Six law firms acted on Keep’s HKD313 million (USD40 million) IPO, marking the Chinese online fitness platform’s success in finally overcoming data compliance difficulties to achieve a Hong Kong listing.
Skadden, Commerce & Finance Law Offices, Global Law Office, Harneys, Davis Polk and Tian Yuan Law Firm counselled parties on the IPO.
The shares were priced at HKD28.92 apiece, which was at the lower end of the expected range.
Skadden advised the issuer on Hong Kong and US law, while Commerce & Finance advised on PRC law.
Leading partner Maggie Meng at Global counselled on PRC data compliance law.
Harneys advised Keep on Cayman Islands law, led by counsel Jessie Xu, with support from partner Calamus Huang.
Leading partners He Li, Jason Xu and Li Ran at Davis Polk provided Hong Kong and US advice to the solo sponsor CICC and other underwriters, while Tian Yuan acted as PRC counsel.
Unlike previous IPOs, where expenses were primarily focused on the underwriters, the prospectus for this transaction highlighted the significant role of legal counsel and accountants, as their fees were three times higher than those for the underwriters.
Last year, Keep filed its prospectus with the HKEX, making it the first Chinese company to engage a data compliance counsel for its Hong Kong IPO. However, it failed its first two hearings and managed to succeed this year.
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