King & Wood Mallesons (KWM) is advising GTA Semiconductor Co., Ltd. (GTA Semiconductor), an indirect wholly-owned subsidiary of China Electronics Corporation (CEC), on its privatisation of Advanced Semiconductor Manufacturing Corporation Limited (ASMC, HKEX Stock Code: 3355) by way of merger by absorption.
The total value of this transaction is approximately HK$2.3 billion. The H-shares of ASMC will be delisted from the Hong Kong Stock Exchange on 25 January 2019. KWM is acting for GTA Semiconductor as the offeror in respect of the laws of both Hong Kong and the PRC. CICC is the financial advisor to GTA Semiconductors.
“We are proud to act for CEC again. Following our previous representation in the privatisation of Great Wall Technology Company Limited by CEC and its wholly-owned subsidiary China Great Wall Computer Group Company in 2014, our involvement in this complex transaction represents our client’s recognition of our experience with state-owned enterprises and our in-depth knowledge on Takeovers Code matters to guide them in meeting the complex regulatory requirements throughout the transaction,” said Dr. Sheldon Tse, partner and Head of Corporate & Securities Practice of the Hong Kong office. “I would like to take this opportunity to acknowledge our seamless Hong Kong and PRC team’s efforts for ensuring the smooth delivery of this transaction within the expected timeline.” Sheldon added.
Gong Mulong, partner and Head of Finance and Capital Markets group added, “The privatisation is undertaken by way of merger by absorption, which is not often seen in the market. This transaction also requires the combined efforts of the KWM Hong Kong, Beijing and Shanghai offices to offer on the ground support to deal with certain unique issues throughout the process, as well as corporate, securities, tax and antitrust matters related to Hong Kong and PRC laws.”
The KWM Hong Kong, Beijing and Shanghai team is led by Dr. Sheldon Tse, partner and Head of Corporate & Securities Practice, Gong Mulong (Beijing), partner and Head of Finance and Capital Markets group, along with partners of the Regulatory & Compliance group Tony Dong (Tax, Beijing) and Chai Zhifeng (Antitrust, Shanghai).