Freshfields advises on first Chinese third-party payment service provider listing on HKSE’s Main BoardFreshfields Bruckhaus Deringer (‘Freshfields’) has advised CLSA Capital Markets Limited and J.P. Morgan Securities (Far East) Limited, the joint sponsors to the Hong Kong Stock Exchange (HKSE) listing of Huifu Payment Limited (‘Huifu Payment’), a leading independent third-party payment service provider in the PRC. The transaction marks the first-ever IPO by a Chinese third-party payment service provider listing on HKSE’s Main Board. The total offer value is approximately US$217m (before the exercise of the over-allotment option). Trading of the shares commenced today (15 June 2018).
Huifu Payment focuses on merchant payment and fintech enabling services. The company provides comprehensive payment services and solutions to its client base of over 5.8 million micro and small merchants, 1,500 Internet finance providers and 4,000 companies in various industry verticals in the PRC. It intends to use the net proceeds of the IPO for a range of purposes including enhancing its technology systems and research and development capability, pursuing selective acquisitions or strategic investments, and investing in its direct sales channel.
The Freshfields team advising on the deal was led by partner and head of China equity capital markets practice Richard Wang and partner Calvin Lai.
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