Clifford Chance

Clifford Chance advises chipmaker InnoScience on Hong Kong IPO and Listing

Global law firm Clifford Chance has advised GaN power semiconductor manufacturer InnoScience (Suzhou) Technology Holding Co., Ltd. (InnoScience) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The IPO raised approximately US$180 million.

InnoScience is the world’s largest Gallium Nitride (“GaN”) power semiconductor manufacturer, in terms of revenue in 2023, and also the first in the world to achieve mass production of 8-inch GaN on Silicon wafers. GaN power semiconductors have become the centerpiece in the ongoing revolution of the power semiconductor industry, improving the energy efficiency across a wide range of sectors including consumer electronics, renewable energy and industrial applications, automotive electronics and data centers.

Tim Wang, Chair of China Practice co-led the deal with partners Fang Liu and Virginia Lee, with support from counsel Janet Fok and Claire Cao, senior associate Haoze Zheng, associates Elaine Lau, Ruonan Tang and Aili Zhu, trainee solicitors Po Chan and Kelly Shi.

Partner Fang Liu said, "We are honored to have assisted InnoScience on its Hong Kong listing as the issuer's counsel. Being the global leader in GaN technology, its landmark IPO is a true testament to the success of the Hong Kong capital market in attracting quality companies in semiconductors and other hard technologies."

Clifford Chance regularly advises on major transactions enabling the growth of innovative technology companies in China, such as the IPOs of Black Sesame, LeapMotor, SenseTime, RoboSense Technology, APT Electronics, and AInnovation.

In 2024 Clifford Chance advised on 15 Hong Kong listings by companies from a wide range of sectors, including:

• leading auto chip maker Black Sesame as the first Commercial Company to list under the Exchange's Chapter 18C listing regime for Specialist Technology Companies, and the first semiconductor company to do so.
• the largest purified drinking water company in China, China Resources Beverages' US$650 million listing
• the largest integrated logistics service provider in China and Asia, and the fourth player globally, SF Holding's US$750 million listing
• premium Chinese beauty company Mao Geping Cosmetics' US$300 million listing, which was the most oversubscribed IPO of 2024, with the retail tranche oversubscribed 920 times.