Six Law Firms Advised on Chenqi Technology's Successful Hong Kong IPO
Six Law Firms Advised on Chenqi Technology's Successful Hong Kong IPO
Chenqi Technology, a ride-hailing platform under the GAC Group, has successfully launched its HKD1.05 billion (USD134 million) IPO in Hong Kong, with advisory support from several prominent law firms.
Clifford Chance served as the Hong Kong and US Law Counsel for Chenqi Technology, while Maples Group provided Counsel on Cayman Islands law.
Haiwen & Partners, with Partners Huo Chao, Marco Li, and Kuang Peizhu, handled the PRC legal matters for the issuer.
King & Wood Mallesons (KWM) addressed the PRC data compliance issues, led by Partners Susan Ning and Wang Jianxue, with support from Partner Wu Han.
Paul Hastings advised the joint sponsors—CICC, Huatai International, and ABC International—on Hong Kong and US law. Their team was spearheaded by Greater China Founding Partner and Chairman, Raymond Li, along with Corporate Department Partners Fan Chaobo, Steven Hsu, and Crystal Liu.
Commerce & Finance Law Offices also advised the joint sponsors on PRC law.
Chenqi Technology reported a total revenue of RMB2.2 billion (USD303 million) in 2023, as detailed in its prospectus. The revenue from its ride-hailing service reached RMB1.8 billion last year, marking a continuous growth over three years. According to Frost & Sullivan, Chenqi Technology's ride-hailing service ranked second in transaction volume in the Greater Bay Area in 2023.
