies to access the Swiss capital market and vice versa.

Capital markets partners Philippe Weber and Daniel Bono co-led the Niederer Kraft Frey team, and Jean Thio led the Clifford Chance team advising Huayou Cobalt on the GDR offering.

Jingtian & Gongcheng and Linklaters acted for the underwriters including Huatai Financial Holdings, Citi Group and HSBC. Corporate partner John Xu and capital markets partner Lipton Li led the Linklaters team. CLSA was the sole global co-ordinator of the transaction.

Huayou Cobalt is a high-tech enterprise founded in 2002, specialising in research and development, and the manufacturing of materials required for lithium-ion batteries.

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