Herbert Smith Freehills and King & Wood Mallesons have advised Chinese custom chipmaker Hua Hong Semiconductor on its HK$2.79 billion ($360 million) initial public offering on the Hong Kong Stock Exchange, while Simpson Thacher & Bartlett and Fangda Partners represented the joint lead managers.
Hua Hong took on two cornerstone investors for a combined $25 million worth of shares. Tongfang Guoxin Electronics committed an investment of $15 million, while Cypress Semiconductor Technology put up $10 million, IFR Asia, a Thomson Reuters publication, reported.
The company will use most of the proceeds to expand its manufacturing capacity.
The Herbert Smith Freehills team that advised Hua Hong was led by Hong Kong partners Gary Lock, Kevin Roy and Matt Emsley. King & Wood Mallesons advised the chipmaker on PRC law.
Goldman Sachs (Asia) was the sole sponsor, global coordinator and bookrunner of the global offering, and a joint lead manager along with BNP Paribas Securities (Asia) and Daiwa Capital Markets Hong Kong.
A Simpson Thacher team led by Hong Kong partners Chris Wong and Chris Lin and New York tax partner Rob Holo represented the banks on the transaction, while Fangda Partners advised on PRC law.
