Maples Group Advises Chenqi Technology's HK$1.3 Billion Hong Kong IPO

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Maples and Calder, the Maples Group's law firm, is pleased to have advised Chenqi Technology Limited ("Chenqi Technology"), in relation to its initial public offering ("IPO") of 30,004,800 shares on the Main Board of the Hong Kong Stock Exchange. The offering, which closed on 10 July 2024, raised a gross proceed of approximately HK$1.3 billion. 

Chenqi Technology is the world's first mobility platform to launch a commercialised hybrid operation of manned ride-hailing and self-driving services for autonomous vehicles called Robotaxis, and is also the second-largest mobility service platform in the Greater Bay area in China. Founded by state-owned automaker Guangzhou Automobile and tech giant Tencent, Chenqi Technology serves and connects various participants of the mobility industry including the riders, drivers, automobile OEMs, vehicle service providers and autonomous driving solution providers.  

A team of lawyers based in the firm's Hong Kong office acted as Cayman Islands counsel to Chenqi Technology, and was led by Corporate Partner, Juno Huang and assisted by Legal Manager, Clare Tsang. The Group's Fund Services business acted as the Cayman Islands Share Registrar, with a team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon. 

Commenting on the transaction, Juno said "We are delighted to have advised Chenqi Technology on its IPO in Hong Kong which is one of the largest Hong Kong IPOs so far this year. As Hong Kong continues to support and embrace innovative technologies, we expect to see continued momentum in Hong Kong's tech-focused public offerings in the years ahead." 

Clifford Chance acted as Hong Kong and US legal advisor. Haiwen and Partners acted as PRC legal advisor to Chenqi Technology. The joint sponsors, China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited and ABCI Capital Limited and the underwriters were advised by Paul Hastings as to Hong Kong and US laws, and by Commerce & Finance Law Offices as to PRC laws.