- Motorcomm is one of the very few Ethernet physical layer chip suppliers in Chinese Mainland that owns independent intellectual property rights and has achieved large-scale sales. It focuses on the R&D, design and sales of high-speed wired communication chips. Since its establishment, Motorcomm has always adhered to the “market-oriented, technology-driven” development strategy, with the goal of achieving high reliability, high stability and Chinese localized production of communication chip products.
- The Ethernet physical layer chip independently developed by Motorcomm is one of the essential basic chips for wired transmission in data communication. With strong R&D and design capabilities, reliable product quality and high-quality customer service, Motorcomm’s products have successfully entered Chinese local market that has been dominated by international giants for a long time in the past, targeting many well-known domestic enterprises.
- InnoCare is an innovative biopharmaceutical enterprise powered by its groundbreaking independent research and development capabilities. The company possesses comprehensive R&D and commercialization capabilities, focuses on developing drugs for the treatment of cancer and autoimmune diseases, and is committed to developing best-in-class and/or first-in-class drugs with breakthrough potentials across global markets. One of its main products, BTK inhibitor Orelabrutinib, was approved (with conditions) by the National Medical Products Administration for commercialization in December 2020, and another, Tafasitamab, has been approved for use in Bo’ao Super Hospital as an imported drug for use in clinical urgency. The company has more than 10 other products that are in Phase I/II/III clinical trials and pre-clinical stages.
- InnoCare was co-founded by Dr. Jisong Cui and Dr. Yigong Shi. The management team comprises seasoned industry executives from multinational pharmaceutical companies, bringing InnoCare with their valuable insight in drug R&D, production and commercialization.
- Hi-Trend Technology is a leading high-tech enterprise which designs, develops and sells smart metering integrated circuits in China. With its high performance, high reliability and energy-efficient products, the company has obtained a comprehensive product line and leading market position in the domestic Internet-of-Things (IOT) smart metering chip field.
- Hi-Trend Technology’s various products rank highly in both the domestic and export markets. Its “three-phase metering chips” are consistently the best seller in the domestic market, while its “single phase System on Chip (SoC) chips” achieve higher exports than others. The company’s “single phase metering chips and “smart metering Microcontroller Unit (MCU) chips” rank second in the Chinese market. The “high speed carrier communication chips” supported by the company’s core design have obtained the first batch of approval by the China State Grid with official chip-level interconnection inspection report, leading to this chip gaining promising market share in the State Grid market and being the most popular in the Chinese integrated circuit market.
- Hongjiu Fruit is a fast-growing multibrand fruit company in China sourcing its fruits mainly from China, Thailand and Vietnam with an end-to-end supply chain.
- Hongjiu Fruit focuses on developing fruit products in categories that enjoyed fast-growing market share and high consumption values in China. By sales revenue in 2021 according to CIC, it is China’s largest Southeast Asian fruit supplier, the largest durian distributor, as well as one of the top five distributors of dragon fruit, mangosteen and longan. Hongjiu Fruit is continuing its growth and expansion of its fruit business, as well as consolidating its market position and share in China’s fresh fruit sector.
- the first sustainable development bond issuance in China by a supranational issuer
- the first sustainable development bond issuance in China conducted under the issuer’s sustainable development bond framework
- the first sustainable development bond issuance by an international development institution under the pilot program for social bonds and sustainability bonds launched by the National Association of Financial Market Institutional Investors (NAFMII) of China
- acquisition of 29.99% of shares through the negotiated private transfer, completed on February 23, 2022, making Zoomlion a controlling shareholder of RoadRover Technology; and
- tender offer for an additional 23.83% of RoadRover Technology, completed on May 9, 2022.
- The first bankruptcy and restructuring case under new legislation in which the court appointed the administrator according to the request of the applicant.
- The first bankruptcy and restructuring case handled by the Bankruptcy Adjudication Tribunal of the Shanghai Pudong New Area People’s Court since its official launch on January 7, 2022.
- the first green sovereign panda bond offering in the market;
- the first green bond offering on China’s debt market under the issuer’s Green Bond Framework established on the basis of the Green Bond Principles published by the International Capital Markets Association (ICMA), with use of proceeds meeting China’s Green Bond Endorsed Projects Catalogue (2021 Edition); and
- the first green sovereign bond offering under the pilot program for social bonds and sustainability bonds launched by the National Association of Financial Market Institutional Investors of China in November 2021.
Today, BeiGene listed on the Shanghai Stock Exchange’s STAR Market, becoming the first biotech company in the world to have shares traded in Chinese mainland, in Hong Kong and on the Nasdaq Board in the U.S. The registration for listing was granted by the China Securities Regulatory Commission on 16 November, 2021.
Fangda Partners advised BeiGene throughout on its US$3.5 billion (before over-allotment option is fully exercised) initial public offering and listing on the STAR Market. Our advice covered everything from legal issues relating to red-chip companies deciding to re-list on China’s stock exchanges, corporate governance, communications with regulators and close coordination with cross-border intermediaries. The listing involved following rules on corporate governance and securities supervision in several countries and regions, as well as ensuring compliance with listing rules in the three markets.
Since the commencement of the STAR Market in 2019, there have been three stages involving the transition of red-chip companies to having their shares listed as A-shares. In the first stage was the listing of companies (such as China Resources Microelectronics Limited and Ninebot Limited) that are not listed overseas when submitting their A-share listing applications. The second stage involved the listing of companies (such as Semiconductor Manufacturing International Corporation) that are listed in Hong Kong. And in this, the third stage, companies already listed in the U.S. and Hong Kong can now have their shares listed on the STAR Market.
Fangda has been deeply involved in all the representative listings in these three stages. Our work on the first-ever triple listing of a biotech company on the NASDAQ, HKEx and STAR Market is a reflection of our expertise in all the key legal issues related to multimarket-listed red-chip companies’ listing on the STAR Market and ability to understand the requirements of regulators. Fangda is therefore ideally positioned to advise on the return of other red-chip companies listed on overseas exchanges.
The Fangda team was led by partners Jeffrey Ding and Yvette Liu and supported by associates Yuan Fang, Travis Xu, Cassie Chang, Shirley Li and Lu He.
- CMB contemplates to bring in a strategic investor JPMorgan Asset Management (Asia Pacific) Limited (“JPMAMAPL”) to increase the registered capital of CMB’s wholly owned subsidiary CMB Wealth Management Co., Ltd. (“CMB Wealth Management”) in cash;
- JPMAMAPL will make a capital contribution of around RMB2.667 billion, of which around RMB0.556 billion shall be calculated in the registered capital of CMB Wealth Management. After the capital increase, JPMAMAPL will hold 10% equity interest in CMB Wealth Management; and
- Such capital increase shall be filed with China Banking and Insurance Regulatory Commission for approval.
- the first panda bond issued by an international development institution following the implementation of new panda bond rules for foreign governments and international development institutions at the end of 2020 in China
- ADB’s largest-ever borrowing in an Asian local currency