Baker McKenzie, DeHeng Law Offices and seven other domestic and international law firms were involved in the debut of CIG Shanghai, an information and communications technology company, on the HKEX, raising HKD4.6 billion (USD589 million).
This is the largest IPO in the communications equipment sector in both the A-share and H-share markets, and it is also the first dual “A+H” listing in this field.
The tech company issued a total of 67 million H shares at HKD68.9 per share, attracting well-known investors including Baring, Morgan Stanley Infrastructure and HSG Capital’s HCEP.
In this IPO, Baker McKenzie acted as the issuer’s Hong Kong and US legal counsel, led by partner Christina Lee. DeHeng Law Offices advised on PRC law.
CIG Shanghai hired Thompson Hine, Hibya Park Law Offices and Deacons as legal counsel for its operations in the US, Japan and Hong Kong, respectively. Hogan Lovells advised the issuer on international sanctions laws, while the US branch of Commerce & Finance Law Offices advised on US tariff and regulatory matters.
On the underwriters’ side, Eric Chow & Co, the Hong Kong affiliated firm of Commerce & Finance Law Offices, advised the underwriters — including Guotai Junan Securities, CITIC Securities, DBS Bank and Star River Securities — on Hong Kong law. JunHe advised on PRC law.
CIG Shanghai, which operates in China, the US, Japan, Germany and Malaysia, focuses on the design, development and sale of data transmission devices. According to its third-quarter financial report this year, the company’s net profit surged by 93% year-on-year to RMB138 million (USD19.03 million).
Proceeds from the listing will be used to expand production capacity for optical modules, broadband and wireless products and to increase R&D talent.
Aside from CIG Shanghai, several other mainland companies, including Deepexi Technology, Bama Tea and Sany Heavy Industry also listed on the HKEX on 18 October.
