Davis Polk & Wardwell has advised Ming Yuan Cloud Group on its HK$6.2 billion ($797 million) IPO on the Hong Kong Stock Exchange, with Freshfields Bruckhaus Deringer representing the joint sponsors and underwriters.

This is the largest Hong Kong IPO so far by a Chinese software company this year.

Ming Yuan Cloud, a Guangdong-based software firm offering enterprise-grade ERP solutions for property developers in China, sold 374 million primary shares in the IPO. The proceeds will be used to upgrade technologies and also funding sales and strategic investments and acquisitions.

Reuters reported that the Ming Yuan deal is part of a recent flurry of IPOs and secondary listings worth at least $4.5 billion due to launch in Hong Kong, with 2020 on track to be the second-busiest year for equity capital markets in the city. Recently, Chinese companies Yum China Holdings, Zai Lab and ZTO Express undertook successful secondary listings on HKEX.

The Davis Polk team was led by Li He and Yang Chu, while partners Calvin Lai and Jason Xu led the Freshfields team.


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