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Dual-listing on the Korea Exchange of a Chinese Company listed on the Singapore Exchange

February 2011

China Gaoxian Fibre Fabric Holdings Ltd. ("Gaoxian"), a synthetic fibre manufacturer listed on the Singapore Exchange ("SGX"), issued 30 million depository receipts ("DR"), each DR representing 20 shares of common stock of Gaoxian, through a public offering in Korea and listed the DRs on the Korea Exchange ("KRX") on January 25, 2011. The offering price of each DR was 7,000 Won and the total proceeds from the public offering were 210 billion Won.

Kim & Chang represented Gaoxian and provided comprehensive legal advice from the early stage of preparing the application for preliminary listing eligibility to the listing of the DRs on the KRX. Kim & Chang provided advice on the Korean legal issues, prepared and reviewed listing documents and the securities registration statements and prepared and reviewed the purchase agreement and other transaction documents.

This transaction represents the second case for a foreign listed company to be listed on the KRX and represents the first case for a foreign company listed on the SGX to be listed on the KRX.

 


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