Clifford Chance advises Prysmian on the successful divestment of its entire stake in YOFC

Global law firm Clifford Chance has advised Prysmian S.p.A. on the sale, through its fully owned subsidiary Draka Comteq B.V., of its entire stake in Yangtze Optical Fibre and Cable Joint Stock Limited Company ('YOFC'). YOFC is listed on the Hong Kong Stock Exchange and is a global leader in the optical preform, fibre, and cable industry.

The sale was conducted in various separate transactions, through the placements of approximately 174 million shares to a limited number of institutional investors and direct sale of the remainder into the market, between April and September 2025, representing in aggregate approximately 23.7% of YOFC's total share capital. The placements generated total sales proceeds of around €553 million (or HK$5.1 billion). Following completion of the final sale, Prysmian will have successfully divested its entire stake in YOFC.

This transaction is the first successful strategic disposal of a stake of this size by an international investor in an A+H dual-listed Chinese company. Many unprecedented aspects of the transaction required navigating the capital markets regulatory regimes operating in both Hong Kong and Mainland China.

J.P. Morgan acted as Sole Bookrunner on all transactions. Read more about the transactions here (April 2025), here (June 2025), here (July 2025), here and here (September 2025).

This transaction builds on Clifford Chance's long-standing relationship with Prysmian and showcases its cross-border capabilities and ability to help clients navigate complex regulatory landscapes across multiple jurisdictions.

The cross-border Clifford Chance team was led out of Hong Kong by Amy Ho, assisted by Filippo Emanuele in Milan and Han Teerink in Amsterdam, as well as Tommy Tam, Jimmy Jin, Ryan Wong, Anson Wong and Charmaine Lee (all in Hong Kong) and Marina Sarkisjan in Amsterdam.