Beijing E-Town Semiconductor Technology raised RMB 2.5 billion in its Shanghai debut on the Star Market, with the assistance of King & Wood Mallesons (KWM) and Zhong Lun Law Firm.
E-Town issued 300 million shares at RMB8.45 each, debuting at RMB26.20 on its first trading day — a 210% premium over the offer price — with its market capitalisation exceeding RMB77 billion.
KWM acted as the issuer’s counsel, with Beijing managing partner Gong Mulong and partners Li Yuanyuan and Wang Ning leading the team. Partner Dai Menghao, a specialist in trade compliance, provided support. Zhong Lun partner Du Wei advised lead underwriter Guotai Junan Securities.
This listing comes amid a surge of semiconductor makers in China seeking to capitalise on favourable market conditions. Companies including CXMT, Unisoc, MetaX Integrated Circuit and Shanghai Super Silicon have all recently begun their IPO process.
E-Town’s path to listing faced significant hurdles. After submitting its prospectus in June 2021 and securing approval in August that year, its registration process was stalled for three years when auditor PwC became embroiled in Evergrande Property’s accounting scandal. The company eventually switched to KPMG Huazhen in November last year and updated its financials before resubmitting its registration to complete the IPO.
E-Town is the world’s second-largest semiconductor dry strip equipment supplier. Its global clientele includes TSMC, Samsung Electronics, Intel and SMIC, with operations across China, the US, Germany, South Korea and Japan.