On 12 July 2018, Inke Limited ("Inke", stock code: 3700.HK) successfully launched its initial public offering on the main board of the Hong Kong Stock Exchange. In its global offering, Inke issued 302,340,000 shares (before the over-allotment option) at HK$3.85 per share, raising approximately HK$1,164 million in total. The deal has made Inke the first publicly-traded live streaming platform in Hong Kong.
Founded in 2015, Inke is among the most popular live streaming apps in China. Frost & Sullivan's research shows that as of 2017, the Inke app already boasted of 195 million registered users and 22.7 million monthly active users. Also, the number of its active streamers tops among the mobile live streaming platforms in China. In this IPO, Inke attracted two cornerstone investors, i.e. Nova Compass Investment, a subsidiary of Shenzhen-listed Focus Media, and Bilibili Inc. which is listed on the NASDAQ.
As PRC counsel to the issuer, KWM assisted Inke throughout the entire project with professional legal services to tackle a variety of major and complex legal issues, including establishing the VIE structure, aligning the interest of offshore holding vehicles with domestic institutional investors, various compliance requirements for qualifications and issues regarding its business model. The high-quality legal opinions and effective solutions provided by KWM have earned high praise and recognition from the client. The project was led by Partner Ma Tianning.
