Orrick Advises Qingdao Haier on First-Ever Frankfurt Stock Exchange D-Shares Listing by a China-Based Company


Deutsch: Orrick berät Qingdao Haier bei erster D-Shares Notierung eines chinesischen Unternehmens im Frankfurter CEINEX

Orrick has advised Qingdao Haier, a Fortune Global 500 company headquartered in China and the world’s leading household appliances manufacturer, on its IPO and listing in the Prime Standard of the regulated market on the Frankfurt Stock Exchange.

This is the first-ever listing of shares of a China-based company on the Frankfurt Stock Exchange’s CEINEX D-Share market. CEINEX (China Europe International Exchange) is a joint venture between the Shanghai Stock Exchange, Deutsche Börse Group and China Financial Futures Exchange.

The D-Shares are a separate class of shares alongside the existing A-Shares of Qingdao Haier, which are listed on the Shanghai Stock Exchange.

Orrick’s German, China and U.S. offices advised Haier on both German and U.S. law aspects of the offering. This included advice on various disclosure matters in the prospectus, including those relating to the cornerstone investments made prior to the listing, as well as Qingdao Haier’s €475 million acquisition of Italian Candy S.p.A. announced earlier this month. The firm also advised Haier on international trade compliance and related disclosure matters to help facilitate the offering.

This continues the firm’s work counseling Chinese companies in their European investments. Most recently, Orrick advised JD.com, China's largest online retailer, in its $397 million investment in London-based Farfetch, as well as in Farfetch’s $5.8 billion IPO on the New York Stock Exchange.

The Orrick team was led by partners Timo Holzborn, Xiang Wang, Harry Clark, Jeffrey Sun, Betty Louie and Jeff Zhang, and included associates Olexiy Oleshchuk, Yalan Lei and Victor Zhang.