Tea time at the HKEX: F&B companies the bright spot in HK’s gloomy IPO scene
The first working day of 2024 brought news to perk up lawyers, bankers and others dismayed by Hong Kong’s falling IPO fortunes. Mixue Bingcheng and Guming, both among China's top five tea beverage chains in terms of store count, submitted listing prospectuses to the HKEX, with the former expecting to raise between $500 million to $1 billion, and the latter between $300 million to $500 million.
Wilson Sonsini, Davis Polk, Fangda, Jingtian on $470 mln WuXi XDC Hong Kong IPO
PRC law firm Fangda Partners and U.S. law firm Wilson Sonsini Goodrich & Rosati have advised Chinese medical research group WuXi XDC on its $470 million Hong Kong IPO, the third-largest new share sale in the city in 2023. Davis Polk & Wardwell and Jingtian & Gongcheng acted for the underwriters.
STB, Freshies lead on Cainiao’s planned $1 bln IPO
Simpson Thacher & Bartlett and Fangda Partners are advising the Alibaba Group and its logistics arm, Cainiao Smart Logistics Network, on Cainiao’s proposed IPO on the Hong Kong Exchange, with Freshfields Bruckhaus Deringer and Jingtian & Gongcheng acting for the sponsors.
Wilson, Goodwin on Cheche Group’s de-SPAC merger, achieving NASDAQ listing
Chinese auto insurance technology platform Cheche Group has recently completed its merger with the Special Purpose Acquisition Company (SPAC) Prime Impact Acquisition I, formerly listed on the New York Stock Exchange. As of Sep.18, the merged entity has become a publicly traded company listed on NASDAQ.
CC, Pillsbury, STB lead on EV maker Leapmotor’s $800 mln HK IPO
Clifford Chance, Pillsbury Winthrop Shaw Pittman, Grandway Law Offices, and Han Kun Law Offices have advised Chinese electric vehicle maker Leapmotor on its $800 million IPO in Hong Kong, with Simpson Thacher & Bartlett and Jingtian & Gongcheng advising the joint sponsors.
Freshfields, Davis Polk lead on KE’s HKSE ‘listing by introduction’
Freshfields Bruckhaus Deringer, Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices have advised Chinese property platform KE Holdings on its listing on the Hong Kong stock exchange, with Davis Polk & Wardwell and Jingtian & Gongcheng counselling the joint sponsors.
HSF, A&O lead on Chinese rare-earth producer’s $520 mln HK listing
Herbert Smith Freehills and China Commercial Law Firm have advised Chinese rare-earth permanent magnet producer JL Mag Rare-Earth on its $520 million secondary listing in Hong Kong, with Allen & Overy and Jingtian & Gongcheng advising the joint sponsors.