Allen & Overy has advised the sole global coordinator and sole bookrunner Huatai Financial Holdings (Hong Kong) Limited (Huatai Financial) on Hangzhou GreatStar Industrial Co. Ltd.’s (Hangzhou GreatStar) global depositary receipts (GDR) offering and listing on the SIX Swiss Exchange (SIX). The GDR offering has raised gross proceeds of approximately USD154 million.
Hangzhou GreatStar is a world-leading tool company with its A shares listed on the Shenzhen Stock Exchange. It has built a portfolio of world-class tool brands, some with an operating history of over a hundred years, and possesses strong manufacturing capabilities and R&D capabilities. As of 30 June 2022, Hangzhou GreatStar had 21 production facilities in operation globally.
Jonathan Hsui, partner of A&O, commented: “We are delighted to have advised Huatai Financial on this transaction. The China-Switzerland Stock Connect was launched in July 2022 and broadens the options for Chinese companies to raise capital. We envisage a strong pipeline of Chinese issuers looking to tap into the GDR listings to support their growth plans.”
Kung-Wei Liu, partner of A&O, said: “By leveraging the A&O international network, our teams have worked seamlessly to bring this momentous transaction to fruition. This also builds on our strong capability to advise on GDR listings.”
Ryan Tou, of counsel of A&O, stated: “We always pride ourselves in helping clients navigate major capital markets in the world. This transaction is only one of many that showcases the standards we constantly hold ourselves up to.”
In addition to this transaction, A&O is actively involved (as issuer or underwriter counsel) in various GDR listings for issuers including those engaged in the industrial, manufacturing, energy and technology sectors.
The A&O deal team consisted of Jonathan Hsui (partner), Kung-Wei Liu (partner), Ryan Tou (of counsel), and Matthew Chan, Yvonne Wong and Julia Zhu, as well as Ivan Huang, Tim Qiao, Hannah Huang from A&O’s Shanghai joint operation partner, Shanghai Lang Yue Law Firm
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