2022.12.28
On December 28, 2022, Jiangsu Eastern Shenghong Co., Ltd. (“Eastern Shenghong”), a large listed chemical company, successfully issued and listed global depository receipts (“GDRs”) on the SIX Swiss Exchange (“SIX”) (this “Project”). 39,794,000 GDRs were issued in this Project, representing 397,940,000 underlying A-share stocks, at USD 18.05 per GDR, raising total funds of approximately USD 718 million.
This was a milestone transaction:
It was the largest GDR issuance in the market since the GDR expansion under the connect scheme in 2022, and the largest GDR issuance and listing on the SIX; and
it was the largest overseas equity issuance in China’s chemical industry in the past decade.
Acting as the Chinese legal counsel to the underwriter, JunHe participated in the legal due diligence, the internal decision-making procedures, the domestic regulatory and approval procedures and the preparation of the transaction documents. JunHe’s team reviewed the prospectus and assisted in the preparation and issuance of the domestic and overseas announcements, and finally assisted Eastern Shenghong in successfully issuing and listing GDRs on the SIX Swiss Exchange. JunHe’s rigorous and efficient work style and meticulous and dedicated service attitude won the affirmation and trust of the company and the other intermediaries.
This Project was led by partners YU, Yongqiang (YY) and SHI, Yun with support from partner MA, Rui for the internal review.
