King & Wood Mallesons (KWM) advised Cloud Factory Technology Holdings Limited (Cloud Factory, HK Stock Code: 2512) on its global offering and listing on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK).
Shares of Cloud Factory were listed on the SEHK on 14 June 2024. Priced at HK$4.6 per share, the global offering comprised a total of 115,000,000 shares and raised approximately HK$529 million (subject to exercise of the over-allotment option).
Cloud Factory is principally engaged in the Internet data centre industry among carrier-neutral service providers in China.
The company provides internet data centre solution services, including colocation services and infrastructure management services (the ‘IDC Solution Services’) to their clients by adopting a non-self-built data centre model. The company also provides edge infrastructure and computing services, enabling its customers to build, secure and deliver digital experiences, at the edge of the Internet, based on the company’s self-built edge computing infrastructure.
SPDB International Capital Limited ("SPDBI”) acted as the sole sponsor and the Sponsor Overall Coordinator. SPDBI and CMB International Capital Limited (“CMBI”) acted as the Overall Coordinators. SPDBI, CMBI and CLSA Limited (“CLSA”) acted as the Joint Global Coordinators, the Joint Bookrunners and the Joint Lead Managers.
KWM advised the sole sponsor and the underwriters as the PRC and Hong Kong counsels for this project, once again demonstrating our abilities in providing comprehensive, cross-jurisdictional one-stop-shop legal services. KWM assisted Cloud Factory through the provision of professional legal services to tackle various complex legal issues which onshore and Hong Kong’s regulatory authorities are particularly concerned of, including compliance with the requirements regarding foreign investment access policy, network and data security and the VIE structure. The analysis and effective solutions provided by KWM was highly recognised.
A cross-office KWM team worked closely on the transaction. KWM’s Guangzhou office Partner Zhao Zhen, Mo Haibo with the support from senior associate Li Yao and associate Li Qimeng, advised the Sponsor and the Underwriters on PRC laws. Hong Kong ECM Practice Partner, John Baptist Chan, with support from counsel Alan Wong and associate Nathaniel Lau, advised the Sponsor and the Underwriters on Hong Kong laws.
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”.
