15 November 2022
Clifford Chance advises Hangzhou GreatStar on its Swiss GDR listing
Leading international law firm Clifford Chance has advised Hangzhou GreatStar Industrial Co., Ltd. as counsel on its offering and listing of global depositary receipts (GDRs) on the SIX Swiss Exchange. The GDR offering is expected to raise gross proceeds of approximately US$155 million.
China Co-Managing Partner Tim Wang and partner Jean Thio jointly led the deal, with support from a Greater China team including counsel Lorna Lyu, Claire Cao and Yuanjing Chen, associates Sarah Ku and Luyi Jiao, trainees Shuai Gao and Ziguo Yang and legal analyst Menglin Liang.
Tim said, “The transaction demonstrates the strong demand of Chinese companies seeking access to global capital markets. We are glad to have advised on Hangzhou GreatStar’s Swiss listing. The transaction also marks the 10th GDR listing which we have advised since the launch of the scheme in 2019 and solidifies our firm's position as the market leader.”
The firm has been at the forefront of advising on GDR offerings under the Shanghai-London Stock Connect scheme and the expanded China-Europe Stock Connect scheme, including three pioneer Swiss GDR listings (Gotion High Tech Co. Ltd, Gem Co. Ltd and Ningbo Shanshan Co. Ltd), Lepu Medical’s Swiss GDR listing and Ming Yang Smart Energy's London GDR listing.
Hangzhou GreatStar is a leading industrial hardware and hand tools manufacturer in China.