Allen & Overy counseled Hangzhou GreatStar's GDR listing on SIX Swiss Exchange

Allen & Overy counseled Hangzhou GreatStar's GDR listing on SIX Swiss Exchange

In connection with the listing of global depositary receipts (GDRs) on the SIX Swiss Exchange by Hangzhou GreatStar Industrial Co. Ltd. (Hangzhou GreatStar), Allen & Overy acted as legal counsel to Huatai Financial Holdings (Hong Kong) Limited (Huatai Financial), the offering's sole worldwide co-ordinator and sole bookrunner (SIX).

Around USD154 million in gross proceeds were raised from the GDR selling.

Hangzhou GreatStar, a world-class tool manufacturer is listed on Shenzhen Stock Exchange. It has built a portfolio of producing high-quality goods and conduct innovative research and development because it has amassed a stable of prestigious tool brands, some of which date back more than a century. There were twenty-one active production facilities across the world for Hangzhou GreatStar as of the 30th of June, 2022.

When asked about advising Huatai Financial on this deal, A&O partner Jonathan Hsui said, "We are thrilled to have done so. When it comes to raising cash, Chinese enterprises now have more opportunities, thanks to the China-Swissy Stock Connect, which became live in July of 2022. It is our expectation that a steady stream of Chinese issuers will seek to leverage GDR listings to fuel their expansion strategies."

A&O partner Kung-Wei Liu stated, "By capitalizing on the A&O international network, our teams have worked flawlessly to bring this historic transaction to reality. The ability to provide guidance on GDR listings is further strengthened by this."

"We take great delight in assisting our customers in navigating the world's major stock markets," said Ryan Tou, Counsel, A&O. "The numerous transactions that demonstrate the high standards we hold ourselves to each and every day include this one."

A&O has been involved (as the issuer or underwriter counsel) in other GDR listings for issuers in industries as diverse as manufacturing, energy and technology, in addition to the aforementioned.

The A&O deal team consisted of Jonathan Hsui (partner), Kung-Wei Liu (partner), Ryan Tou (of counsel), and Matthew Chan, Yvonne Wong and Julia Zhu, as well as Ivan Huang, Tim Qiao, Hannah Huang from A&O's Shanghai joint operation partner, Shanghai Lang Yue Law Firm.

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