Clifford Chance

Clifford Chance advises Zhejiang Sanhua Intelligent Controls on its US$ 1.19 billion IPO and listing in Hong Kong

Global law firm Clifford Chance has advised Zhejiang Sanhua Intelligent Controls Co., Ltd. (Sanhua) on its initial public offering and H share listing on the Main Board of the Hong Kong Stock Exchange, which raised approximately US$ 1.19 billion.

Shenzhen-listed Sanhua is the world’s largest manufacturer of refrigeration and air-conditioning control components and a global leader in automotive thermal management system components.

Partner Jean Thio said, "We're delighted to have supported Sanhua Intelligent Controls on its successful listing, which reflects the growing momentum of A-to-H share listings, as Mainland Chinese companies tap into Hong Kong's deep capital pool and international investor base. Recent regulatory changes and growing market optimism have also contributed to a resurgence in Hong Kong IPO activity."

Partners Jean Thio and Tianning Xiang co-led the deal, with support from teams in Beijing, Hong Kong and Shanghai consisting of counsel Lorna Lyu, senior associates Yuhang Li and Joy Chen, associates Meng Mao and Aili Zhu, trainee solicitors Cian Fang and Julie Luo, legal specialist Bryan Lu, legal analysts Kelsey Lu and Jill Zhao.

Sanhua plans to use the proceeds to further its research and development efforts, expand production facilities and automation in China, implement supply chain localisation strategies and enhance digital intelligence infrastructure across various business processes.

Clifford Chance has advised on several successful A-to-H share listings, including Foshan Haitian Flavouring and Food's recent US$1.29 billion listing and SF Holding's US$750 million listing.