BOE Technology - HKD1.4 billion Subscription of Shares in Varitronix International Limited
Baker & McKenzie recently advised BOE Technology Group Co., Ltd, a joint stock company established in the PRC and listed on the Shenzhen Stock Exchange (BOE), on its share subscription, through its wholly owned subsidiary, in Varitronix International Limited, a company listed on the Hong Kong Stock Exchange (Varitronix). The share subscription involved the subscription of a total of 400 million new shares at an issue price of HKD3.5 per share, amounting to HKD1.4 billion. The share subscription was completed on 28 April 2016 and BOE has become the controlling shareholder of Varitronix.
The Baker & McKenzie team advising BOE was led by Shanghai and Hong Kong-based corporate partners, Lance Chen and Christina Lee, with assistance from special counsel Betty Wong and associate Chris Tsao.
BOE’s three core businesses include display device, smart system and healthcare service. BOE is the world’s leading supplier of semiconductor display technologies, products and services. BOE’s products are widely used in a broad spectrum of applications such as mobile phone, tablet, notebook, monitor, TV, vehicle display, digital information display, healthcare, finance, and wearable devices. At present, BOE has 7 production lines in operation and 3 production lines under construction.
Varitronix and its group is principally engaged in the design, manufacture and sale of small-to-medium sized liquid crystal displays (LCDs) and related products worldwide and has two major business segments – the automotive display business and industrial display business. It offers a range of LCDs products, including monochrome LCDs, monochrome character/graphics LCDs modules and thin film transistor modules.