Clifford Chance

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.