Five law firms have advised semiconductor manufacturer InnoScience Technology’s HKD1.4 billion (USD180 million) IPO on the HKEX.
InnoScience Technology sought Hong Kong and US legal advice from Clifford Chance, with its team led by the firm’s chair of China practice Tim Wang and partners Liu Fang and Virginia Lee. Hogan Lovells advised the issuer on US export controls, while CM Law Firm advised on PRC law and data compliance.
Sidley Austin partners Ding Meng, Claudia Yu and Sherlyn Lau provided Hong Kong and US legal advice to 13 underwriters, including CICC and CMB International. AllBright Law Offices senior partners Wang Li and Shen Cheng acted as the underwriters’ PRC counsel.
Hong Kong’s stock market welcomed three IPOs at the end of 2024, InnoScience Technology, Healthyway and Xunfei Healthcare Technology all “struck the gong” on the 30 December 2024. Unlike the A-share market, Hong Kong’s IPO market saw a recovery in the second half of last year. A total of 70 companies were listed on HKEX in 2024.
One of the debutants InnoScience Technology, is a leading gallium nitride (GaN) chipmaker headquartered in Suzhou. Its product is used in mobile phones, computers and other devices made by tech giants such as OPPO, VIVO and Xiaomi. Due to increasing expenditure in R&D and marketing, InnoScience Technology recorded losses in the past three years, posting a RMB1.1 billion loss in 2023.
