DeHeng Advised Infovision Optoelectronics

on Listing on SSE STAR Market

2020-08-17

On August 17, 2020, Infovision Optoelectronics (Kunshan) Co., Ltd. ("Infovision Optoelectronics" stock code: 688055) was successfully listed for trading on the STAR Market of the Shanghai Stock Exchange.

Established in 2005, Infovision Optoelectronics is a well-known LCD panel manufacturer in China. It is mainly engaged in the research and development, production and sales of Thin Film Transistor Liquid Crystal Display (TFT-LCD). Its products are mainly used in laptops, mobile phones, display systems in vehicles and industrial control area and other terminal products. As one of the first domestic companies to build the TFT-LCD production lines, the company continues to work on small and medium-sized displays, especially the consumer displays used in laptops and mobile phones, and actively develops specialized displays for vehicles, industrial control, etc. As of the end of 2019, it ranked sixth in the world in terms of laptop display panel shipments, eighth in terms of automotive display panel shipments, and ninth in terms of smartphone panel shipments.

For this initial public offering, it issued 333.3334 million shares at RMB 1.22 per share, and raised RMB 407 million which will be mainly used for the technology upgrade of the IGZO-based display panel production line.  

Infovision Optoelectronics is Jiangsu's first state-owned holding company to be listed on the STAR Market. Before the IPO, Kunshan Guochuang Investment Group Co., Ltd. and Infovision Optoelectronics Holdings Limited ("Infovision Holdings") held 51% and 49% of its shares respectively. Guochuang Investment Group is a wholly state-owned company; Infovision Holdings is registered in BVI, with other indirect shareholders registered in Guernsey, Singapore, Switzerland and other places. The existence of foreign shareholders and the complicated shareholding structure posed great challenges to attorneys' verification work. As of the end of 2019, Infovision Optoelectronics had 1,748 authorized patents, including 535 invention patents, and had cross-licensed patents with Japanese display panel manufacturers. The huge number of patents and cross-licensed use of patents also raised higher requirements for the verification.

As the issuer's counsel for this IPO, the DeHeng team was led by partner Wang Yuwei, with key members including attorneys Wang Wei, Wang Junzhe, Yang Yingchao, Pan Xuguang, and Yan Yanpeng. They provided legal services for the entire process, including but not limited to the writing and revision of legal opinions, analysis and discussion of major legal issues, responses to feedback, review and revision of the prospectus, and compilation of working papers.

The DeHeng lawyers worked closely with the sponsor Soochow Securities and the auditor WUYIGE Certified Public Accountants LLP, and provided professional, efficient and high-quality legal services for the client. 

▲DeHeng lawyers invited to the IPO ceremony