Freshfields, JunHe, King & Wood and Jingtian & Gongcheng have counselled on Three-Circle Group’s HKEX debut on 9 July, raising around HKD7.16 billion (USD913 million), completing the electronic ceramic components company’s dual listing following its SZSE IPO in 2014.
The company issued around 71.36 million H shares at HKD100.3 each, achieving a market capitalisation of nearly HKD200 billion at the opening of trading. China Galaxy International acted as the sole sponsor.
Freshfields acted for Three-Circle on Hong Kong and US lawwith the team led by Richard Wang, head of the firm’s China equity capital markets practice, and partner Howie Farn. JunHe advised on PRC law, sanctions and export controls through its Shanghai and Hong Kong offices, and on international sanctions and export controls through its New York branch. Partners Shao Chunyang and Feng Cheng led the team.
King & Wood counselled the underwriters on Hong Kong law, with partner Anthony Wan leadiong the team. Jingtian & Gongcheng advised on PRC law.
Headquartered in Chaozhou, Guangdong province, Three-Circle Group has more than 55 years of operating history, and specialises in electronic ceramic materials and components. Its products are used in communications, AI and data centres, consumer electronics, automotive electronics, as well as semiconductor manufacturing and packaging.
The prospectus stated that the IPO proceeds would mainly be used to invest in new overseas projects and expansion, automation, technology upgrades and materials innovation, as well as for working capital and other general corporate purposes.
