NAME: Hua Hong Semiconductor’s $2.95 billion IPO
LAW FIRM: AllBright Law Offices, Llinks Law Offices, Herbert Smith Freehills
JURISDICTION: China
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Industrials and manufacturing, Technology and telecommunications
Hua Hong Semiconductor’s $2.95 billion IPO is our deal of the month for August.
Hua Hong Semiconductor, China’s second largest semiconductor producer, raised $2.95 billion on the Star Market from its IPO. This marks the largest A-share IPO listing in terms of funds raised to date in 2023 and the third largest IPO listed on the Star Market.
Hua Hong Semiconductor made a notable debut despite it being issued at twice the price of its Hong Kong-listed shares. The funds raised from the listing will be used for working capital, increasing capacity at the company’s foundry in Wuxi and further investments in research and development, among various other projects.
Llinks Law Offices acted as the issuer’s legal counsel and Herbert Smith Freehills advised the issuer on aspects of Hong Kong law. Allbright Law Offices represented the joint sponsors Guotai Junan Securities and Haitong Securities, with senior partners Bao Fangzhou, Wang Li, and Shen Cheng leading the team.
