O’Melveny, Grandall Law Firm, Carey Olsen, Herbert Smith Freehills and Jia Yuan Law Offices assisted Tiantu Capital in completing its HKD1.13 billion (USD144 million) IPO on HKEX, making it the first mainland PE/VC company to list in the city.
O’Melveny, led by corporate partners Zhu Ke, Geng Ke and Sun Ye, advised Tiantu on Hong Kong and US law.
Partners Li Peng and Zhang Qiang led Grandall in advising Tiantu on PRC law, with support from partners Yue Yongping, Zhou Ruoting and Xing Huanghua.
Herbert Smith Freehills, led by China’s managing partner Matt Emsley, and partners Stanley Xie and Kong Jin, acted as Hong Kong and US counsel to the joint sponsors Huatai Financial Holdings and BOCI Asia.
Jia Yuan’s senior partners Wang Yuan, Wen Liangjuan and Su Dunyuan advised the joint sponsors on PRC law.
Cornerstone investors in the IPO included the Futian Guiding Fund and three Qingdao government-backed companies: Qingdao Haiming City Development, Qingdao Hainuo Investment Development, and Qingdao Economic Technology Development Zone Financial Investment Group.
Prior to its HKEX debut, Tiantu, as a consumer sector oriental PE/VC company, had invested in several renowned Chinese brands, such as Zhou Hei Ya, China Feihe, Nayuki, Xiaohongshu, Modern China Tea Shop, ATRenew and Pagoda. The company has a portfolio of 23 companies valued at more than USD1 billion.
As of 31 March 2023, Tiantu managed eight renminbi-denominated funds and three USD-denominated funds, a total of RMB25.5 billion (USD3.5 billion) in assets under management.