Pillsbury Winthrop Shaw Pittman

Montage IPO — are the US markets re-opening to Chinese companies?

By Thomas M Shoesmith and James J Masetti

The US capital markets — the largest in the world — have been all but closed to Chinese companies for more than two years. The successful initial public offering (IPO) of Montage Technology, and e-commerce giant Alibaba’s announcement that it will seek a US listing, may signal the long-awaited re-opening of the US capital markets to Chinese companies. There are also lessons learned.

Pillsbury recently represented the underwriters, led by Deutsche Bank Securities, Barclays and Stifel, in the successful $150m (£92m) IPO of Chinese semiconductor company Montage Technology Group. This is encouraging news for Chinese companies watching the international capital markets. There are also some clear lessons learned from this IPO.

Between 2004 and 2010, more than 300 Chinese companies went public in the US, many of them middle-market enterprises, across a range of industries. A large percentage of them are now gone, taking themselves private, delisting or simply going dark. A small but significant minority are embroiled in SEC investigations and stockholder litigation. As a consequence, the US markets have been all but closed to Chinese companies for more than two years…

If you are registered and logged in to the site, click on the link below to read the rest of the Pillsbury briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.


Tower 42, Level 23
25 Old Broad Street