Huafang Group, the second largest online entertainment streaming platform in China, raised HKD129 million (USD16.56 million) on its HKEX listing, offering 46 million shares at HKD2.8 each.
The Huafang Group owns the streaming platform Huajiao and 6.cn, social platform Naitang and overseas operation HOLLA Group. According to its prospectus, Huafang’s platforms have accumulated 410 million users by 2022, with the average monthly active users at nearly 60 million.
Zhou Hongyi, chairman of Qihoo 360, is the controlling shareholder of Huafang holding 38.21% through Qihoo 360, Huajiao No. 1 and Huajiao No. 2.
360 Digitech, a Nasdaq-listed credit technology platform controlled by Zhou Hongyi, had also listed on the HKEX on 29 November.
Wilson Sonsini advised Huafang on Hong Kong and US law, King & Wood Mallesons (KWM) advised on PRC law and Maples Group provided Cayman Islands legal advice.
Partners Ouyang Dan and Winfield Lau led the Wilson Sonsini team, while the KWM team was led by partners Zhang Yongliang, Song Yanyan and Wang Ningyuan.
Commerce & Finance Law Offices advised Huafang on the PRC’s cybersecurity and data privacy protection laws as a data compliance consultant.
O’Melveny advised on Hong Kong and US law, while Haiwen & Partners advised on PRC law for the joint sponsors Haitong International and CCB International.
Business partners Edwin Kwok and Geng Ke led the O’Melveny team, while the Haiwen team was led by partners Du Ning and Ma Chenling.