Linklaters advises on HK$500m Block Trade

  • Linklaters acts for a major investment bank on the secondary sell down by the controlling shareholder of Hua Hong Semiconductor Limited, Sino-Alliance International, Ltd.
  • The transaction is valued at just under HK$500m and represents 2.69% of Hua Hong Semiconductor Limited

Global law firm Linklaters has successfully advised a major investment bank in its role as Placing Agent on the secondary sell down by the controlling shareholder of Hua Hong Semiconductor Limited, Sino-Alliance International, Ltd (a company listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 1347).

 

The transaction process utilised an approach incorporating a pre-launch announcement – a new and highly transparent strategy emerging in the Hong Kong market in deals of this nature.  

 

Craig Dally, Corporate partner for Linklaters, has worked with a number of leading investment banks in the region across many of the most significant block trades, and has been at the forefront of various industry reforms in the block trade area, including the establishment and revision of an industry standard form block trade agreement, developed with ASIFMA, the independent, regional, trade association which promotes the development of capital markets in Asia.  He said: “Working on this transaction was particularly pleasing as we had a chance to explore further the potential of these structures.”

Linklaters has consistently held the position of market-leaders in advising on block trades. In 2017, the firm advised on some of the largest block trades in Hong Kong, including: Shanghai Fosun Pharma, Huaneng Renewables, HKT Ltd., China CITIC Bank Corp Ltd., ANTA Sports Products Ltd. and UK Rusal.