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Clifford Chance

Clifford Chance
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News and awards

Clifford Chance advises on Will Semiconductor's Swiss GDR offering and listing

13 November 2023

Clifford Chance advises on Will Semiconductor's Swiss GDR offering and listing

Global law firm Clifford Chance has advised J.P. Morgan Securities plc and UBS AG, as underwriters' counsel, on the US$444.9 million offering and listing of global depositary receipts (GDRs) of Will Semiconductor Co., Ltd Shanghai on the SIX Swiss Exchange, under the expanded China-Europe Stock Connect scheme.

China Co-Managing Partner Tim Wang and partner Jean Thio jointly led a cross-border team in Shanghai, London and Washington, DC with support from counsel Lorna Lyu, senior associate Joy Chen, associate Ashley Sun and legal analyst Yuxuan Liu, advising on the offering and listing.

Partner Chris Roe and senior associate Anjaneya Das in London advised on the English law aspects in connection with the depositary arrangements.

Partner Renee Latour and associate Weisiyu Jiang in Washington, DC advised on the US regulatory matters involved in the transaction.

Tim said, "With Chinese issuers looking further afield for capital, GDR listings have emerged as a popular alternative fundraising avenue for many of China's leading high-tech, medical and industrial companies, most prominently on the SIX Swiss Exchange. We are proud to bring our market-leading expertise in international capital markets and deep bench of lawyers in China and Europe to advise on the successful listing of Will Semiconductor."

Will Semiconductor is headquartered in Shanghai, China and produces semiconductors and related components that are used in mobile communication, vehicle-mounted electronics, security, internet communication and household appliances, among others.

The firm is the leading legal adviser on Swiss GDR listings, having advised on three pioneer Swiss GDR listings (Gotion High Tech, Gem Co and Ningbo Shanshan), Lepu Medical, Hangzhou GreatStar, Jiangsu Eastern Shenghong as well as the recent Swiss GDR listings of Zhejiang Hangke Technology and Zhejiang Huayou Cobalt.

高伟绅助力韦尔股份瑞交所GDR发行上市

国际律师事务所高伟绅就上海韦尔半导体股份有限公司(“韦尔股份”)在拓展后的中欧资本市场互联互通机制下于瑞士证券交易所的4.449亿美元全球存托凭证(“GDR”)发行上市项目,担任承销商摩根大通和瑞银的国际法律顾问。

中国区联席管理合伙人王彦峰律师和合伙人张珮真律师共同领导一支来自本所上海、伦敦和华盛顿特区办公室的跨境团队。其中,吕娜、陈嘉烨、孙沛遥和刘宇轩就此次发行上市提供支持。

伦敦办公室合伙人Chris Roe和团队成员Anjaneya Das就与托管安排相关的英国法事宜提供支持。

华盛顿特区办公室合伙人Renee A. Latour和团队成员江薇思雨就交易中涉及的美国监管事宜提供法律服务。

王彦峰律师表示:随着中国企业向更远端市场寻求融资的需求日益增长,GDR上市已成为许多中国领先高科技、医疗和工业公司青睐的另一种募资渠道,其中选择瑞交所为上市目的地的尤胜。我们很荣幸能够凭借我们在国际资本市场上领先的专业技能以及在中国和欧洲的强大律师团队,协助韦尔股份成功上市。

韦尔股份总部位于上海,主要生产半导体和相关元件,产品广泛应用于移动通信、车载电子设备、安防、互联网通信和家用电器等领域。

高伟绅是瑞士GDR上市领域的领先法律顾问,曾就“中欧通”下包括国轩高科、格林美、杉杉股份乐普医疗巨星科技东方盛虹杭可科技华友钴业在内的多家中国企业的瑞士GDR发行上市提供法律服务。