Appleby acted as Cayman counsel for Jia Yao Holdings Limited (Jia Yao) in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 27 June 2014, with gross proceeds of approximately HK$109.5 million. Jia Yao is principally engaged in the design, manufacture and sale of paper cigarette packages and, to a lesser extent, social product paper packages in the PRC.
Jia Yao will use the majority of the net proceeds from the global offering for improvement of existing equipment, procurement and installation of new equipment and machinery, and development of the Yichang production base for social product paper packages. The remaining proceeds will be used for enhancement of design and development capabilities, expansion of the sales and marketing network, working capital and other general corporate purposes.
The Appleby team was led by Judy Lee, a corporate partner in the Hong Kong office, assisted by Senior Associate Chris Cheng. Loong & Yeung was the legal adviser to Jia Yao as to Hong Kong law, and both Jingtian & Gongcheng and Dacheng Law Offices advised the company as to PRC law. Norton Rose Fulbright advised the sponsors and underwriters as to Hong Kong law, and Grandall law Firm was the legal adviser as to PRC law.
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