Capital markets in Taiwan

Baker McKenzie

Baker McKenzie's securities practice is fully integrated in the firm's wider international corporate and securities practice, which makes the team particularly attractive for multinational clients. Services include representing local and international companies in listing stocks, transactions involving convertible bonds and global depositary receipts, structuring commodities futures transactions, and preparing local applications for stock investments by foreign nationals and legal entities. The team is jointly led by Wen-Yen Kang and Alex Chiang, who this year led a friendly joint share exchange transaction, one of the largest deals in Taiwan's semiconductor industry. Other key names are Mark Tu and James Hsiao, who specialises in cross-border securities offerings.

Practice head(s):

Wen-Yen Kang; Alex Chiang

Key clients

WIN Semiconductors Corp

BNP Paribas Securities (Asia) Ltd.

Morgan Stanley Taiwan Ltd.

Advanced Semiconductor Engineering Inc.

L Capital Asia (LVMH)

Cathay Financial Holdings Co.

Univa NP Holdings Ltd.

TCC Int’l Holding Ltd.

Nidec Corp.

Cantor Fitzgerald & Co.

Work highlights

  • Advised WIN Semiconductors, a GaAs foundry listed on Taipei Exchange, in issuing 20,000,000 new shares to Broadcom through private placement.
  • Advised BNP Paribas as the placing agent in relation to the sale from CIHL of shares in Yageo Corporation by way of block trades.
  • Advised Morgan Stanley as the placing agent in relation to the sale from Morgan Stanley Formosa Holdings (Cayman) Limited of shares in CTBC Financial Holding Co Ltd. by way of block trades.
  • Advised Advanced Semiconductor Engineering Inc. (ASE), the Taiwan Stock Exchange and NYSE listed semiconductor manufacturer, in its 100% joint share exchange transaction with Siliconware Precision Industries Co., Ltd. (SPIL), its domestic counterpart, to form a holding company.
  • Advised L Capital (now named L Catterton), the major shareholder of Dr. Wu Skincare Co., Ltd. (Dr. Wu), in relation to the sale of Dr. Wu by way of block trades.

Jones Day

Jones Day advises companies and financial institutions on a variety of capital markets transactions, including IPOs and rights offerings, high-yield debt offerings, PIPEs offerings, investment-grade and hybrid debt offerings, and ABS. The practice is also experienced in international listing transactions, and can draw on the firm's global capital markets network in listing securities on major exchanges and markets around the world. Raymond Wang heads the practice group.

Practice head(s):

Raymond Wang

Key clients

Strong H Machinery

Neo Solar Power

BizLink

StrongLED Lighting

Buima

Siliconware Precision Industries

CTBC Securities Co., Ltd.

KGI Securities

Fubon Securities

Work highlights

  • Acted as local counsel to Neo Solar Power – a research, development, manufacturing and supply company specialising in solar cells, solar cell modules, and wafers – in its issuance of a $120m Euro-convertible bond offering.
  • Continued to act for Strong H Machinery Technology – a global manufacturer of sewing machine parts – as the issuer’s counsel in applying for an initial public offering and listing on the Taiwan Stock Exchange (TSE).
  • Acted for BizLink – a design, manufacturing and supply company specialising in cable assemblies and wiring harnesses – as the issuer’s local counsel in a $80m European Convertible Bond (ECB) issuance.
  • Acted for Strong LED Lighting Systems as the issuer’s counsel in applying for the public offering of convertible bonds on the Taipei Exchange of Taiwan.
  • Acted for Buima Group – an international manufacturer and supplier of building materials – as the issuer’s counsel in applying for an initial public offering and listing on the Taipei Exchange of Taiwan.

Tsar & Tsai Law Firm

Acting both for domestic and international clients, Tsar & Tsai Law Firm advises on a range of transactional matters as well as the regulation of securities firms. Key contacts include Jackie Lin, who advises local and offshore securities issuers and investment bankers on securities regulations, and Janice Lin, who represents Taiwan-listed companies with foreign securities offerings. Also recommended are Randy Tsai, public offering specialist Yvonne Liu and Lynn Lin.

Other key lawyers:

Jackie Lin; Janice Lin

Key clients

Goldman Sachs (Asia) L.L.C.

Morgan Stanley & Co. International plc.

Credit Suisse Securities (USA) L.L.C

China International Capital Corporation Limited

Work highlights

  • Acted as Taiwan legal counsel to Goldman Sachs (Asia) L.L.C.; Morgan Stanley & Co. International plc.; and Credit Suisse Securities (USA) L.L.C in the initial offering of American Depositary Shares by Sea Limited, formerly Garena, for listing on the New York Stock Exchange.
  • Acted as a Taiwan legal counsel to China International Capital Corporation Limited, the lead underwriter, in Foxconn Industrial Internet Co.’s IPO on China A Share Market.

Chien Yeh Law Offices

Chien Yeh Law Offices is well known for advising foreign corporates listed on the Taiwan Stock Exchange. The team also assists Taiwanese companies with raising funds from overseas markets, and regularly advises companies applying for investment approvals from the Investment Commission. Practice head Gary Hung has extensive experience of IPO transactions.

Practice head(s):

Gary Hung

Key clients

Chunghwa Telecom Co., Ltd.

Gemtek Technology Co., Ltd.

ArcSoft, Inc.

Chang Chun Petrochemical Co.

TUV Asia Pacific Ltd.

Taiwan Financial Holdings Co., Ltd

Asia Plastic Recycling Holding Limited

BankTaiwan Life Insurance Co., Ltd.

Taipei Exchange

Work highlights

  • Acted for Luo Lih-Fen Holding, a skincare product supplier, in its application for listing on the TWSE.
  • Acted for Ventec International Group, which manufactures copper-clad laminates for circuit boards, in its application for listing on the TWSE.
  • Acted for the Shanghai Commercial and Savings Bank in its application for listing on the TWSE.
  • Acted for Shining Victory Motor Electronic in its application for listing on the TWSE.
  • Acted for Shane Global Holding, a manufacturer and supplier of furniture, in its application for listing on the TWSE.

K&L Gates

K&L Gates provides comprehensive equity and debt capital markets service to both domestic and international clients. The team often assists Taiwanese companies looking for capital markets overseas. Key contacts include practice head Jacqueline Fu, who advises a diverse client roster, including international banks, asset managers and other financial institutions; James Chen, who has a great deal of cross-Strait experience and has represented issuers and underwriters in IPOs and equity listings in the PRC; and Billy Chen, who has deep experience in cross-jurisdictional transactions.

Practice head(s):

Jacqueline Fu

Other key lawyers:

James Chen; Billy Chen

Key clients

KGI Asia Limited

Taiwan Liposome Company, Ltd (TLC)

Taiwan Broadband Communications Co., Ltd.

Work highlights

  • Advised on Aslan Pharmaceuticals’ International Public Offering in the US in American Depositary Shares.
  • Assisted with Taiwan Liposome Company’s IPO in the United States, listing American Depository Shares representing common shares.
  • Acted as the international counsel to KGI Asia Limited in a Reg S offering of Global Zero Coupon Convertible Bonds issued by FLEXium Interconnect, Inc.

Lee and Li, Attorneys-at-Law

Lee and Li, Attorneys-at-Law's team has represented clients in landmark cases including the first issuance of American depositary receipts and Euro convertible bonds by Taiwanese companies, the first asset-backed securitisation of residential mortgage loans, the first cross-border securitisation of cash card and auto-loan receivables, and the privatisations of Chunghwa Telecom and China Steel. It also advises the government on laws, policies, standards and guidelines.

Lin & Partners Attorneys-At-Law

Lin & Partners Attorneys-At-Law acts for investment banks, institutional investors, and corporate issuers. The team handles matters including equity and debt-linked derivatives and structured products, fixed income-, currency- and commodities-linked products, IPOs, various debt offerings, and the purchase or sale of financial industry operating businesses. The practice is jointly led by George Lin, who has over thirty years of experience in securities matters, and Kaiju Lee, who focuses on the issuance of structured products, public offerings and compliance matters.

Practice head(s):

George Lin; Kaiju Lee

Key clients

Phycos International Co., Ltd.

Colour Life Services Group Co., Ltd.

Work highlights

  • Advised investors in collaboration with Phycos International, a Taiwan consulting firm, on pre-IPO structuring.

Formosan Brothers Attorneys at Law

The team at Formosan Brothers Attorneys at Law handles matters including IPOs, ADR issuances, bond offerings, derivative transactions, and international stock listing. The practice also has experience in capital markets-related litigation. Key figures include managing partner and investment specialist Lipu Lee, white-collar crime and compliance expert Kuoming Huang, and Teresa Pan, who leads the Japan desk and is experienced in investment disputes.

Other key lawyers:

Lipu Lee; Kuoming Huang; Teresa Pan

Work highlights

  • Performed due diligence for an Irish IPO for a wireless antenna manufacturer.
  • Performed due diligence for a transport company launching an IPO in Malaysia.
  • Handled compliance for a commercial bank issuing subordinated debts to the market.
  • Acted for a Japanese technology company in the resolution of a failed joint venture.
  • Acted for a technology company looking to privatise a joint venture through share buy-back.

Lexcel Partners

Lexcel Partners advises on the transfer of listed stocks, the registration of offshore funds, guaranteed funds, and warrant-issuer qualifications. The team has particular expertise in corporate investment, and regularly works with international companies seeking to list funds in Taiwan. The team is headed by Stacy Lo, who experienced more broadly in asset management. Jeffrey Liu, who represents a number of offshore and Taiwanese assets management clients, is also noted.

Practice head(s):

Stacy Lo

Other key lawyers:

Jeffrey Liu

Testimonials

‘Strong team with excellent local knowledge and strong relationships with regulators.’

‘Jeffrey Liu is knowledgable, practical and commercial.’

Key clients

Amundi

Alliance Bernstein

Allianze

BlackRock

Janus Henderson

NN

Macquarie

HSBC

Credit Swiss

Neuberger Berman

Work highlights

  • Advised First State Investments, an asset management company, with the transfer of TWSE-listed stocks.
  • Assisted Allianz Global Investors GmbH with the registration of Allianz Asian Multi Income Plus for offering and sale in Taiwan via its master agent (Allianz Global Investors Taiwan Limited).
  • Assisted Amundi Taiwan Limited, a securities investment trust enterprise, with the launch of a new type of principal guaranteed fund.
  • Assisted Edmond de Rothschild (Luxembourg) with the registration of Edmond de Rothschild Fund-BIG DATA for offering and sale in Taiwan via its master agent (Manulife Taiwan).
  • Assissted Société Générale with the application for the warrant issuer qualification in Taiwan.