Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) raised RMB53.2 billion (US$7.7 billion) in its recent listing on the Star market, making it the largest A-share IPO since 2010.
Incorporated in the Cayman Islands, SMIC listed in New York and Hong Kong in 2004, and delisted from the New York Stock Exchange last year. Its listing on the Star market has made it the first overseas listed red-chip company to return to the A-share market.
AllBright Law Offices acted as legal counsel to the issuer, while DeHeng Law Offices and Fangda Partners jointly acted as legal counsel to the joint sponsors and lead underwriters.
“This project involved the jurisdictions of Cayman Islands, Hong Kong and mainland China,” Wang Li, a senior partner at AllBright, told China Business Law Journal, “and we needed to compare and co-ordinate on the rules for listings in Hong Kong and mainland China.”
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