DEALS AND CLIENT WINS Maples Group Supports E-Scooter Producer Ninebot in First-Ever Listing of CDRs on China's STAR Market

29 Oct 2020

请点击此处查看简体中文版本

The Maples Group was pleased to support Ninebot Limited ("Ninebot") on the first-ever listing of Chinese Depositary Receipts ("CDRs") on the Shanghai Stock Exchange Science and Technology Innovation Board ("STAR Market"). The offering, which closed on 29 October 2020, was a listing of 70.4 million CDRs that raised approximately RMB 1.33 billion.

Ninebot, an electric scooter producer backed by, among others, Xiaomi Corporation, is the first foreign-registered company with a variable-interest entity structure to list CDRs on a stock exchange in Mainland China. The innovative enterprise focuses on the design, research and development, production, sale and service provision of all types of smart short-distance transportation devices and service robots and includes brands such as Segway.  

The dual class offering on the STAR Market consisted of a weighted voting rights shares structure whereby Ninebot's share capital would comprise Class A Shares (listed) and Class B Shares (unlisted). 

The listing is expected to open the gateway for other foreign-registered enterprises to seek similar listings in China.  Following a surge of IPOs in the first half of 2020, the Shanghai Stock Exchange now ranks second after NASDAQ in terms of funds raised.

A team based in the Group's law firm in Hong Kong acted as Cayman Islands Counsel to Ninebot, a Beijing-based company that was incorporated in the Cayman Islands. Led by Corporate and Finance Partner, Everton Robertson, the team also comprised Legal Managers, Jessica Zhan and Jaron Jiao.  The Group's fund services business in Asia acted as the Cayman Islands share registrar, and was led by Eastern Fong, Regional Head of Fund Services - Asia and Vice President, Christy Poon.  Ninebot was advised by Zhong Lun Law Firm (Beijing Office) on PRC legal matters.  Guotai Junan Securities Co., Ltd., as sponsor and lead underwriter, was advised by King & Wood Mallesons as to PRC law.  

Commenting on the novel transaction, Everton Robertson said, "It was a privilege to assist our client, Ninebot, on the first-ever listing of CDRs in China which will undoubtedly change the future of the global listings landscape. We anticipate that more high growth and technology enterprises structured through a Cayman Islands or BVI company will now pursue similar listings in China as an alternative to or perhaps coupled with a dual HKSE listing – a win win all round."

This listing falls hot on the heels of the recent JD.com and NetEase listings  that the Group's Hong Kong office also supported. The Group continues to be selected for its comprehensive capabilities and expertise by clients in a wide range of sectors and this latest listing further demonstrates its unique ability and capabilities to advise on innovative and complex structures in the global listing space.

 

CONTACTS

bioImage

Everton Robertson

Partner

+852 3690 7424

bioImage

Jaron Jiao

Legal Manager

+852 3690 7510

bioImage

Jessica Zhan

Legal Manager

+852 3690 7487

bioImage

Eastern Fong

Regional Head of Fund Services - Asia

+852 3655 9005

bioImage

Christy Poon

Vice President - Senior Account Manager

+852 3655 9021

*
*
*
*


Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

The use of this form does not create an attorney-client relationship and information submitted will not necessarily be treated as privileged or confidential, nor will it prevent us from accepting related instructions on behalf of others. Do not send us any information regarding any current or potential legal matters until your proposed engagement of us as legal counsel has been agreed and confirmed by us in writing.

*
*
*

Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

Related

Announcements

Maples Group Enhances Offering with Irish Owner Trustee Services for Aircraft Assets

As Aviation industry participants become familiar with the use of trusts and aircraft trading volumes continue to grow, the use of owner trust structures in Aviation deals is expected to become increasingly prevalent.

Read more

24 Nov 2020

Announcements

Maples Group Maintains Top Tier Rankings in 2021 Legal 500 Caribbean Guide

Maples and Calder, the Maples Group's law firm, is proud to announce that it has once again achieved top-tier rankings in The Legal 500 Caribbean 2021 Guide, further demonstrating its leading position in the region. 

Read more

17 Nov 2020

Deals

Maples Group Supports E-Scooter Producer Ninebot in First-Ever Listing of CDRs on China's STAR Market

The Maples Group was pleased to support Ninebot Limited ("Ninebot") on the first-ever listing of Chinese Depositary Receipts ("CDRs") on the Shanghai Stock Exchange Science and Technology Innovation Board ("STAR Market"). The offering, which closed on 29 October 2020, was a listing of 70.4 million CDRs that raised approximately RMB 1.33 billion.

Read more

29 Oct 2020

Deals

Maples Advises on Baidu's US$950 million Bond

Maples and Calder, the Maples Group's law firm, was pleased to act as Cayman Islands and British Virgin Islands counsel to Baidu, Inc. (the "Issuer") on its issue of an aggregate of US$650million 1.720% notes due 2026 and US$300million 2.375% notes due 2030, which closed on 9 October 2020. 

Read more

29 Oct 2020

Announcements

Maples Group Appoints Claire Morrissey to Lead Data, Commercial & Technology Practice

The Maples Group is pleased to announce the appointment of Claire Morrissey to its growing Irish office.  

Read more

28 Oct 2020

Announcements

Maples Advises Apache Capital Partners on Sale of International Firm's HQ in Jersey

 Maples and Calder, the Maples Group's law firm was delighted to once again act as lead Jersey counsel for Apache Capital Partners on a recent transaction.

Read more

21 Oct 2020

Connect

Want to get in touch ?

Contact Us