Five law firms advise on Will Semiconductor’s USD445 million global depository receipts (GDR) offering on the SIX Swiss Exchange in the largest such outbound IPO in this sector from China since 2005.
Kirkland & Ellis, led by capital markets partner Lyn Mengyu, acted as Will Semiconductor’s overseas legal counsel. The team received support from capital markets partner Kong Ming, while London-based partners Cedric Van den Borren and Stuart Boyd assisted on UK law matters.
Tian Yuan Law Firm, with partners Zhou Shijun and Cui Chengli at the helm, provided legal guidance on PRC law to Will Semiconductor.
Niederer Kraft Frey, led by capital markets partners Philippe Weber and Daniel Bono, provided Swiss legal advice to the underwriters, JP Morgan and UBS, while Clifford Chance acted as additional overseas legal counsel.
Clifford Chance’s China co-managing partner Tim Wang and partner Jean Thio jointly led a cross-border team, with support from London-based partner Chris Roe on GDR arrangements under English law and Washington-based partner Renee Latour on US regulatory matters.
Leading partners Yu Yongqiang and Shi Yun of JunHe represented the underwriters in handling PRC law issues, with support from partner Ma Rui.
Will Semiconductor, China’s chip design and distribution company, has the highest revenue in the country and ranks among the top 10 across global peers in terms of revenue.
In the latter half of 2022, the company had progressed to the final stage of the GDR issuance. However, due to challenges encountered in the consumer electronics market and a significant decline of up to 40% in its share price, the company decided to temporarily halt its Swiss listing plan.
With a remarkable net profit growth of nearly 2.8 times in the third quarter of this year, amounting to RMB215 million (USD29.5 million), Will Semiconductor decided to recommence the IPO on the SIX.
