News & Events

The Firm recently represented Goldman Sachs International as initial purchaser in connection with a US$52.8 million offering of global depositary shares by Gintech Energy Corporation. The transaction, according to media reports, was the first GDS offering by an Asian issuer in 2009 and the first to make use of new Taiwanese regulations allowing equity follow-on offerings to be priced at no less than 80% of the local share trading price (previous regulations required a minimum of 90%).

The global offering consisted of an international offering led by Goldman Sachs as global coordinator and sole bookrunner and, pursuant to Taiwan government approvals for the transaction, an offering to existing shareholders of Gintech, led by FSC Asia Investment Limited. The global offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933.

Gintech is one of the leading multicrystalline solar cell manufacturers in Taiwan, based on annual manufacturing capacity. Their solar cells are used in products which provide reliable and environmentally friendly electric power in various markets worldwide, including Germany, Spain, China, South Korea, Italy, the United States and Japan.

The Simpson Thacher team for the transaction included Chris Lin, Blake Dunlap and David Lee (Capital Markets), Jeffrey Graff and Amie Broder (Tax) and International Associate Frank Chen. Paralegals Lydia Yang and Jane Lee also provided valuable assistance.