Conyers provided Cayman Islands legal advice to Semiconductor Manufacturing International Corporation (“SMIC”) in connection with its RMB46.2 billion (US$6.6 billion) initial public offering of RMB shares to investors in China and listing of the A Shares on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, or SSE STAR Market.
SMIC provides integrated circuit foundry and technology services worldwide including the testing, development and design, manufacturing, packaging and sale of integrated circuits. It is headquartered in Shanghai, China and is the country’s largest contract chip manufacturer as of March 2020.
This record-breaking IPO has become the first dual listing of a Cayman company on both the Stock Exchange of Hong Kong and SSE STAR Market, and the largest A Shares IPO in China since the listing of Agricultural Bank of China in 2010.
The SSE STAR Market was established in June 2019 as a new fundraising platform. It has multiple missions including enhancing the capability to serve technology innovation and accumulating experience for the construction of the capital market infrastructure. As of July 2020, 140 companies are listed on the SSE STAR Market.
Partner Christopher Bickley and Legal Manager Rowan Wu of Conyers’ Hong Kong office advised on the matter, working alongside All Bright Law Offices, Fangda Partners and Slaughter & May.
This matter won the China Business Law Journal’s Deals of the Year 2020. It has also been shortlisted at the ALB China Law Awards 2021 for Equity Market Deal of the Year.