Sidley advised on the initial public offering (IPO) of Vesync Co., Ltd. (HKEX:2148) (Vesync) on the Main Board of the Stock Exchange of Hong Kong (HKEX). The offering has raised approximately HK$1.8 billion (US$230 million). The Sidley team acted as Hong Kong and U.S. legal counsel for the joint sponsors, BNP Paribas Securities (Asia) Limited and Innovax Capital Limited.
Vesync received strategic investments from cornerstone investors including Hillhouse Capital and Orchid China Management. Vesync is a small home appliance online retailer in the U.S. According to the Frost & Sullivan Report, among small home appliance retailers in 2019, it is ranked third based on retail sales generated through Amazon, and ranked fifth through all online channels in the United States. Vesync’s products are sold under three core brands, namely Levoit, Etekcity, and Cosori, and have received a number of awards, including the Red Dot Awards, International Houeswares Association Global Innovation Awards, iF Product Design Awards, and Consumer Electronics Show Innovation Awards.
The Sidley team was led by partners Gloria Lam and Carrie Li. Other team members included counsels Catherine Chan and Julia Zhu, senior associates Jenny Ho, Dennis Chan, Shuwen Yu, Jacob Zhao, and Sophie Gu, legal manager Lola Tang, senior legal assistant Angie Fan, and legal assistants Chang Cong, Jenny Zhang, Natalie Ho, and Yixuan Sheng.
Sidley remains the number one legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (December 2018 to November 2020), according to the most recent data compiled by Ryanben Capital.