Maples Group Supports Three Chinese Companies with Dual Primary Listings in Hong Kong

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The Maples Group continues to be at the forefront in advising Chinese companies on their successful dual primary listings in Hong Kong. The Group's Hong Kong legal and fund services teams recently advised OneConnect Financial Technology Co., Ltd, Tuya Inc. and MINISO Group Holdings Limited on their dual primary listings on the Main Board of the Stock Exchange of Hong Kong ("HKEX"). All offerings closed in July and raised a combined net proceeds of approximately HK$700 million. Further details on each of the listings are outlined below:

OneConnect Financial Technology Co., Ltd ("OCFT"): 

The Group's legal team acted as Cayman Islands legal counsel to OCFT, a company primarily listed and traded on the New York Stock Exchange ("NYSE"), on its dual primary listing, by way of introduction, of its ordinary shares on HKEX.  Shares in the company commenced trading on the HKEX on 4 July 2022.

OCFT is a technology-as-a-service provider for financial institutions and was established in 2015 as the financial technology solution arm of Ping An Group which remains as controlling shareholder. 

Finance Partner, Lorraine Pao with assistance from Associate, Jessica Zhan advised OCFT on the Cayman Islands legal aspects of the transaction. The team previously advised OCFT on the Cayman Islands legal aspects of its initial public offering of American depositary shares on the NYSE in 2019.

Cleary Gottlieb Steen & Hamilton acted as legal advisors to OCFT as to Hong Kong and US laws and Haiwen & Partners as to PRC law.  Clifford Chance and Grandall Law Firm acted as legal advisers to the joint sponsors Goldman Sachs and HSBC as to Hong Kong and US laws and PRC law respectively.

Tuya Inc. ("Tuya"): 

The Group's legal team acted as Cayman Islands legal counsel to Tuya in relation to its global offering of 7,300,000 Class A ordinary shares and dual primary listing on the HKEX. The offering closed on 5 July 2022 and raised approximately HK$140 million. 

Tuya is a China-based company principally engaged in the provision of Internet of Things ("IoT") cloud development platforms and services. It offers a variety of services through its IoT cloud development platform, including IoT Platform-as-a-Service (PaaS), Industry Software-as-a-Service (SaaS), cloud-based value-added services and others.

Corporate Partner, Karen Zhang Pallaras with assistance from Associate, Vivian Lee advised Tuya on the Cayman Islands legal aspects of the transaction.  The team previously advised Tuya on the Cayman Islands legal aspects of its initial public offering of American depositary shares on the NYSE in 2021.

Davis Polk & Wardwell acted as legal advisers to Tuya as to Hong Kong and US laws and Jia Yuan Law Offices as to PRC law. Cleary Gottlieb Steen & Hamilton (Hong Kong) acted as Hong Kong and US counsel and Jingtian & Gongcheng acted as PRC counsel respectively to the joint sponsors China International Capital Corporation Hong Kong Securities Limited, Merrill Lynch (Asia Pacific) Limited and Morgan Stanley Asia Limited, and the underwriters.

MINISO Group Holding Limited ("MINISO"): 

The Group's legal team acted as Cayman Islands legal counsel to MINISO, in relation to its global offering of 41,100,000 ordinary shares and dual primary listing on the HKEX. The offering closed on 13 July 2022 and raised approximately HK$567.2 million. 

MINISO is a global retailer offering a variety of design-led lifestyle products. Its flagship brand 'MINISO' is a globally recognised retail brand with a store network worldwide.

Corporate Partner, Karen Zhang Pallaras with assistance from Associate, Vivian Lee advised MINISO on the Cayman Islands legal aspects of the transaction.  The team previously advised MINISO on the Cayman Islands legal aspects of its initial public offering of American depositary shares on the NYSE in 2020.

Skadden, Arps, Slate, Meagher & Flom acted as legal advisers to MINISO as to Hong Kong and US laws and JunHe LLC as to PRC law. Sidley Austin acted as Hong Kong and US counsel and Zhong Lun Law Firm acted as PRC counsel respectively to the joint sponsors Merrill Lynch (Asia Pacific) Limited, Haitong International Capital Limited, UBS Securities Hong Kong Limited and the underwriters.

The Maples Group's fund services team led by Eastern Fong, Regional Head of Fund Services – Asia and Christy Poon, Senior Vice President, provided Cayman Islands share registrar support to the companies on the abovementioned transactions.