Advestra advises Keda Industrial Group and Ningbo Shanshan on their GDR offerings and listings on SIX Swiss Exchange

Keda Indus­tri­al Group Co., Ltd. and Ningbo Shan­shan Co., Ltd. were among the first com­pan­ies which suc­cess­fully lis­ted glob­al depos­it­ary receipts (GDRs) on SIX Swiss Exchange. The GDRs were admit­ted to trad­ing and lis­ted on 28 July 2022. Keda Indus­tri­al Group, whose A shares are lis­ted on the Shang­hai Stock Exchange, raised gross pro­ceeds in the amount of approx. USD 173 mio. from the offer­ing of GDRs and Ningbo Shan­shan, whose A shares are lis­ted on the Shen­zhen Stock Exchange, in the amount of approx. USD 319 mio. China Inter­na­tion­al Cap­it­al Cor­por­a­tion (UK) Lim­ited and China Inter­na­tion­al Cap­it­al Cor­por­a­tion Hong Kong Secur­it­ies Lim­ited acted as Joint Book­run­ners in the offer­ing of the Keda Indus­tri­al Group’s GDRs while Huatai Fin­an­cial Hold­ings (Hong Kong) Lim­ited and Guo­tai Jun­an Secur­it­ies (Hong Kong) Lim­ited acted as Joint Glob­al Coordin­at­ors and, togeth­er with CLSA and Haitong Inter­na­tion­al, as Joint Book­run­ner in the offer­ing of Ningbo Shan­shan’s GDRs.

Advestra acted as Swiss leg­al coun­sel to Keda Indus­tri­al Group and Ningbo Shan­shan. The team included Annette Weber, Thomas Reut­ter, Alex­an­der Fisch, Fabi­an Wild and Levy Corba (all Cap­it­al Mar­kets) and Céline Mar­tin (Tax).