22 February 2023
Clifford Chance advises on Zhejiang Hangke Technology's Swiss GDR
Leading international law firm Clifford Chance has advised CLSA Limited and Huatai Financial Holdings (Hong Kong) Limited as joint representatives in the offering and listing of global depositary receipts (GDRs) of Zhejiang Hangke Technology Incorporated Company under the expanded China-Europe Stock Connect scheme on the SIX Swiss Exchange.
The GDR offering is the first listing registered on the Shanghai Stock Exchange Science and Technology Innovation Board, more commonly known as Shanghai Stock Exchange STAR Market, a Chinese science and technology focused equities market. The offering is expected to raise gross proceeds of approximately US$172.8 million.
Partner Jean Thio led the deal and was supported by counsel Lorna Lyu, associates Alex Feng, Edward Xie and Ashley Sun, legal analysts Yuxuan Liu, Yuting Yu and Menglin Liang.
Jean said, "We are excited to have advised on the first STAR Market GDR listing as Chinese science and technology companies expand and seek overseas capital. Such listing is an indication that the sectors of the listing companies are now becoming more diverse. We are glad that our expertise has assisted listing parties to complete the deal."
Zhejiang Hangke Technology provide customers with overall solution of lithium-ion cell post-processing systems.
The firm has a strong track recording of advising on Swiss GDR offerings since its launch in July 2022. Listing companies include leading lithium-ion power batteries company (Gotion High Tech Co., Ltd), green technology developer in waste battery recycling (Gem Co., Ltd), manufacturer of lithium-ion anode materials and polarisers (Ningbo Shanshan Co., Ltd), medical device and pharmaceuticals company (Lepu Medical), industrial hardware and hand tools manufacturer (Hangzhou GreatStar) and petrochemical conglomerate (Jiangsu Eastern Shenghong).