On 26 July 2024 (EST), NIP Group Inc. (NIP Group) launched its IPO on NASDAQ under the stock code “NIPG”, marking the birth of “China’s first e-sports stock”. In this IPO, NIP Group issued 2.25 million American depositary shares (ADS, each ADS representing 2 Class A ordinary shares) at US$ 9 per ADS, raising approximately US$ 20.25 million (excluding over-allotment options). Underwriters for the IPO include US Tiger Securities, Inc., GF Securities (Hong Kong) Brokerage Limited, CLSA Limited, and Kingswood Capital Partners, LLC.
NIP Group is a comprehensive digital entertainment group, uniting esports, arena event production, talent management, hospitality, and game publishing under one distinctive umbrella. Owning two well-known e-sports clubs, eStar and Ninjas in Pyjamas, it is a leading esports organisation with the most expansive global footprint by virtue of its operations across Asia, Europe, and South America.
King & Wood Mallesons (KWM) acted as the PRC counsel to the underwriters in this project, providing them with comprehensive, professional, and efficient legal services throughout the listing process. Since the launch of this project, KWM has been deeply involved in various stages, including the company’s equity structure restructuring, legal due diligence, preparation of overseas listing documents and filing materials with the China Securities Regulatory Commission, and response to feedback. KWM also assisted in solving key legal issues in this project, ultimately helping NIP Group successfully complete the listing.
The KWM team was led by international partner Jonathan Pan and partner Wang Ningyuan, with support from Ding Lei, Wang Mengying, Gao Zhaohan, and Li Weilai.
