29 January, 2019
King & Wood Mallesons (KWM) is advising GTA Semiconductor Co., Ltd. (GTA Semiconductor), an indirect wholly-owned subsidiary of China Electronics Corporation (CEC), on its privatisation of Advanced Semiconductor Manufacturing Corporation Limited (ASMC, HKEX Stock Code: 3355) by way of merger by absorption.
The total value of this transaction is approximately HK$2.3 billion. The H-shares of ASMC will be delisted from the Hong Kong Stock Exchange on 25 January 2019. KWM is acting for GTA Semiconductor as the offeror in respect of the laws of both Hong Kong and the PRC. CICC is the financial advisor to GTA Semiconductors.
“We are proud to act for CEC again. Following our previous representation in the privatisation of Great Wall Technology Company Limited by CEC and its wholly-owned subsidiary China Great Wall Computer Group Company in 2014, our involvement in this complex transaction represents our client’s recognition of our experience with state-owned enterprises and our in-depth knowledge on Takeovers Code matters to guide them in meeting the complex regulatory requirements throughout the transaction,” said Dr. Sheldon Tse, partner and Head of Corporate & Securities Practice of the Hong Kong office. “I would like to take this opportunity to acknowledge our seamless Hong Kong and PRC team’s efforts for ensuring the smooth delivery of this transaction within the expected timeline.” Sheldon added.
Gong Mulong, partner and Head of Finance and Capital Markets group added, “The privatisation is undertaken by way of merger by absorption, which is not often seen in the market. This transaction also requires the combined efforts of the KWM Hong Kong, Beijing and Shanghai offices to offer on the ground support to deal with certain unique issues throughout the process, as well as corporate, securities, tax and antitrust matters related to Hong Kong and PRC laws.”
The KWM Hong Kong, Beijing and Shanghai team is led by Dr. Sheldon Tse, partner and Head of Corporate & Securities Practice, Gong Mulong (Beijing), partner and Head of Finance and Capital Markets group, along with partners of the Regulatory & Compliance group Tony Dong (Tax, Beijing) and Chai Zhifeng (Antitrust, Shanghai).
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金杜助力积塔半导体以23亿港元对上海先进半导体制造股份有限公司进行私有化 |
金杜律师事务所助力中国电子信息产业集团有限公司（简称“中国电子”）的间接全资子公司上海积塔半导体有限公司（简称“积塔半导体”）以吸收合并方式对上海先进半导体制造股份有限公司（简称“ASMC”，香港联交所股票代码：3355）进行私有化提供法律服务。
本次交易的总价值约23亿港元。ASMC将于2019年1月25日从香港联交所退市。金杜团队在此次交易中担任积塔半导体的香港法和中国法的法律顾问。中金公司担任积塔半导体的财务顾问。
对于此交易，香港办公室合伙人兼公司和证券部主管谢晓东博士表示：“我们很荣幸能再次为中国电子提供法律服务。继我们于2014年为中国电子及其全资子公司中电长城计算机集团公司对长城科技股份有限公司进行私有化以来，再次助力中国电子此次复杂交易。这足以证明客户认可我们协助国有企业的丰富经验及对香港《收购守则》的深度理解，以协助中国电子通过整个交易过程中的各种复杂监管要求。我也借此机会感谢我们三地无缝衔接的合作，确保在预期时间内顺利完成此交易。”
金融资本部负责合伙人龚牧龙也表示：“本次以吸收合并方式进行的私有化交易在市场上为数不多。金杜香港、北京和上海办公室组成的团队为本项目提供了本地支持，共同处理在此次交易中遇到的独特问题以及与公司、证券、税务和反垄断有关的各项中国法和香港法问题。”
该项目团队由来自金杜香港、北京和上海的团队组成，合伙人包括香港办公室公司和证券部主管谢晓东博士、金融资本业务负责合伙人龚牧龙（北京），合规业务部团队合伙人董刚（税务，北京）以及上海办公室合规业务部柴志峰（反垄断，上海）。
