Harneys advises Zibuyu Group Limited on its Hong Kong IPO
Harneys acted as Cayman Islands counsel to Zibuyu Group Limited on its successful initial public offering with net proceeds of HK$197.7 million (US$25.3 million). Its shares were listed, and commenced trading, on the Main Board of the Hong Kong Stock Exchange on 11 November 2022.
Zibuyu is one of the largest cross-border e-commerce companies in China focussing on the sale of apparel and footwear products through third party e-commerce platforms. Since starting out as a small online shop on Taobao in 2011, the group has expanded its sales channels to platforms such as Amazon and Wish, as well as its self-operated online stores.
Partner Raymond Ng led the Harneys team with support from Senior Legal Manager Nicholas Fong. Raymond commented: “We were pleased to advise Zibuyu on its successful listing and, prior to that, its various rounds of pre-IPO financing. We send our congratulations to the team and wish them every success in a market that is seeing a strong growth in consumers shifting from offline to online.”
Tian Yuan Law Firm LLP provided Hong Kong legal advice to Zibuyu and Wilson Sonsini Goodrich & Rosati provided Hong Kong legal advice to the joint sponsors, Huatai Financial Holdings (Hong Kong) Limited and ABCI Capital Limited.
The Corporate team at Harneys advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg, and Cyprus corporate vehicles. The team’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. The firm’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, the Shanghai Stock Exchange, and the Luxembourg Stock Exchange.