Harneys advises EDA Group Holdings Limited on its Hong Kong IPO
Harneys acted as Cayman Islands legal counsel to EDA Group Holdings Limited on the spin-off and initial public offering of its shares, raising approximately HK$223 million (approximately US$28.5 million). The shares commenced trading on the Main Board of the Hong Kong Stock Exchange on 28 May 2024.
EDA Group Holdings Limited provides one-stop end-to-end supply chain solutions for e-commerce vendors, empowering the fast-growing e-commerce activities that exchange products, services and information between businesses and individual consumers (B2C export e-commerce) in China. It offers supply chain solutions which encompass cross-border logistics, overseas warehousing and fulfilment delivery services that are integrated into “EDA Cloud”, its self-developed cloud platform which houses a comprehensive range of digital supply management tools. Its logistics network covers various major trade lanes originating from China reaching popular B2C e-commerce destinations around the world, including North America, Europe and Australia.
The listing constitutes a spin-off of the shares of EDA Group Holdings Limited from China Lesso Group Holdings Limited, the shares of which are also listed on the Main Board of the Hong Kong Stock Exchange.
Raymond Ng led the Harneys team on this project. Raymond commented: “We are pleased to be part of the successful team involved in the listing of the shares of EDA Group Holdings Limited. There has been a rapid growth in the B2C export e-commerce market in China over the past decade, due to the continued growth/recovery of the global economy and the increase in global consumer purchase power. We understand EDA Group Holdings Limited will utilise the funds raised to further enhance its global logistics network and revamp its cloud platform, and we wish them every success in achieving that goal.”
The Corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience in 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 firm’s ECM 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, the Shanghai Stock Exchange and the Luxembourg Stock Exchange.
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