Will Semiconductor Co., Ltd. Shanghai (hereinafter referred to as "Will") recently successfully issued global depositary receipts (hereinafter referred to as "GDR") and was officially listed on the Swiss Stock Exchange. The number of GDRs issued by Will this time is 31,000,000, and the number of underlying securities A shares represented is 31,000,000 shares. The pricing range is US$12.57 to US$14.35 per GDR. The final price is US$14.35 per GDR. Total funding is approximately $445 million. Tian Yuan served as the lawyer for the domestic issuer of Will Semiconductor Co., Ltd. Shanghai in this project, providing full legal services for this GDR issuance.
This project is the second time that Tian Yuan has provided legal services for Will's capital projects following its issuance of shares to acquire Omnivision and Sipico in 2019 and its public issuance of convertible corporate bonds in 2020.
Headquartered in Shanghai, Will is a world-renowned chip design company that provides advanced digital imaging solutions. It is committed to providing sensor solutions, analog solutions, and touch and display solutions. Its products have been widely used in consumer electronics and industrial applications. Fields include smartphones, tablets, laptops, webcams, security monitoring equipment, automotive electronics and medical imaging.
Will's GDR issuance has created many firsts:
· The largest overseas IPO of a Chinese technology company since the beginning of this year;
· The largest overseas IPO in China’s semiconductor industry since 2005;
· China's semiconductor industry has the largest GDR financing in Europe.
The team composed of Tian Yuan partners Zhou Shijun and Cui Chengli, and lawyers Chen Wei and Peng Jingui participated in the entire project's Chinese legal due diligence, issuance of Chinese legal opinions, obtaining domestic regulatory approvals, review of the prospectus, drafting of some chapters, and domestic In addition, the company provided professional and efficient legal services for the entire GDR issuance process, including the preparation and publication of external announcements.
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