On July 7, 2023, Zhejiang Huayou Cobalt Co., Ltd. (Stock Code: 603799.SH) successfully issued Global Depositary Receipts ("GDRs") and listed on the SIX Swiss Exchange. Huayou Cobalt placed 50,000,000 GDRs in total, representing 100,000,000 shares of A-shares, at an offer price of USD 11.65 per GDR, raising gross proceeds of approximately USD 583 million. This project, approved by the China Securities Regulatory Commission, marks the largest GDR issuance to date in 2023.

As the exclusive global coordinator and joint bookrunner's onshore legal advisor for this project, Jingtian & Gongcheng's legal team were involved throughout the entire process, including domestic legal due diligence, internal corporate approval procedures, domestic regulatory approval processes, review of the GDR prospectus, examination of transaction documents, and the review of domestic and international announcements. Leveraging their extensive experience in assisting Chinese companies in overseas listings and their history of providing professional and efficient legal services, Jingtian & Gongcheng played a crucial role in facilitating the successful completion of the GDR issuance and listing for Huayou Cobalt and the exclusive global coordinator and joint bookrunner.