NKF & Clifford Chance on Will Semiconductor SIX Listing 

Niederer Kraft Frey has advised J.P. Morgan Securities and UBS on the offering of global depositary receipts (GDRs) and SIX Swiss Exchange listing of Will Semiconductor Shanghai under the China-Switzerland Stock Connect.

The semiconductor designer company, whose A Shares are listed on Shanghai Stock Exchange, sold 31,000,000 GDRs representing one A Share each at an offer price of USD 14.35, raising gross proceeds of approximately USD 445.0 million from the offering. Trading in the GDRs on SIX Swiss Exchange commences on 10 November 2023.

Headquartered in Shanghai, Will Semiconductor specializes in the production of semiconductors and related components for applications such as mobile communication, vehicle-mounted electronics, security, internet communication, and household appliances.  

The NKF team advising on the transaction was co-led by capital markets partners Philippe Weber (pictured left) and Daniel Bono (pictured right), working with associates Thiago Claro and Manuel Hirlinger (both capital markets).

International law firm Clifford Chance has also provided legal counsel to J.P. Morgan Securities and UBS. A cross-border team led by China co-managing partner Tim Wang and partner Jean Thio, with support from counsel Lorna Lyu, senior associate Joy Chen, associate Ashley Sun, and legal analyst Yuxuan Liu in Shanghai, London, and Washington, DC, advised on the offering and listing. 

Suzan Abdien Hago Taha