Huitongda Network – HK$2.2 Billion IPO
Hong Kong – February 18, 2022 – Cooley advised the joint sponsors and underwriters on ecommerce company Huitongda’s HK$2.2 billion (US$285 million) initial public offering of 51,606,200 H shares on the Hong Kong Stock Exchange, subject to the exercise of the underwriters’ option to purchase an additional 7,740,900 H shares. Partners Michael Yu and Will Cai led the Cooley team advising the joint sponsors and underwriters.
CICC, Citigroup and China Renaissance acted as the joint sponsors for the global offering. CICC, Citigroup, China Renaissance, HSBC, Haitong International, SPDB International, CMB International, BOCOM International, BOCI, CCB International, ABCI, Futu Securities, and Head & Shoulders Securities acted as the international and Hong Kong underwriters for the global offering.
Huitongda is a fast-growing commerce and service platform providing merchandise and services for business customers in the retail industry of China’s lower-tier market, which covers all suburban and rural areas, as well as urban sections of cities in China. Huitongda ranked #1 and #3 in terms of transaction value of commerce business in the lower-tier market and in the overall China market in 2020, respectively.
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