Davis Polk, Zhong Lun and Clifford Chance advised on Zhongji InnoLight’s $7 billion Hong Kong IPO.
Zhongji InnoLight Co., Ltd., a leading global provider of optical interconnect solutions, completed its H-share initial public offering and listing on the Main Board of the Hong Kong Stock Exchange, raising approximately HK$53.41 billion (US$7 billion) before the exercise of the over-allotment option, with the offering size increasing to approximately HK$61.4 billion (US$8 billion) if fully exercised.
The transaction represents Hong Kong’s largest IPO in nearly seven years, the largest IPO in the history of the global optical communications industry, and the largest “A to H” IPO in Hong Kong’s history. Goldman Sachs, CICC, Morgan Stanley and GF Securities acted as the joint sponsors.
Davis Polk advised Zhongji InnoLight on the global offering and Hong Kong listing.
The corporate team included partner – registered foreign lawyer Li He, partners Jason Xu and Ran Li, counsel Haiyang Zhao, registered foreign lawyer Kailai (Claire) Xiong and associate Andrew Pu. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Associate Saloni Pant and Amanda Cohen provided 1940 Act advice.
Zhong Lun Law Firm acted as the issuer’s PRC legal counsel, providing comprehensive legal services in connection with the listing.
The project team was led by partner Anthony Zhao, with partners William Jia and John Shen, and associate Crystal Li serving as signing lawyers; it also included Alex Bai and others. In addition, partner Jeffrey Liu and associate Yueqin Zhang advised on the issuer’s data compliance matters.
Clifford Chance advised the joint sponsors and underwriters – Goldman Sachs, CICC, Morgan Stanley and GF Capital on the IPO.
Partners Fang Liu, Virginia Lee and Janet Fok co-led the transaction with support from counsel Carson Wong, senior associates Ada Zheng and Francine Chang, associates Hester Choi, Maybel Qian and Edric Lam, trainee solicitors Patrick Zhang, Donald Tsang and Kristy Lam, paralegal Phoebe Liu and legal analysts Joanne Liu and Vivian Li. Partner Jean Thio also provided support on the transaction.
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