Relying upon comprehensive legal assistance provided by Lee & Ko, United Technology Holdings Company Limited (“UT Holdings”) completed a successful IPO of its shares on the Korea Exchange (“KRX”) on December 4, 2008. With this successful listing, the Hong Kong parent company of a sizeable group of subsidiaries in China became the first foreign company to list its shares on the Stock Market Division of the KRX. Foreign companies have, until now, listed only Korea Depository Receipts on the Stock Market Division or listed shares only on the KOSDAQ Market Division. Despite the unfavourable market condition for IPOs, the subscription rate for the offering of 6 million shares (KRW 13,200,000,000) reached a rate of 82:1, reflecting the market’s high expectations for UT Holdings’ IPO.
So far in the Korean capital markets, Lee & Ko has served as legal counsel in connection with the listings of all foreign companies with the Stock Market Division of the KRX. Lee & Ko’s unparalleled experience in achieving this unique record has enabled the firm to build on its reputation as a leading Korean law firm and to further enhance its ability to effectively assist foreign companies in all aspects of efforts to publicly list their securities in the Korean capital markets. Working to ensure that foreign clients meet the relevant Korean listing requirements, Lee & Ko conducts a careful and thorough review of legal issues applicable to each foreign client, including the suitability of the company’s articles of incorporation for listing purposes. Given the firm’s extensive experience in resolving issues arising as a result of differences in securities regulations of Korea and the home countries of foreign clients seeking to list their securities in Korea, Lee & Ko’s services continue to be sought out by an increasing number of foreign companies in connection with plans to list on the KRX.