JunHe, Linklaters and Clifford Chance have advised on chemical company Zhejiang Yongtai Technology’s global depository receipt (GDR) offering, making it the first Shenzhen A-share firm to debut on the London Stock Exchange.
Yongtai Technology raised USD70 million, offering 7.4389 million GDRs, representing 37.1945 million A shares, under the Shenzhen London Stock Connect Scheme. This scheme allows Shenzhen A-share companies to fundraise via a listing in London and vice versa. Yongtai debuted on the SZSE in 2009.
JunHe and Clifford Chance advised Yongtai on PRC and cross-border laws, respectively. JunHe’s leading partners were Gu Yu, Yu Yongqiang, Shi Yun and Niu Yundong. Partner Tim Wang, Jean Thio and Christopher Roe led Clifford Chance’s cross-border team, which included staff from the Beijing, Shanghai, Hong Kong and London offices, while partner Nicola Hemsley provided support on tax matters.
Linklaters partners Lipton Li and John Xu acted for the underwriters including Huatai Financial Holdings, China Securities and CLSA.
Yongtai Technology produces chemicals for the pharmaceutical, agricultural and lithium-ion battery sectors. It researches, develops and manufactures fluorine-containing fine chemicals. Its fluorine-containing pharmaceuticals are used to treat cardiovascular disease, diabetes and the central nervous system. It also makes herbicides and fungicides.
The Shenzhen firm joins five other Chinese A-share companies listed on the London Stock Exchange.
