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Clifford Chance

Clifford Chance
News and awards

News and awards

Clifford Chance advises chipmaker InnoScience on Hong Kong IPO and Listing

30 December 2024

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.

高伟绅助力客户氮化镓标杆企业英诺赛科香港IPO和上市

国际领先律师事务所高伟绅就硅基氮化镓晶圆生产商英诺赛科(苏州)科技股份有限公司在香港联交所主板的首次公开发行和上市,担任其国际法律顾问。

高伟绅已于2024年度成功助力15家公司完成香港IPO,涉及众多企业, 其中包括:按2023年收入计,英诺赛科是全球最大的氮化镓功率半导体生产商,也是全球第一家实现8英寸硅基氮化镓晶圆大规模量产的生产商。氮化镓功率半导体已成为功率半导体行业持续创新的核心,提升消费电子、可再生能源以及工业应用及数据中心等领域的能源效率。本次IPO募资约1.8亿美元。

本交易由中国业务主席王彦峰、合伙人方刘和李婉雯共同领导,由包括霍邓敏蔚、曹阳、郑镐泽、刘彦铃、唐若楠、朱艾立、陈俊廷和史珂瑜在内的IPO团队提供支持。

方刘律师表示:“我们很荣幸作为发行人律师协助英诺赛科完成香港上市。作为全球氮化鎵技术的领导者,其里程碑意义的IPO展现了香港资本市场在吸引半导体等硬科技领域优质企业的突出成就。”

高伟绅经常就促进中国创新技术企业发展的重大交易提供法律服务,包括黑芝麻智能 、零跑汽车 、商汤科技 、速腾聚创 、晶科电子、创新奇智等香港上市。

高伟绅已于2024年度成功助力15家公司完成香港IPO,涉及众多企业, 其中包括:

  • 黑芝麻智能- 首家递交18C香港上市A1申请的公司,也是该制度下完成上市的首家“已商业化公司”及首家半导体企业
  • 华润饮料 – 中国第二大包装饮用水企业以及中国最大的饮用纯净水企业的香港上市
  • 顺丰控股 – 物流行业首家“A+H”股公司
  • 毛戈平 - 首家中国美妆品牌的香港上市,创2024年超额认购额最高IPO,面向散户投资者发行的股票获近920倍超额认购