King & Wood Mallesons (KWM) advised K Cash Corporation Limited (K Cash, SEHK Stock Code: 2483) on its global offering and listing on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK) on 5 December 2023.
The global offering comprised a total of 125,000,000 shares (subject to the over-allotment option and the reallocation), priced at HK$1.80 per share, the listing raised gross proceeds of approximately HK$236.25 million (assuming over-allotment option is exercised in full).
K Cash’s successful listing on December 5 made it the first IPO to utilise HKEX’s new cloud-based FINI platform, itself very recently launched on 22 November 2023. The new digitalised IPO settlement platform, which significantly shortens the time between pricing of an IPO and trading of shares to two business days, is a milestone development in the evolution of Hong Kong’s capital markets.
K Cash, a member of Konew Fintech Corporation, is an online plus offline smart lending platform ranked 4th in terms of revenue in 2022 in respect of unsecured financing among licensed money lenders in Hong Kong. K Cash also entered into a platform collaboration agreement with River square Company Limited, a subsidiary of New World Development Company Limited, to participate in blockchain platform Riverchain, which is expected to be in operation by end of 2023.
KWM Hong Kong ECM Partner, John Baptist Chan said: “We are delighted to work with K Cash on its Hong Kong listing to support its growth as a lending disruptor in the dynamic Hong Kong fintech space. KWM, as one of the recognised leading fintech law firms in Hong Kong, is very pleased to continue to play our part in supporting Hong Kong’s financial digital transformation.”
Commenting on HKEX’s FINI platform, Candy Chan, Lead Partner of KWM Hong Kong’s ECM Practice: “We are very excited to be involved in the first IPO to utilise the FINI platform. It is the latest development for Hong Kong’s capital markets, and a testament to Hong Kong’s commitment to maintaining the city’s position as a top listing venue globally.”
KWM acted for the issuer in respect of the laws of the Hong Kong SAR. The team was led by partner John Baptist Chan, with support from Carlton Ng, Nathaniel Lau, Clara To and Chi Kan Chiu, and the drafting of the prospectus is led by Corey Zhang, with support from Coral Yuan and Almen Cheng.
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".
