Sidley advised on the initial public offering (IPO) of Changjiu Holdings Limited (HKEX: 6959) on the Main Board of the Hong Kong Stock Exchange (HKEX). The offering raised approximately HK$300.7 million (US$38.5 million). Sidley acted as Hong Kong legal counsel for the joint sponsors: CITIC Securities (Hong Kong) Limited and ICBC International Capital Limited.
Changjiu Holdings Limited provides pledged vehicle monitoring services and automobile dealership operation management services in China. It is the largest pledged vehicle monitoring service provider in China’s automobile sales and distribution industry, both in terms of revenue in 2022 and the number of automobile dealership users as of December 31, 2022, with a market share of 47.9%, according to China Insights Industry Consultancy Limited. It uses cloud-based technologies to support digital information infrastructure and has adopted an automobile dealership operation management system, Smart Star, which is tailored for managing the daily operations of automobile dealerships.
The Sidley team was led by partner Sherlyn Lau, member of Sidley’s Executive Committee and deputy head of China Corporate and Finance Group, and partner Oliver Zhong. Other team members included senior China advisor Linda Ruan, counsel Leonard Lou, senior legal manager Jacky Lei, managing associate Yaomin Pan, associates Songbei Li and Ashley Liu, senior corporate manager Hannah Wong, and senior legal assistants Lang Chen, Sancy Chen, Luting Cui, Suyang Ma, Yuchen Ni, Jiangyuan Song, and Kristine Zhang.
Sidley is one of the international law firms which represented the largest number of Chinese companies in Hong Kong IPOs. It has been ranked by Chambers Greater China Region/Asia Pacific for equity capital markets for more than a decade, and has received a number of independent recognitions from publications such as Financial Times APAC Innovative Lawyers, China Business Law Journal, The Asset, and Legal 500 APAC. Sidley is highly recognized in innovative and trend-setting IPOs and has completed a number of high-profile transactions in recent years.