Suzhou Novosense Microelectronics debuted on the HKEX’s main board on 8 December, raising more than HKD2.2 billion (USD282.7 million), with Paul Hastings, Jia Yuan Law Offices, Norton Rose Fulbright and Tian Yuan Law Firm advising parties involved in the IPO.
Novosense issued a total of 19,068,400 shares globally at an offer price of HKD116 per share, with 1,906,900 shares allocated for the Hong Kong public offering and 17,161,500 shares for the international offering. CICC, CITIC Securities and CCB International acted as joint sponsors, joint global co-ordinators, joint bookrunners and joint lead managers.
Paul Hastings served as Hong Kong and US counsel to Novosense, with the team led by Raymond Li, founding partner and chair of Greater China, together with corporate department partners Peter Cheng and Steven Hsu. Jia Yuan counselled on PRC law, with senior partners Fu Yangyuan and Zhang Xuan co-leading the team.
For the underwriters, Norton Rose Fulbright advised on Hong Kong and US law, while Tian Yuan Law Firm acted as PRC counsel, with senior partners Pu Yu and Yang Huipeng as well as partner Liu Yihui leading the team.
Founded in Suzhou in 2013, Novosense provides comprehensive semiconductor products and solutions, which are widely used in automotive, industrial, information communication and consumer electronics markets. It listed on the SSE Star Market in 2022. The company’s Hong Kong listing makes it the first Suzhou-based company to achieve a dual A+H listing.
The Novosense prospectus states that IPO proceeds would be used for R&D, expanding its product portfolio (mainly automotive electronics), overseas market expansion, strategic investments and acquisitions, as well as working capital and general corporate purposes.
“Listing in Hong Kong is not only a milestone in our business development, but also the beginning of our global story,” said Wang Shengyang, founder, chairman and CEO of Novosense. The company plans to use Hong Kong as its offshore headquarters to advance its international strategy.
