Harneys advises Fulu Holdings Limited on its HK$826.6 million IPO

Harneys acted as Cayman Islands counsel to Fulu Holdings Limited (Fulu Holdings) on its listing on the Main Board of the Hong Kong Stock Exchange on 18 September 2020, raising approximately HK$826.6 million in net proceeds. The IPO was sponsored by CMB International Capital Limited (CMBIC).

Fulu Holdings Limited is a leading third-party virtual goods and services provider in China. The company’s platform facilitates the business to business sale of virtual goods and generates revenues through sales channels and services to vendors.

The Harneys team was led by Partner Raymond Ng with support from Legal Manager Nicholas Fong. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provided registered office and principal share registrar services. Onshore legal counsel to Fulu Holdings comprised Latham & Watkins LLP and CM Law Firm, while Wilson Sonsini Goodrich & Rosati and Tian Yuan Law Firm acted for CMBIC.

Raymond commented: “We are delighted to assist Fulu Holdings Limited on its successful IPO. We continue to see increased investor interest in the Hong Kong stock market, with a particular interest in the technology industry. The completion of this IPO further highlights our team’s unparalleled capabilities and expertise within this space.”

Harneys corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.