King & Wood Mallesons (KWM) advised Tianju Dihe (Suzhou) Technology Co., Ltd. (Tianju Dihe, SEHK Stock Code: 2479) on the global offering and listing of its H Shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK) on 28 June 2024. Priced at HK$83.33 per H Share, the global offering comprised a total of approximately 4,818,200 H Shares and raised approximately HK$402 million.
Tianju Dihe is an integrated API-enabled data exchange service provider in China. The company provides standard API services and customized data management solutions to internet companies, telecommunications operators, technology companies, business and government organizations as well as app developers and technology professionals. The company is dedicated to eliminate data silos and offer online API services that span across multiple services and scenarios.
KWM acted as the company’s PRC counsel and Hong Kong counsel and also advised the company on cybersecurity and data compliance. KWM provided comprehensive legal support to the company, addressing complex regulatory challenges in both PRC and Hong Kong. The team focused on critical areas of concern for regulatory authorities, particularly cybersecurity and data compliance requirements. Through thorough analysis of key legal issues, KWM delivered precise and efficient services that earned high praise from the client and other involved parties. This successful listing showcases KWM's expertise in offering integrated, cross-jurisdictional legal solutions. The firm's ability to navigate intricate regulatory landscapes and provide accurate, timely advice underscores its position as a leading provider of legal solutions.
A cross-office KWM team worked closely on the transaction. The Shanghai Office team was led by partners Shan Yingzhi and Yang Zhenghua, supported by associates Xie Liyuan and Xu Yifan, with support from cybersecurity and data compliance partner Yu LeiMin and associates Liang Jiaxin and Shi Yingying. The Hong Kong office team was led by partners John Baptist Chan and Corey Zhang, supported by counsel Jason Kuo, senior associate Sunny Lam, and registered foreign lawyers Zhou Jiayang, Emma Zhang and Gao Cong.
KWM has extensive experience representing issuers and underwriters on Hong Kong listings for companies in the Telecommunications, Media, Entertainment and Technology (TMT) sector. This successful closing further strengthens the firm's track record in this space completed by the Hong Kong Equity Capital Markets team. TMT listings in the past three years include Tianju Dihe (Suzhou) Technology Co., Ltd., Cloud Factory Technology Holdings Limited (SEHK Stock Code: 2512) in 2024; UBTECH Robotics Inc. (acted as HK special counsel) (SEHK Stock Code: 9880), K Cash Corporation Limited (SEHK Stock Code: 2483), Huashi Group Holdings Limited (SEHK Stock Code: 1111), Star Plus Legend Holdings Limited (SEHK Stock Code: 6683), Powerwin Tech Group Limited (SEHK Stock Code: 2405), and Beijing SinoHytec Co., Ltd. (SEHK Stock Code: 2402) in 2023, and MEGAIN Holding (Cayman) Co., Ltd. (SEHK Stock Code: 6939) in 2021.
Tianju Dihe’s listing is the 4th successful listing completed by the Hong Kong ECM Team since January 2024 . Listings completed by the team include Tianju Dihe, Wuhan Youji Holdings Ltd. (SEHK Stock Code: 28821), Cloud Factory Technology Holdings Limited (SEHK Stock Code: 2512) and Hollwin Urban Operation Service Group Co., Ltd (SEHK Stock Code: 2529).
John Baptist Chan said: “We are pleased to have advised Tianju Dihe on its listing. We look forward to seeing the continued success of the company and to work further with them on capital market matters as the business continues to grow.”
John continued: “KWM is one of the most active law firms in the Hong Kong IPO market, offering a range of comprehensive equity capital markets legal solutions. We have worked with many leading players in the TMT sector and understand the trends and issues shaping each industry. For the past 3 years, we have successfully completed over 10 TMT listings. We also have extensive experience advising on in-depth research on Chapter 18C Specialist Technology Companies as well as Chapter 18B SPAC and DE-SPAC transactions.”
KWM partner Candy Chan, Head of KWM Hong Kong’s equity capital markets practice said, “Our exceptional performance with 4 completed IPOs in the first half of 2024 solidifies the firm's position as a trusted advisor for companies seeking to go public. Our team’s unwavering commitment to helping our clients achieve their business goals has been a key factor in our success. We are excited about bringing further landmark transactions to market.”
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