Harneys advises Cheche Technology Inc. and Cheche Group Inc. on de-SPAC mergers and NASDAQ listing
Harneys advised Cheche Technology Inc. and Cheche Group Inc. on the de-SPAC business combination with Prime Impact Acquisition I, the transaction completed on 14 September 2023. Following the business combination, the listed company Cheche Group Inc. commenced trading its Class A ordinary shares and warrants on the Nasdaq Capital Market on 18 September 2023 under the ticker symbols "CCG" and "CCGWW".
Cheche is the first variable interest entity structure to receive the green light from the regulator after China's new registration rule for overseas IPOs was introduced earlier this year. It is also the first Chinese company to get listed via a business combination with a SPAC.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 110 branches licensed to distribute insurance policies across 24 provinces, autonomous regions, and municipalities in China. Prime Impact is a Cayman Islands-exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation, or similar business combination involving Prime Impact and one or more businesses.
The Harneys team was led by Partner Raymond Ng and Senior Associate Annie Liu with support from Paralegal Matt Ip. Harneys Fiduciary serves as the Registered Office for Cheche.
Raymond commented: “We are pleased to have advised Cheche on this transaction. With Cheche setting the precedent, we look forward to more de-SPAC activities in the United States of America and Hong Kong involving Chinese VIE structures.”
Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity-linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The ECM practice’s expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange, all of which have issuers who frequently use offshore structures as part of their capital raising.