Herbert Smith Freehills has advised Hua Hong Semiconductor Limited (Hua Hong) on its US$360 million initial public offering (IPO) on the Hong Kong Stock Exchange.

The listing and offering of shares, which were priced on 9 October 2014 and traded six days later, included Rule 144A and Regulation S tranches. Proceeds from the IPO will be used to fund capacity expansion.

Hua Hong Semiconductor Limited is a global pure-play 200mm foundry, which focuses on manufacturing semiconductors on 200mm wafers for specialty applications. Hua Hong is ranked sixth amongst all the pure-play foundries worldwide. It currently has one of the largest 200mm wafer processing capacities in China, operating three factories in Shanghai. The semiconductors Hua Hong manufactures are incorporated into a wide range of products in diverse markets, including consumer electronics, communications, computing, and industrial and automotive.

The Herbert Smith Freehills team was led by Hong Kong-based partners Gary Lock, Kevin Roy and Matt Emsley. They were supported by senior associates Elisa Leung and Jackie Chen, associate Jessica Leung and trainees Jessica Mok and Maisie Ko. The firm previously advised Hua Hong on a merger with Grace Semiconductor Manufacturing Corp. in 2011.

Gary commented:

"We would like to congratulate Hua Hong on its successful listing. The Hong Kong capital markets are gaining momentum with renewed and increasing investor appetite. This is the second IPO, following La Chapelle's HK$1.6 billion offering, our firm has help launched this month. With corporate teams in Beijing, Shanghai and here in Hong Kong, our firm is well placed to help Chinese companies seize this window and list in Hong Kong."

Goldman Sachs (Asia) L.L.C. was the Sole Sponsor, Sole Global Coordinator, Sole Bookrunner and Joint Lead Manager of the Global Offering. BNP Paribas Securities (Asia) Limited and Daiwa Capital Markets Hong Kong Limited acted as Joint Lead Managers.