2023.11.11
On November 10, 2023, Will Semiconductor Co., Ltd. Shanghai (“Will”) successfully issued and listed global depositary receipts (“GDRs”) on the SIX Swiss Exchange (“SIX”) (the “Project”). 31,000,000 GDRs were issued in the Project, representing 31,000,000 underlying A-share stocks, at USD 14.35 per GDR. This raised funds of approximately USD 445 million.
Will is a leading semiconductor design company. This GDR issuance created a number of firsts:
the largest offshore IPO in China’s technology sector since the beginning of this year;
the largest offshore IPO in China’s semiconductor industry since 2005; and
the largest GDR issuance in China’s semiconductor industry.
Acting as the PRC 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 assisted Will in successfully issuing and listing the 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.
JunHe has also advised Yangtze Power, SDIC Power, China Pacific Insurance, MySE, Lepu Medical, Joincare, Eastern Shenghong, Hangke Technology and Yongtai Technology on their GDR projects.
The JunHe team was led by partners YU, Yongqiang (YY) and SHI, Yun, with support from partner MA, Rui for the internal review.
