Chinese chip supplier GigaDevice Semiconductor listed on the HKEX main board on 13 January, raising around HKD4.68 billion (USD600 million). Freshfields, King & Wood Mallesons (KWM), DLA Piper, Clifford Chance and Zhong Lun Law Firm provided legal support.
GigaDevice issued 28.92 million shares at HKD162 per share and opened at HKD235 on debut, representing a 45.1% premium on the issue price and pushing the firm’s market capitalisation to more than HKD163.74 billion. The listing marks its A+H dual listing, following its debut on the SSE in 2016.
Freshfields acted as Hong Kong and US legal counsel for GigaDevice. KWM counselled on PRC law, led by partners Su Zheng, Jiao Fugang and Huang Xiaoxue, while partner Wu Han provided advice on data compliance matters. DLA Piper Singapore advised on international export controls, sanctions and tariff issues.
Clifford Chance advised the joint sponsors, CICC and Huatai International, and other underwriters on Hong Kong and US law, with partners Xiang Tianning and Jean Thio leading the team. Zhong Lun counselled them on PRC law, led by partner Yao Qiming and non-equity partner Zheng Jialiang. Partners Guo Kejun and Cheng Bo provided support.
Founded in 2005 and headquartered in Beijing, GigaDevice is a leading fabless integrated circuit design company. It develops chips, systems and solutions, including corresponding algorithms and software, used in the consumer electronics, automotive, industrials, computing and network communications sectors.
The prospectus states that the IPO proceeds will be used to strengthen R&D capabilities, pursue strategic investments and acquisitions, and expand its global marketing and service network as part of its international growth strategy.
