Sidley represented BaTeLab Co., Ltd. (HKEX: 2149) (BaTeLab) as Hong Kong and U.S. counsel in its initial public offering (IPO) and H share listing on the Main Board of The Stock Exchange of Hong Kong (HKEX). The IPO raised gross proceeds of approximately HK$412.1 million (US$ 52.8 million). China International Capital Corporation Hong Kong Securities Limited acted as the sole sponsor in the transaction.
“The Sidley team has played a critical role in the IPO. We were deeply impressed by its professionalism, dedication and efficient project execution, management and communication skills,” commented Zhen Li and Guangping Zhang, co-founders of BaTeLab. “Lead partner Meng Ding, a Ph.D. in Semiconductor Physics, has profound knowledge in the semiconductor industry, as well as deep insights and excellent analytic skills. With Dr. Ding’s leadership, the Sidley team produced an extremely professional and high quality prospectus, which played a vital role in our successful IPO.”
BaTeLab is the largest provider of analog IC patterned wafers in China by revenue, according to Frost & Sullivan. It is also the first IC design company listed in Hong Kong in the last decade. BaTeLab delivers analog IC patterned wafers with completed built-on circuits, which can then be fabricated into individual IC chips after standard and straightforward packaging and testing steps performed by its downstream customers. Unlike traditional IC companies, BaTeLab has developed the only full-stack design platform in China integrating the entire analog IC design chain, including EDA, IP and design. It offers approximately 400 types of diversified industrial-grade analog IC-patterned wafer products across seven subcategories, namely switching regulators, multi-channel ICs and PMICs, linear regulators, battery management ICs, monitoring and modulating ICs, driver ICs, and linear products, in the power management category and the signal chain category. BaTeLab’s products have empowered numerous downstream customers, including well-known brand-name manufacturers and industry-leading chip design companies, in various application fields, such as automotive electronics, healthcare, industrial automation, industrial Internet of Things, industrial lighting, instrumentation, communications, electric power, energy storage and consumer electronics.
The Sidley team was led by partners Meng Ding and Claudia Yu. Other team members included senior managing associate Liming Xu, senior associate Patrick Leung, associates Yiming Chen and Melinda Li, China advisor Junlang Chen, senior legal assistants Wendy Ho, Yuchen Ni and Jianwen Wang, and legal assistant Yinfeng Zhang.
Sidley is one of the international law firms which represented the largest number of Chinese companies in Hong Kong IPOs. It has been ranked by Chambers Greater China Region/Asia Pacific for equity capital markets for more than a decade, and has received a number of independent recognitions from publications such as Financial Times APAC Innovative Lawyers, China Business Law Journal, The Asset and Legal 500 APAC. Sidley is highly recognized in innovative and trend-setting IPOs and has completed a number of high-profile transactions in recent years.