Appleby acted as Cayman counsel for China Ludao Technology Company Limited (“the Company”) in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 11 October 2013, with gross proceeds of approximately HK$89 million.
The Company will use more than half of the net proceeds from the offering for increasing its production capacity by constructing a new production plant, while almost a quarter will be used for expansion of its domestic distribution channels and increasing penetration in second- and third-tier cities in eastern and central China including Zhejiang, Anhui and Hubei. The remainder will be used to launch advertising campaigns comprising television and outdoor advertisements alongside multimedia displays in shopping malls aimed at gaining widespread market acceptance, as well as for working capital and other general corporate purposes.
The Appleby team was led by Judy Lee, a Corporate Partner in Appleby’s Hong Kong office, assisted by Senior Associate, Chris Cheng. Hastings & Co. advised the Company as to Hong Kong law. TC & Co. advised the sponsor, Essence Corporate Finance (Hong Kong) Limited, and the underwriters as to Hong Kong law.
- Davis Polk Advises Yihai International Holding Ltd. on Its HK$858 Million (US$111 Million) Initial Public Offering
- Davis Polk Advises Orient Securities Company Limited on Its HK$6.8 Billion (US$876 million) Initial Public Offering
- Allen & Overy Bolsters Asia Pacific Capital Markets Practice with China-focused U.S. Hire in Hong Kong
- Simmons & Simmons Expands Financial Markets Practice in Hong Kong
- Simpson Thacher – Ozner Water Completes Private Placement of HK$465 Million Convertible Bonds