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JunHe Advises Yongtai on its Issuance of GDRs on the London Stock Exchange


On July 11, 2023, Zhejiang Yongtai Technology Co., Ltd. (“Yongtai” or the “Company”; stock code: 002326) issued global deposit receipts (“GDRs”) which were listed on the London Stock Exchange (the “LSE”) (the “Project”). 7,438,900 GDRs corresponding to 37,194,500 underlying A shares were issued. 

This is the first time a Shenzhen Stock Exchange-listed company has issued GDRs on the LSE, representing a new way to allocate international financial resources via the Shenzhen-London Stock Connect. 

JunHe acted as the PRC legal counsel to the issuer and provided legal services throughout the entire process of the Project. JunHe’s team conducted legal due diligence, assisted with the internal corporate decision-making and domestic regulatory approval procedures, prepared the transaction documents, reviewed the prospectus, and assisted in the preparation and publication of announcements in China and abroad. With its efficient and rigorous legal services and detail-oriented expertise, JunHe was recognized by the client and the other intermediaries for its work in the successful issuance of Yongtai’s GDRs on the LSE.

The JunHe team was led by partners GU, Yu, YU, Yongqiang (YY) and SHI, Yun, with support from NIU, Yuandong for the internal review. 

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.