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Zhong Lun Advises GalaxyCore’s Red-chip IPO on the SSE STAR Market

Release time：2021-08-18 Voice Announcements

On August 18, 2021, GalaxyCore Inc (“GalaxyCore", 688728.SH) successfully launched its initial public offering and got listed on the SSE STAR Market. 249,888,718 shares were offered at an issue price of RMB 14.38 per share, with a total of RMB 3.593 billion raised.

Incorporated in the Cayman Islands, GalaxyCore is the first privately owned red-chip company to list through A-share offering on the SSE STAR Market, and the first of its kind to implement a large-scale ESOP prior to IPO. GalaxyCore is also the second red-chip company, after Ninebot, to have existing foreign shareholders sell their shares at the IPO.

Zhong Lun acted as GalaxyCore’s legal advisor in the IPO and provided comprehensive and multi-dimensional legal services. This project is another red-chip A-share IPO represented by Zhong Lun, following Ninebot, on the SSE STAR Market. Zhong Lun is the only law firm that has successfully advised on both types of red-chip A-share IPOs – A-share offering and CDR offering. The way the firm dealt with these cases may provide useful reference for subsequent red-chip A-share listings.

The Zhong Lun team was led by Anthony Zhao and Kejun Guo. Partners Qiming Yao, Sammy Hsia, and John Shen handled the case with the help of team members including Wenhao Ding, Jorah Zhou, Yijing Hu, and Lei Jiao. Anderson Zhang, Mark Gao, Jane Yao, and Frederick Hui provided support within their respective areas of expertise, showcasing the strength of Zhong Lun as an integrated full-service law firm.

GalaxyCore, a leading company specializing in semiconductor and integrated circuit design in China, has gained a strong foothold around the world. It mainly focuses on developing, designing, and marketing CMOS image sensors and display driver chips. The Zhong Lun team, originally led by Anthony Zhao when GalaxyCore was founded, has been providing long-term legal services for its financing and investment, upholding Zhong Lun’s vision of growing with clients.

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Zhong Lun Advises GalaxyCore’s Red-chip IPO on the SSE STAR Market