Zheijang Supcon Technology completes USD 564m offering of GDRs and listing on SIX Swiss Exchange

Niederer Kraft Frey advised the underwriting syndicate led by Huatai Financial Holdings on the offering of global depositary receipts (GDRs) and SIX Swiss Exchange listing of Zheijang Supcon Technology under the China-Switzerland Stock Connect. Including this transaction, NKF has now acted as Swiss issuer or underwriter counsel on ten out of the twelve GDR issuances since launch of the Swiss china stock connect last year.

Zheijang Supcon Technology, whose A Shares are listed on Shanghai Stock Exchange, sold 20,958,000 GDRs representing two A Shares each at an offer price of USD 26.94, raising gross proceeds of approximately USD 564.6 million from the offering. Trading in the GDRs on SIX Swiss Exchange commences on 17 April 2023.

Zheijang Supcon Technology is a leading industrial automation and smart manufacturing solutions provider in the process industry. Headquartered in China, the company offers manufacturing solutions to a vast array of industries helping customers to improve automation, digitalisation and intelligence efficient. Zheijang Supcon Technology expects to use the net proceeds from the transaction to implement its global R&D initiatives, develop its global marketing network, fund its overseas expansion and supplement working capital.

Huatai Financial Holdings (Hong Kong) Limited acted as the sole global coordinator, with CLSA Limited, Guotai Junan Securities (Hong Kong) Limited, Shenwan Hongyuan Securities (H.K.) Limited and China Galaxy International Securities (Hong Kong) Co., Limited acting as the joint bookrunners of the offering.

The NKF team advising on the transaction was co-led by Corporate/Capital Markets partner Philippe Weber and partner Daniel Bono (Capital Markets), working with associates Manuel Hirlinger and Thiago Claro (both Capital Markets).