Schramm Holding IPO

• Entry date - Thursday, 7 January 2010
• Jurisdiction - Hong Kong, Korea
• Practice - Equity Market
• First ever listing by German joint stock company on HKSE; first European company on HKSE main board

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Deal summary

• First ever listing by German joint stock company on HKSE; first European company on HKSE main board


• Eighth IPO project for DLA Hong Kong in 2009.  Seven -lawyer team from HK and Frankfurt offices coordinated deal - reconcile differences between German laws and Hong Kong laws, and shareholder protection standards, expected of overseas company under listing rules.


• "The IPO backlog has embarked on its clearing path and 2010 is expected to be an impressive year for Hong Kong as many companies return to expansion mode, capital raising, and seek to list spin-off operations,"  Esther Leung, DLA Piper


• Norton Rose also advised on future listing of German companies in Hong Kong - decision by HKSE rendered in August 2009. Has advised Schramm's expansion in Asia and the United States since 2005 - acquisition of three factories in Tianjin, Shanghai and Huizhou and of IP-rights from SSCP.


• ”While IPOs of German companies in London or the US by all means are not unusual anymore by now, listings at Asian stock exchanges are still rare. This is not only due to the disproportionately higher administrative efforts. In particular the different legal systems (civil law versus common law) which clash during such undertakings impose significant legal challenges on the companies and their advisers. Such challenges also had to be solved during the IPO of Schramm which required creativity, flexibility and negotiating skills with German and Hong Kong authorities. The focus laid in particular on shareholder protection issues and the comparability of laws and regulations for German stock corporations with those for Hong Kong stock corporations.“  Michael Malterer, Norton Rose