King & Wood Mallesons (“KWM”) advised Carote Ltd (“Carote”) (Stock Code: 2549) on its initial public offering (the “Listing”) and listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) on 2 October 2024. Priced at HK$5.78 per share, the global offering (the “Global Offering”) comprised a total of 129,864,500 shares (subject to exercise of the over-allotment option) and raised approximately HK$700 million (assuming the over-allotment option is not exercised). The public offering tranche of the Global Offering was more than 1,000 times oversubscribed. BNP Paribas Securities (Asia) Limited and CMB International Capital Limited (in alphabetical order) acted as the joint sponsors for the Global Offering.
Carote is a rising global brand for kitchenware products and has achieved a notable presence in the online kitchenware segment across key markets, including the PRC, the United States, Western Europe, Southeast Asia, and Japan.
KWM acted as Carote’s PRC, Hong Kong and Japan counsels and also advised the company on cybersecurity and data compliance. KWM provided comprehensive, cross-jurisdictional, and one-stop-shop legal services to Carote, covering different practice areas involved in the Listing. The success of the Listing showcases KWM's expertise in offering integrated legal solutions, demonstrating its strong capital markets capability in Hong Kong and extensive experience in serving clients in emerging industries.
A cross-office KWM team worked closely on the transaction. The PRC office team was led by partner Liang Jin, with support from data compliance partner Yu Leimin, counsel Cheng Ziyi, and associates Wu Weiwei, Xiang Chengkai and Shen Dabo.
The Hong Kong office team was led by partners Gary Lock and Corey Zhang, supported by counsel Ruth Lau, senior associate Fiona Cheung, associate Catherine Tsang, and registered foreign lawyers Alex Xie and Emma Zhang.
The Tokyo office team was led by partner Yoshiki Tsurumaki, supported by associates Leon Go and Chisaki Kishi.
Since the beginning of 2024, our KWM PRC and Hong Kong teams have collectively completed over ten Hong Kong Main Board listings, including the listing of Midea Group, the largest IPO in Hong Kong this year.
The Listing and Global Offering by Carote also marks the third Hong Kong IPO project completed this year through collaboration between the KWM PRC and Hong Kong teams.
Any reference to "Hong Kong" or "Hong Kong SAR" shall be construed as a reference to "Hong Kong Special Administrative Region of the People's Republic of China".
