Skadden, CM Law Firm, Maples Group, Kirkland & Ellis and Jingtian & Gongcheng have advised Tuhu Car, a Chinese automotive after-sales service provider, on its HKD1.14 billion (USD145 million) IPO in Hong Kong.
Despite the weak performance of Hong Kong stocks in the first three quarters of the year, Tuhu Car’s listing secured its position as the third-largest IPO on the HKEX to date, following ZJLD Group’s HKD5.3 billion IPO and Horizon Construction Development’s HKD1.75 billion debut.
Skadden, led by partner and leader of the Shanghai office Wu Yuting, partner and co-head of the China practice Paloma Wang, partners Sun Kai and Xu Yilin, acted as Hong Kong and US counsel to Tuhu Car.
CM acted as PRC counsel to Tuhu Car while Maples Group acted as Cayman Islands counsel.
Kirkland & Ellis, led by capital markets partners David Zhang, Steve Lin and Lyn Mengyu, advised the joint sponsors, which included Goldman Sachs, CICC, UBS Securities and Merrill Lynch, on Hong Kong and US law. Transactional partner Kelvin Chu provided support.
Jingtian & Gongcheng provided advice on PRC law to the joint sponsors.
Tuhu Car’s prospectus shows cornerstone investors, including Tencent, Castrol, Leapmotor, Gotion High-tech, and Zizhu National Hi-Tech Industrial Development Park, subscribed to USD100 million worth of shares in the public offering. Prior to the IPO, the company had received USD450 million in financing from Sequoia China and other investors.
