Fieldfisher Advised in $365 Million Investment for Chinese Lottery Tech Company
Fieldfisher Advised in $365 Million Investment for Chinese Lottery Tech Company
European law firm Fieldfisher advised Hui10's senior management and over 60 international gaming corporates, investment houses, and high-net-worth investors on a $365 million investment by London Stock Exchange-listed Intuitive Investments Group PLC (IIG).
Veteran PLC chairman Sir Nigel Rudd chairs IIG and invests in Hui10.
Hui10, a Beijing-based technology company, owns a 33 per cent stake in Beijing Huishi Dehua Information Technology Co., a provider of a digital platform that enables people to play the Chinese national lottery via their smartphones.
Hui10 also owns a 60 per cent stake in Beijing Huishi Chunyuan Technical Development Co., Ltd. (Lucky World), which operates a platform that allows China's lottery-only shops to sell a wider range of fast-moving consumer goods (FMCGs).
UK-listed and based closed-end investment company Intuitive Investments Group PLC (IIG), listed on the Specialist Segment of the London Stock Exchange (LSE), has agreed to issue 1,911,529,540 shares to the current owners of Hui10 as payment for the entire issued share capital of Hui10, valuing the business at $365 million.
After the transaction, Hui10 shareholders own 95.7 per cent of IIG's shares.
Fieldfisher's Corporate Partner, Andy Lawton Smith, spearheaded the team that provided counsel to the Hui10 shareholders, hailing from various European and Far East nations.
The project necessitated the coordination of an international team of lawyers and advisors, spanning from the Cayman Islands (where Hui10 is incorporated) to China.
"This was a hugely exciting yet challenging transaction. It was completed on a tight timescale and involved us supporting very experienced and knowledgeable clients based across more than half of the globe,” Corporate Partner Andy Lawton Smith said.
"This transaction is a very important waypoint for the IIG and Hui10 teams, as the opportunity for a significant equity raise to help fund the business's expected exponential growth in the near term is very much on the horizon," Smith added.
Smith received support on the transaction from Corporate Partners Melanie Talbot and Brad Isaac of Fieldfisher's Equity Capital Markets practice, along with Senior Associate Jaspaul Dhesi and Solicitor Jamal Moursy.
