Three law firms assist Weilong snack brand’s HKD898m Hong Kong IPO

Weilong on Hong Kong IPO

Clifford Chance, Commerce & Finance Law Offices and Maples advised famous Chinese snack brand Weilong on its HKEX listing, raising HKD898 million from the sale of 96.4 million shares at HKD10.56 apiece.

The only round of financing before Weilong’s listing was jointly led by CPE and Hillhouse, followed by Sequoia Capital China, Tencent, and Yunfeng Capital. Sunshine Insurance, one of the cornerstone investors, had just been listed on the HKEX in the same month.

According to Frost & Sullivan, Latiao, Weilong’s best-selling product is ranked first among similar products, with a market share of 14.3% 2021, which is six times the second-ranked brand.

Clifford Chance provided Weilong with Hong Kong and US law advice, Commerce & Finance Law Offices advised on PRC law, and Maples Group advised on Cayman Islands law. Partners Tim Wang, Jean Thio and Xiang Tianning led the Clifford Chance team.

Morgan Stanley, CICC and UBS were the joint sponsors, receiving advice on Hong Kong and US law from Paul Hastings, while Jingtian & Gongcheng provided PRC legal advice. The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, and corporate department partners Fan Chaobo and Vincent Wang.