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16 March 2023

Fangda Carbon New Material Co., Ltd., an integrated carbon materials producer in in the People's Republic of China with diversified product offerings, including graphite electrodes, carbon blocks, isostatic graphite and iron ore concentrates, sold 22m global depositary receipts (GDRs) at an offer price of USD 8.63 per GDR and listed on 15 March 2023 a total number of 57'089'555 GDRs on the SIX Swiss Exchange (ISIN: US30712D1072, ticker: FDCB), thereby successfully tapping the Swiss capital market and raising gross proceeds of approximately USD 190m. Each GDR represents ten A shares of Fangda, which in turn are listed on the Shanghai Stock Exchange (600516.SH).

Citibank N.A. acted as depositary bank, whereas Huatai Financial Holdings (Hong Kong) Limited acted as sole global coordinator and, together with CLSA Limited, ABCI Securities Company Limited, China Galaxy International Securities (Hong Kong) Co., Limited and GF Securities (Hong Kong) Brokerage Limited, as joint bookrunner.

VISCHER acted as Swiss issuer's counsel and SIX listing agent for Fangda, whereas King Wood & Mallesons advised Fangda as issuer's international counsel. The VISCHER team comprised partner Dr. Adrian Dörig, Counsel Dr. Peter Kühn and Senior Associate Christian Schneiter (all Capital Markets) as well as Christoph Niederer (Partner, Tax), Patrik Fisch (Senior Associate, Tax), Lukas Züst (Counsel, Head China Desk) and Qinqin Yao (Legal Expert, China Desk).

Categories: Banking & Finance, China Desk, Deals & Cases

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