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.
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