Harneys advises XPeng Inc and Chaoju Eye Care Holdings Limited on their combined HK$15.36 billion IPOs

Harneys acted as Cayman Islands counsel to XPeng Inc and Chaoju Eye Care Holdings Limited (Chaoju Eye Care) in relation to their listings on the Hong Kong Stock Exchange on 7 July 2021, raising approximately HK$14 billion in gross proceeds (before the exercise of the over-allotment options) and HK$1.36 billion in net proceeds, respectively.

XPeng Inc is one of China’s largest electric vehicle manufacturers, headquartered in Guangzhou, China, integrating advanced internet, AI and autonomous driving technologies. It is the first dual-primarily listed company in Hong Kong with a weighted voting rights structure. In 2020 Harneys provided Cayman advice to XPeng Inc in relation to its pre-IPO equity financing and US$1.5 billion listing on the New York Stock Exchange; work that resulted in a 2020 Deal of the Year Award from China Business Law Journal. Harneys has successfully advised on a number of high value tech deals and continues to provide unparalleled service and expertise across this sector.

Chaoju Eye Care is a leading ophthalmology and eye care medical services provider with 17 ophthalmic hospitals and 23 optical centers across the PRC, with a strong foundation in North China and Inner Mongolia. Listing proceeds will go toward acquisition and establishment of new ophthalmic hospitals as well as renovations and upgrades to existing hospitals and IT infrastructure.

Raymond Ng, Global Co-head of Corporate oversaw Harneys’ successful teams, Legal Manager Denise Chan in Hong Kong leading the Chaoju Eye Care deal and the XPeng deal being led by corporate specialist Lily Zhang in Shanghai, supported by Vicky Lord Managing Partner. Harneys Fiduciary provided principal share registrar and registered office for the companies with Virginia Choy and Jeff Ng assisting.

Raymond Ng commented: “We are pleased to be involved in both XPeng Inc and Chaoju Eye Care’s landmark IPOs in Hong Kong. Our Asia transactional team continues to provide the highest calibre of service to clients across a variety of industries and sectors. These successful listings further add to the strengthening IPO market in the region.” Vicky Lord, Shanghai Managing Partner added “It is testament to the strength of our team that time and again clients are seeking to use Harneys in these deals – it is an honour for us to serve them and we congratulate them on their successful listing.” 

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. Through Aristomedou Loizides Yiolitis LLC, Shanghai Representative Office (Cyprus), the Shanghai team provides an award-winning range of offshore legal services and fiduciary services. Our Shanghai-based team allow our China based clients to easily access the full range of incorporation, formation, fiduciary, directorship and trustee and trust administration services.