Fibocom Wireless completed its global offering and H-share listing on the Hong Kong Stock Exchange (HKEX), achieving a market capitalization of $2.5 billion and raising gross proceeds of $374 million.
The offering consisted of a Hong Kong public offering and an international offering in reliance on Regulation S. The Hong Kong public offering was oversubscribed more than 500 times. In the international offering, 10 cornerstone investors subscribed for H shares totaling $161 million.
Fibocom is the second largest wireless communication module provider globally with a market share of 15.4 percent and holds leading positions in market share rankings in multiple downstream application scenarios, including automotive electronics, smart home and consumer electronics.
S&C acted as Hong Kong and U.S. counsel to CITIC Securities (Hong Kong) as the sole sponsor and CLSA Limited, SDICS International Securities (Hong Kong), CMB International Capital, ABCI Securities Company, China Sunrise Securities (International) and Futu Securities International (Hong Kong) as the underwriters.
The S&C team was led by Gwen Wong and included Jeffrey Lee and Bella Wang.