Asia transactional team at Harneys advises on KANZHUN LIMITED and TIAN RUIXIANG Holdings Ltd IPOs
Harneys acted as counsel to KANZHUN LIMITED (NASDAQ: BZ) and Chinese insurance broker TIAN RUIXIANG Holdings Ltd (NASDAQ: TIRX) on their respective listings on the Nasdaq Capital Market, raising combined net proceeds of US$924 million.
KANZHUN’s listing is one of the biggest IPOs by a Chinese company in the US since software firm Tuya Inc’s US$947 million offering in March, according to Bloomberg. KANZHUN developed the Boss Zhipin mobile app, which connects job seekers and employers and is China’s largest online recruitment platform.
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China. It distributes a wide range of insurance products, including life insurance, property insurance, and casualty insurance. Proceeds from the Offering will be used for opening up new branches; research, development and operational investment on the Company's new Internet insurance center, and general working capital.
Head of the firm’s Transactional team in Asia, Paul Sephton, commented: “It has been a busy month for the IPO market in Asia, with our corporate team advising on several leading deals, the successful completion of which further highlights our market standing and ability to deliver on the most high profile of transactions.”
The Harneys team was led by Shanghai Associate Lily Zhang with support from co-head of the firm’s global Corporate group Raymond Ng. The firm’s corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. Their significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.