On February 22, 2023, Zhejiang Hangke Technology Incorporated Company (“Hangke Technology”, stock code: 688006), a leading li-ion cell back-end equipment manufacturer in China, successfully issued Global Depositary Receipts (“GDRs”), that were listed on the SIX Swiss Exchange (the “Swiss Exchange”) (hereinafter referred to as the “Project”). In the Project, 12,625,697 GDRs (representing 25,251,394 underlying A shares) were issued at a price of USD 13.69 per GDR, raising approximately USD 173 million in total.
This was the first successful issuance and listing of GDRs on the Swiss Exchange by a company listed on the STAR Market and it has set a historical milestone.
Hangke Technology was one of the first enterprises to be listed on the STAR Market. As a leading li-ion cell back-end equipment manufacturer in China, Hangke Technology is engaged in the design, R&D, production and sale of post-processing systems for li-ion cell production lines. It has core technologies and capabilities in the R&D and production of equipment for post-processing systems such as charge and discharge machines and inner resistance testers. It provides various post-processing system equipment for li-ion cell production lines to Samsung, LG, SK, Sony (Murakata), CATL, ATL-ND, BYD, EVE, Gotion High-Tech, Lishen and other well-known li-ion cell manufacturers in China and other countries.
As the domestic legal counsel to the issuer in the Project, JunHe conducted domestic legal due diligence, issued PRC legal opinions that were submitted to the regulatory authorities, reviewed the company’s internal decision-making documents, and completed the domestic regulatory approval procedures. JunHe’s team reviewed the transaction documents, wrote chapters for the prospectus, and prepared and published domestic and overseas announcements. With the assistance of JunHe, Hangke Technology successfully issued GDRs that were listed on the Swiss Exchange. JunHe has received the recognition and trust of the client and the other intermediaries for its rigorous and efficient working style and meticulous and dedicated service attitude.
The Project was led by ZHANG, Xingzhong, YU, Yongqiang (YY) and SHI, Yun, and internally reviewed by ZHOU, Fang.