Hogan Lovells Advises SIM Technology on US$22 million Rights Issue
28 December 2012
HONG KONG, 28 December 2012 - Hogan Lovells has advised SIM Technology Group Limited ("SIM Technology") on its one for two rights issue to raise US$22 million (or HK$170 million).
The rights issue is fully underwritten by Toman Investments Limited, a company controlled by the controlling shareholders of SIM Technology. The controlling shareholders owned 45.5% of the issued share capital of SIM Technology before completion of the rights issue. Upon completion of the rights issue, the controlling shareholders own approximately 46.2% of the enlarged issued share capital. A whitewash waiver of the obligation of the controlling shareholders to make a mandatory general offer was approved by the independent shareholders and was granted by the Securities and Futures Commission of Hong Kong on 19 November 2012.
SIM Technology is the first Hong Kong listed company with depositary receipts listed on the Taiwan Stock Exchange that underwent a rights issue.
SIM Technology is an investment holding company listed in Hong Kong. Its subsidiaries include Shanghai Simcom, a leading Chinese mobile handset developer and Shanghai Sunrise Simcom, a leading Chinese wireless communication developer.
The Hogan Lovells team was led by Hong Kong-based partner Terence Lau, supported by associate Priscilla Lee, trainee Don Chan and senior paralegal Sunny Sun.