Hong Kong/Palo Alto, CA (March 9, 2006) – LAWFUEL -The Law News Network – O2Micro International, a leading supplier of high performance integrated circuits for power management and security applications which has been quoted on The Nasdaq National Market since 2000, has dual-listed its stock on the Main Board of the Stock Exchange of Hong Kong (SEHK). It is the first NASDAQ company to pursue a dual primary listing on the Main Board of the SEHK.
The Hong Kong and Palo Alto offices of international law firm Morrison & Foerster LLP represented O2Micro as joint Hong Kong and U.S. counsel in the listing.
With the continued growth of global equity exchanges, the dual listing of stocks has become significantly more attractive for international buyers in recent years.
“Although it is not uncommon for companies to concurrently list on a U.S. and overseas exchange at the time of their initial public offering, it is very unique for a company with shares already listed and trading on the Nasdaq to then subsequently list overseas. This raises many complex legal and logistical issues,” said Justin Bastian, partner of Morrison & Foerster’s Palo Alto office who led the firm’s O2Micro representation in the U.S. “Moreover, no Nasdaq company has ever listed on the Main Board of the SEHK, which is the principal trading market for the SEHK and one of the major destinations for companies with major China operations. Bridging the gaps and inconsistencies between the SEHK’s listing rules and the rules and normal market practices applicable to Nasdaq-quoted companies required a comprehensive understanding of both markets and involved a number of innovative solutions. Now that this has been accomplished, we may see many U.S. listed companies with significant China ties seek to list on the SEHK.”
