Clifford Chance, Grandall Law Firm, King & Wood Mallesons, Freshfields and Commerce & Finance Law Offices have advised on SICC’s HKD2 billion (USD256 million) debut on the HKEX main board, issuing 47.75 million H shares at HKD42.8 apiece.
SICC is one of the world’s top three silicon carbide substrate – a material used in semiconductors – manufacturers. Its products are mainly used in electric vehicles, artificial intelligence data centres and photovoltaic systems.
Clifford Chance advised SICC on Hong Kong and US law, with the firm’s China practice chairman Tim Wang leading the advisory team. Wang was assisted by partners Xiang Tianning and Fang Liu.
Grandall counselled SICC on PRC law, with Lin Ning as the lead partner, supported by partner Chen Jie and Shanghai office managing partner Cheng Jingjiao. KWM’s partner Dai Menghao acted as the issuer’s US export control and sanctions counsel.
Freshfields provided Hong Kong and US legal advice to joint sponsors CICC and CITIC Securities, with partner Howie Farn and head of ECM Richard Wang leading the team. Commerce & Finance’s partner Sun Wei counselled on PRC law.
SICC was founded by Zong Yanming, who was known as the “richest man in Jinan” after the company was listed on the Star Market of the SSE in January 2022.
The funds raised from its Hong Kong IPO will be used to expand production capacity, strengthen R&D capabilities and supplement working capital.
