Clifford Chance and Fangda Partners have advised Huatai Securities (HTSC), one of China’s largest brokerages, on the listing of its global depository receipts (GDR) through a programme linking the Shanghai Stock Exchange with the London Stock Exchange (LSE).

Linklaters and King & Wood Mallesons advised the underwriters. 

With this listing, HTSC became the first Chinese company to use the Shanghai-London Stock Connect. It was also the biggest IPO in the UK since 2017, and the biggest IPO in the global GDR market since 2013.

The Stock Connect initiates a mechanism connecting the capital pools that exist in Shanghai and London via a two-way depositary receipt programme, which allows Chinese Shanghai-listed companies to obtain a listing of GDRs in London and allows London listed companies to obtain a listing of Chinese depositary receipts in Shanghai. 

The Clifford Chance team was led by partners Amy Lo (Hong Kong), Jean Thio (Shanghai), and Lain Hunter (London), with support from China Co-Managing Partner Tim Wang and partner Maggie Zhao(London). The Fangda team was led by partner Wu Dong.

The Linklaters team was led by partners Pam Shores and Tom Thorne (London), John Xu (Shanghai), and Hong-Kong based partner Iris Leung. And the KWM team was led by Beijing partners Gu Mulong and Su Zheng.  

高伟绅、年利达等共同助力华泰证券首单“沪伦通”项目

高伟绅律师事务所和方达律师事务所代表华泰证券股份有限公司（“华泰证券”）按“沪伦通”交易机制在伦敦证券交易所的首单全球存托凭证发行上市项目提供法律服务。

年利达律师事务所和金杜律师事务所在本项目中为承销商提供法律服务。

华泰证券因此成为“沪伦通”机制下首个上市的中国公司。本次融资也是2017年以来因看各国最大的IPO、2013年以来全球存托凭证市场最大的IPO。

沪伦通机制的创新之处在于，通过双向存托凭证机制实现上海和伦敦资本市场的互联互通。沪伦通机制允许上交所上市公司可将其全球存托凭证在伦交所上市并连通全球投资者，同时也能使伦交所大型上市公司将其存托凭证在上交所上市发行。

高伟绅团队由香港办事处合伙人罗秀娴律师、上海办事处合伙人张珮真律师和伦敦办事处合伙人Lain Hunter律师领导，高伟绅中国区联席管理合伙人王彦峰律师和伦敦办事处中国业务部联席主管合伙人赵闽娇律师提供专业支持。方达团队由合伙人吴冬律师主导。

年利达团队的负责合伙人包括伦敦办公室的Pam Shores和Tom Thorne，以及上海办公室的徐宏律师和香港办公室的梁美琪律师。金杜团队负责本项目的合伙人是北京办公室的龚牧龙律师和苏峥律师。

To contact the editorial team, please email ALBEditor@thomsonreuters.com.