Harneys closes 2020 with three additional IPOs
Harneys acted as Cayman Islands counsel to Netjoy Holdings Limited (Netjoy) and Raily Aesthetic Medicine International Holdings Limited (Raily Aesthetic) on their respective listings on the Main Board of the Hong Kong Stock Exchange (HKEX), raising combined net proceeds of approximately US$175 million. The two IPOs were followed by the spin-off and separate listing of C&D Property Management Group Co., Ltd (C&D) on 31 December with Harneys acting as British Virgin Islands (BVI) counsel. In 2020, the Harneys Transactional team in Asia have advised on more than 10 IPOs with a combined value of over US$3.5 billion.
Netjoy is a China-based digital marketing and advertising service provider, developing video marketing solutions and online content production. Raily Aesthetic is an aesthetic medical services provider located in Zhejiang Province, China, focusing on inpatient and outpatient cosmetic and beauty services. C&D is a BVI incorporated company providing property development, real estate management and investment services.
The Harneys team was led by co-global head of Corporate, Raymond Ng, with support from Associate Annie Liu and Legal Managers Denise Chan and Nicholas Fong. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, also provided registered office and principal share registrar services for Netjoy and Raily Aesthetic.
Head of Harneys’ Transactional team in Asia, Paul Sephton, commented: “We are delighted to close the year with these three leading transactions despite the challenging conditions. The IPO market has clearly been a bright spot in Hong Kong in 2020 and it’s fantastic that our market leading corporate team have been able to capitalise on this. Our team continues to provide unrivalled cross-border advice to clients from a variety of industries and we enter 2021 with great optimism for another strong year for Harneys in Asia.” Raymond Ng added: “We are delighted to have acted successfully for our clients and are particularly pleased to have provided BVI advice to C&D, whose listing of a BVI company on the HKEX is of particular note due to its rarity in the market.”
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.