Linklaters advises on Sanhua Inteligent's US$1.2bn HKEX debut

Linklaters acted as the Hong Kong and US counsel for China International Capital Corporation Hong Kong Securities Limited and Huatai Financial Holdings (Hong Kong) Limited as joint sponsors and overall coordinators on the global offering and listing of H shares of Zhejiang Sanhua Intelligent Controls Co., Ltd. (Sanhua Intelligent) on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately US$1.2bn. 

Sanhua Intelligent is the world’s largest manufacturer of refrigeration and air-conditioning control components and a global leader in automotive thermal management system components. 

This is one of the largest IPOs on HKEX in 2025, and the cornerstone investors included, among others, Schroders, GIC and, Greenwoods.

The Linklaters team was led by Partner and Head of Greater China ECM Christine Xu and capital markets partner Lipton Li, with support from corporate counsel Samson Chan and Gary Tsang.

Partner and Head of Greater China ECM Christine Xu commented: 

“We are honoured to have worked on Sanhua Intelligent’s successful listing on HKEX. This landmark IPO highlights the company’s business strength and its appeal to international investors, adding momentum to the Hong Kong SAR IPO market. We are grateful for the trust our clients place in our team’s unique experience in complex cross-border transactions, especially HKEX listings in technology-driven sectors.”

Linklaters’ highly experienced Greater China ECM team provides seamless legal support on pre-IPO investments, IPOs, post-listing compliance and post-IPO equity financing, including recently advising on CATL's HKEX debut, and Chifeng Gold’s HKEX debut, as well as the placing of new shares for RoboSense, Laopu Gold and WEILONG Delicious.