Semiconductor designer OmniVision Group listed on the HKEX main board on 12 January, raising around HKD4.8 billion and becoming the first image sensor company to be listed in Hong Kong. Jones Day, Tian Yuan Law Firm, Kirkland & Ellis, JunHe and Cleary Gottlieb advised parties involved in the transaction.
OmniVision had previously listed on the SSE main board in 2017, so its Hong Kong debut makes it the first company this year to achieve an A+H dual listing.
The Hong Kong IPO involved the issuance of 45.8 million shares, of which 10% were allocated to the Hong Kong public and the remainder to the international offering, at an offer price of HKD104.80 per share. UBS, CICC, PASCHK and GF Securities acted as joint sponsors.
Jones Day acted on Hong Kong and US law for OmniVision, while Tian Yuan provided PRC legal advice, with partners Zhou Shijun and Cui Chengli leading the team. Cleary Gottlieb acted as special counsel on US outbound investment rules, export controls and sanctions matters.
For the joint sponsors and underwriters, Kirkland & Ellis advised on Hong Kong and US law, with partners Lu Mengyu, Ashlee Wu and Wu Qingyu leading the team. JunHe advised on PRC law, led by partners Shi Yun and Yu Yongqiang, with partner Shang Shiming also involved in the project.
Founded in 2007, OmniVision primarily provides digital imaging, analogue and display solutions. US consulting firm Frost & Sullivan said that based on 2024 revenue, OmniVision ranked among the world’s top 10 fabless semiconductor companies. In the same year, the company achieved a 13.7% global market share in CMOS image sensors, ranking behind only Sony and Samsung.
The prospectus states that 70% of the IPO proceeds will be used for investment in key technology R&D. The remaining funds will be allocated to global market expansion, strategic investments and acquisitions, working capital and general corporate purposes.
