Capital markets in Taiwan

Baker McKenzie

Baker McKenzie's standout capital markets and securities practice has vast expertise representing local and foreign clients in public offerings and assisting on listing stock on the Taiwan Stock Exchange. The team is often international counsel with its Hong Kong office to structure and arrange overseas offerings and is particularly skilled at servicing multinational clients. The group is jointly led by Wen-Yen Kang and Alex Chiang who lead on cross-border capital markets transactions and large bond offerings. Other key names in the team include Mark Tu and David Lin who are instructed on high-value listings by banking clients.

Practice head(s):

Wen-Yen Kang; Alex Chiang

Key clients

Lotus Pharmaceutical Co., Ltd.

Cathay Financial Holding Co., Ltd.

TWi Pharmaceuticals Inc.

Cathay Life Insurance Co., Ltd.

Univa NP Holdings Limited

Work highlights

  • Acted for Cathay Life Insurance Co., Ltd. in relation to offering cumulative perpetual subordinated bonds on the Taiwan Stock Exchange. This was one of the largest bond offerings in 2019.
  • Acted for Cathay Financial Holding Co., Ltd. in relation to a large public listing of common shares. One of the largest public offerings of common shares in the Taiwan securities market: Taipei Times: Cathay Financial unveil shares plan Focus Taiwan: Cathay Financial looks to raise $20 billion, boost paid-in capital
  • Acted for TWi Pharmaceuticals Inc., a public company listed on the Taipei Stock Exchange (a) in response to the chairman taking the company private by way of a tender offer followed by a statutory share exchange; and (b) to negotiate the terms of the mandatory share exchange agreement between TWi and the chairman’s investment company.

Jones Day

The excellent capital markets practice at Jones Day is able to leverage its international network around the region to seamlessly handle financial markets transactions. The team advises on high-yield debt offerings, IPOs, and assets, as well as all aspects of securities work. Raymond Wang heads the practice and is noted for his advisory work on high-value matters to foreign clients operating in the real estate, financial services, and telecoms industry. Tommy Chen is a core member of the group.

Practice head(s):

Raymond Wang

Key clients

Chinese Maritime Transport Limited

GF Equipment Rental Sdn. Bhd.

StrongLED Lighting Systems (Cayman) Co. Ltd.

Work highlights

  • Assists GF Equipment Rental Sdn. Bhd., as issuer’s counsel, concerning an IPO on the Taiwan OTC Exchange.
  • Assisted StrongLED, as issuer’s counsel, in applying for the IPO of convertible bonds on the Taipei Exchange of Taiwan.

Chien Yeh Law Offices

Chien Yeh Law Offices advise Taiwanese and foreign enterprises and investors in listed matters on the Taiwan and Taipei Stock Exchange. The team is led by Gary Hung and has considerable expertise in IPO's and international investment. Senior associate Rosy Chang is active in the IPO space and assists clients with stock listing issues. The group also handles transactions and cross-border investment deals across Hong-Kong and China.

Practice head(s):

Gary S.H. Hung

Key clients

Chunghwa Telecom Co., Ltd.

Gemtek Technology Co., Ltd.

ARCSOFT, INC. TAIWAN BRANCH (U.S.A.)

CHANG CHUN PETROCHEMICAL CO., LTD.

TUV ASIA PACIFIC LIMITED

Ventec International Group Co., Ltd.

Pharmally International Holding Company Limited

Taiwan Financial Holdings Co., Ltd

BankTaiwan Life Insurance Co., Ltd.

Taipei Exchange

Work highlights

  • Acted as Khgears International Limited legal counsel in its application for listing on Taiwan Stock Exchange, and provided legal advice in connection therewith.
  • Acted as World Known MFG (Cayman) Limited’s legal counsel in its application for listing on Taiwan Stock Exchange, and provided legal advice in connection therewith.
  • Acted as Yonggu Group Inc.’s legal counsel in its application for listing on Taiwan Stock Exchange, and provided legal advice in connection therewith.

K&L Gates

K&L Gates has strength in advising global investment banks and other international clients on capital markets transactions pertaining to equity and debt. The practice acts for both issuers and managers on the full range of debt capital markets matters including high-yield debt, convertible bonds, and medium-term note issues. Jacqueline Fu manages the team and holds a number of international banks and asset funds as clients. James Chen is the name for cross-Strait and complex multijurisdictional capital markets work, as is Billy Chen.

Practice head(s):

Jacqueline Fu

Key clients

Aslan Pharmaceuticals

Yuanta Securities (Hong Kong) Co. Ltd.

KGI Asia Limited

Work highlights

  • Representing ASLAN Pharmaceuticals Limited on US$15m public offering of 5,893,206 American Depositary Shares (ADS) on NASDAQ at a public offering price of US$2.50 per ADS, including the exercise in full of the underwriter’s option to purchase additional ADSs.
  • Represented the lead manager, Yuanta Securities (Hong Kong) Co. Ltd., to assist Bizlink Holding Inc., a Cayman exempted company whose shares are listed on the Taiwan Stock Exchange, with conducting a Reg. S offerings for 12,000,000 global depositary shares.

Lee and Li, Attorneys-at-Law

Lee and Li, Attorneys-at-Law's capital markets team is skilled in handling a complex number of bonds works, including Formosa, for leading investment banks and sovereign states. Abe Sung is a key figurehead in the team and advises several foreign companies and underwriters in IPO matters whilst Patricia Lin handles capital market transactions, including the issuance of global depositary receipts. The team holds the State of Qatar and the State of Israel as clients.

Key clients

Goldman Sachs

Morgan Stanley

Deutsche Bank

Citibank

JP Morgan

Credit Suisse

Standard Chartered Bank (Taiwan) Limited

The Hong Kong and Shanghai Banking Corporation Taipei Branch

Nomura Int’l (HK) Ltd

Barclays Capital Asia Limited

HSBC Bank (Taiwan) Limited

Work highlights

  • State of Israel raised US$5bn in its bond offering in Taiwan due in 2060 at the fixed rate of 3.800% (“Notes”) on May 13, 2020 and Lee and Li, Attorneys-at-Law acted as the Taiwan counsel of State of Israel and local managers in this deal. These Notes have been issued primarily to Taiwanese life insurance companies and “dual-listed” on both Taipei Exchange and London Stock Exchange simultaneously. Such notes are commonly known as “International Bonds” or “Formosa Bonds”. Lee and Li assigned two separate teams (one was engaged by the issuer and the other was engaged by the local managers) in this deal to provide advices on all relevant regulatory issues, filing procedures and compliance matters as to Taiwan law.
  • Qatar Islamic Bank, through its special purpose vehicle, QIB Sukuk Ltd., to issue U.S.$800m Trust Certificates due 2025 in Taiwan (“Sukuk”) on February 7, 2020 and Lee and Li, Attorneys-at-Law acted as the Taiwan counsel of QIB Sukuk Ltd. (the issuer) and Qatar Islamic Bank (the sponsor) in this deal. The Sukuk are dual-listed on the Taipei Exchange and Irish Stock Exchanges and is the first Sukuk deal issued in Taiwan and listed on the Taipei Exchange. Lee and Li was engaged by the issuer and the sponsor in this deal to provide advice on all relevant regulatory issues, filing procedures, and compliance matters as to Taiwan law.
  • State of Qatar raised US$5bn in its bond offering in Taiwan due in 2050 at the fixed rate of 4.400% (“Notes”) on April 16, 2020 and Lee and Li, Attorneys-at-Law acted as the Taiwan counsel of State of Qatar in this deal. These Notes have been issued to professional investors and “dual-listed” on both Taipei Exchange and Luxembourg Stock Exchange simultaneously. Such notes are commonly known as “International Bonds” or “Formosa Bonds”. Lee and Li was engaged by the issuer and the sponsor in this deal to provide advices on all relevant regulatory issues, filing procedures and compliance matters as to Taiwan law.

Lin & Partners Attorneys-At-Law

Lin & Partners Attorneys-At-Law handles structured finance transactions and securities matters for investment banks, institutional investors, and corporate issuers. The team is jointly managed by George Lin who has over three decades of banking expertise and Kaiju Lee who handles cross-border matters across the Southeast Asian region. The group is proficient in handling IPOs, bonds work, and compliance matters.

Practice head(s):

Dr. George Lin; Kaiju Lee

Key clients

Credit Suisse

Phycos International Co., Ltd

Tsar & Tsai Law Firm

Tsar & Tsai Law Firm advises on a range of transactional matters for domestic and international clients, and has a vast securities practice surrounding the issuing and trading. New York qualified Jackie Lin is a key name and advises on offshore securities issuers and investment banks on securities regulations. Janice Lin assists in foreign securities and also international developers on project bond issuance. Corporate partner Yvonne Liu has experience handling high-value notes work and is currently engaged by Goldman Sachs.

Key clients

Goldman Sachs

ESSILOR

Pernod Ricard

Work highlights

  • Successfully assisting Goldman Sachs, the representative of the initial purchasers, in the offering of up to US$1.15bn Convertible Notes due 2024 by Sea Group (NYSE:SE).
  • Advising on ESSILOR’s global employee share offering plan.
  • Advising on Pernod Ricard’s global employee share offering plan.

Formosan Brothers Attorneys at Law

The capital markets team at Formosan Brothers Attorneys at Law has experience assisting on IPOs and international stock listing for clients operating in the aviation, tech, and financial sector. Managing partner Lipu Lee handles cross-border investments and has corporate expertise, whilst Terry Tu handles routine due diligence matters and advises on IPOs.

Lexcel Partners

Lexcel Partners is a boutique law firm and has expertise in the transfer of listed stocks, funds, and corporate investment matters across the capital markets space. Led by asset management expert Stacy Lo, the group advises major securities firms on compliance matters and has anti-money laundering expertise. Jeffrey Liu is the name for offshore and Taiwanese assets management clients and regularly advises the Taiwanese Government on ongoing financial matters.

Practice head(s):

Ms. Stacy Lo

Key clients

Amundi

Alliance Bernstein

Allianze

BlackRock

Janus Henderson

NN

Neuberger Berman