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5.22.26
Wilson Sonsini Advises WuXi AppTec on Issuance of RMB6,780 Million USD Settled Zero Coupon Convertible Bonds Due 2027
On May 21, 2026, all the conditions precedent under the subscription agreement dated May 14, 2024, entered into between WuXi AppTec Co., Ltd. (WuXi AppTec), Morgan Stanley Asia Limited, Citigroup Global Markets Limited, and Goldman Sachs (Asia) L.L.C. have been fulfilled and the issuance of the RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the Bonds) in an aggregate principal amount of RMB6,780 million was completed. The net proceeds from the subscription of the Bonds, after deducting the managers’ commissions and expenses in connection with the offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90 percent will be used for global capacity and capability expansion and (b) approximately 10 percent will be used for general corporate purposes. A formal application has been made to the Vienna Stock Exchange for the listing of the Bonds on the Vienna Stock Exchange.
Client Highlights
12.23.24
Wilson Sonsini Advises Shenzhen Dobot on IPO and SEHK Listing, the Third Chapter 18C Listing in Hong Kong
On December 23, 2024, Shenzhen Dobot Corp Ltd (Shenzhen Dobot) successfully listed on the Main Board of the Stock Exchange of Hong Kong (SEHK), raising approximately HK$752 million (US$96.7 million) from its IPO, or approximately HK$864.8 million (US$111.2 million) if the underwriters exercise their over-allotment option in full. Shenzhen Dobot is the third specialist technology company that has successfully listed under Chapter 18C of the Hong Kong Listing Rules, a regime introduced by the SEHK in March 2023 for technology companies. Wilson Sonsini Goodrich & Rosati acted as issuer’s U.S. and Hong Kong counsel in the IPO and SEHK listing. To date, Wilson Sonsini has handled two of the three companies that have completed listings under Chapter 18C, demonstrating its leadership in the technology listing regime.
Client Highlights
12.22.23
Wilson Sonsini Advises Pu’er Lancang on IPO
On December 22, 2023, Pu’er Lancang Ancient Tea Co., Ltd. (Pu’er Lancang) successfully listed on the Main Board of the Stock Exchange of Hong Kong (SEHK), raising approximately HK$224.7 million (US$28.8 million) from its IPO, or approximately HK$258.4 million (US$33.1 million) if the underwriters exercise their over-allotment option in full. Wilson Sonsini Goodrich & Rosati acted as the issuer’s U.S. and Hong Kong counsel in the IPO and SEHK listing.
Client Highlights
12.12.23
Wilson Sonsini Advises Yan Palace on IPO
On December 12, 2023, Xiamen Yan Palace Bird’s Nest Industry Co., Ltd. (Yan Palace) successfully listed on the Main Board of the Stock Exchange of Hong Kong (SEHK), raising approximately HK$310.4 million (US$39.8 million) from its IPO, or approximately HK$357.0 (US$45.8 million) million if the underwriters exercise their over-allotment option in full. Wilson Sonsini Goodrich & Rosati acted as issuer’s U.S. and Hong Kong counsel in the IPO and SEHK listing.
Client Highlights
11.17.23
Firm Advises WuXi XDC on US$470 Million Hong Kong IPO
On November 17, 2023, WuXi XDC Cayman Inc. (WuXi XDC) was successfully listed on the Main Board of the Stock Exchange of Hong Kong, raising approximately HK$3,676 million (US$470 million) from its IPO, or approximately HK$4,070.7 million (US$520.4 million) if the underwriters fully exercise their over-allotment option, making it the third largest IPO and the largest biotech IPO in Hong Kong this year to date. Wilson Sonsini Goodrich & Rosati acted as issuer’s U.S. counsel in the IPO and Hong Kong listing. The firm also acted as the U.S. and Hong Kong counsel of WuXi AppTec Co., Ltd., a controlling shareholder of WuXi XDC (WuXi AppTec), in connection with this transaction.
Client Highlights
9.28.23
Firm Advises Underwriters on ZX Inc. IPO and HKSE Listing
On September 28, 2023, ZX Inc. successfully listed on the Main Board of the Stock Exchange of Hong Kong, raising approximately HK$266 million (US$34.0 million) from a global offering of 18,976,000 shares. Wilson Sonsini Goodrich & Rosati acted as Hong Kong and U.S. counsel to joint sponsors China International Capital Corporation Hong Kong Securities Limited and China Securities (International) Corporate Finance Company Limited, in addition to the underwriters, in the global offering and listing.
Client Highlights
11.07.22
Wilson Sonsini Represents AIWAYS in Merger with CLEU
On November 3, 2022, AIWAYS Holdings Limited, a global new energy vehicle brand, and China Liberal Education Holdings Limited, a China-based education company, announced that they have entered into an agreement and plan of merger, pursuant to which AIWAYS will merge with a wholly-owned subsidiary of CLEU, and the issued and outstanding share capital of AIWAYS will be cancelled in exchange for newly issued shares of CLEU on the terms and conditions set forth therein in a transaction exempt from the registration requirements under the Securities Act of 1933, as amended. The transaction values AIWAYS at an equity value of US$5.5 billion and CLEU at an equity value of approximately US$37.9 million. Upon consummation of the transaction, AIWAYS will become a wholly-owned subsidiary of CLEU.
Client Highlights
7.14.22
Firm Advises Nano Labs on IPO and Listing on the Nasdaq
On July 12, 2022, Nano Labs Ltd. announced the pricing of its initial public offering of 1,770,000 American depositary shares (ADSs) at a price to the public of US$11.50 per ADS. The ADSs began trading on the Nasdaq Global Market on July 12, 2022, under the symbol “NA.” Wilson Sonsini Goodrich & Rosati acted as U.S. counsel to Nano Labs in the offering.
Client Highlights
9.23.21
Wilson Sonsini Advises on Ossen Innovation’s Going-Private Transaction
On September 9, 2021, Ossen Innovation Co., Ltd. (Ossen Innovation), a China-based manufacturer of an array of plain surface, rare earth, and zinc coated pre-stressed steel materials, announced that it has completed its merger with New Ossen Innovation Limited, a special-purpose vehicle wholly owned by New Ossen Group Limited, a subsidiary of Pujiang International Group Limited. As a result of the merger, Ossen Innovation has become a wholly owned subsidiary of New Ossen Group Limited and ceased to be a publicly traded company. Wilson Sonsini Goodrich & Rosati acted as the U.S. legal counsel to Pujiang International Group Limited in the transaction.
Client Highlights
12.18.20
Wilson Sonsini Advises Pujiang International Group in Ossen Innovation’s Going-Private Transaction
On December 17, 2020, Ossen Innovation Co., Ltd., a China-based manufacturer of an array of plain surface, rare earth, and zinc coated pre-stressed steel materials, announced that it has entered into a definitive agreement and plan of merger, pursuant to which Ossen Innovation will merge with a special-purpose vehicle that shall, at the effective time of the merger, become an indirect wholly owned subsidiary of Pujiang International Group Limited. Wilson Sonsini Goodrich & Rosati acted as the U.S. legal counsel to Pujiang International Group.
Client Highlights
7.06.20
Wilson Sonsini Advises Ebang in $100 Million IPO
On June 30, 2020, Ebang International Holdings Inc. (Ebang), a leading application-specific integrated circuit (ASIC) chip design company and a leading manufacturer of high-performance Bitcoin mining machines, announced the closing of its initial public offering of 19,264,337 Class A ordinary shares at US$5.23 per Class A ordinary share, raising a total of approximately $100.8 million. The shares began trading on June 26 on the Nasdaq Global Select Market under the symbol "EBON," and closed on June 30.