Baker McKenzie Advises on CIG Shanghai Co., Ltd.'s HKD 1.98 Billion H Share Placing

Baker McKenzie has advised on the Hong Kong IPO (completed in October 2025 on the Main Board of the Stock Exchange of Hong Kong, raising approximately HKD 4.6 billion or about USD 589 million) and the subsequent placing of new H shares by CIG Shanghai Co., Ltd. (CIG), the company's first follow-on equity transaction under a general mandate. CIG placed 15,600,000 new H shares, raising approximately HKD 1,975.90 million (approximately USD 250 million). Baker McKenzie acted for the joint placing agents. Guotai Junan Securities (Hong Kong) Limited and Merrill Lynch (Asia Pacific) Limited acted as the joint overall coordinators, joint placing agents and capital markets intermediaries, and Open Securities Limited was a joint placing agent.

Listed on the Hong Kong Stock Exchange (stock code: 6166) and the Shanghai Stock Exchange (stock code: 603083), CIG is a global and industry-leading company that provides critical infrastructure components supporting the development of AI. It is one of the few global companies offering high-efficiency and instant connectivity solutions across photonics, broadband and wireless technologies. Proceeds from the placing will be applied to the strategic stockpiling of the core components, supplementing the group's working capital and other general corporate purposes, with an aim to support its sustainable development and accelerate the implementation of its globalization strategy.

The Baker McKenzie team was led by Christina Lee, Partner and Head of the Asia Pacific Capital Markets Practice and Co-chair of the Hong Kong and Mainland China Capital Markets Practice, and Brian Wong, Partner. They were supported by Sheng Chen*, Vicky Zheng (Registered Foreign Lawyer), and Associate Rachel Chan.

Christina Lee commented: "We are pleased to have supported CIG on this important follow-on transaction so soon after its successful Hong Kong listing. Tapping on Hong Kong's vibrant and buoyant secondary fundraising platform, the deal highlights continued investor confidence in high-growth technology and connectivity companies, as well as the depth and progression of Hong Kong's capital markets. We look forward to supporting our clients across their full capital markets lifecycle, from IPO through to subsequent financings."

With one of the world's largest capital markets practices, Baker McKenzie advises issuers, investment banks, financial sponsors, selling shareholders and other market participants across the full spectrum of equity, debt and public and private market solutions, including IPOs, rights issues and other follow-on offerings, debt issuances and complex, multijurisdictional acquisitions and divestitures.

Over the past three years, the Firm has advised on capital-raising matters across more than 40 stock exchanges worldwide and has been ranked for capital markets in more jurisdictions than any other by Chambers.

*Registered foreign lawyer (partner equivalent)