Clifford Chance, Zhong Lun Law Firm, Maples Group, K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO on the HKEX – the second tech company to debut under the Chapter 18C listing rules.
The Chinese chipmaker offered 37 million shares at HKD28 each, raising HKD951 million. Black Sesame is the second specialist technology company to debut through the Chapter 18C listing regime.
It is also the first commercial company to debut under the rules, which is defined as an enterprise that must have an initial market capitalisation of at least HKD6 billion and earn at least HKD250 million in annual revenue.
Clifford Chance partners Fang Liu and Virginia Lee led the team advising Black Sesame on Hong Kong and US law.
Zhong Lun advised the issuer on PRC law, its team was led by partners Jack Lai, Wendy Guo and Victor Chen. Partners Chen Jihong and Wu Xiaoxu advised on intellectual property matters, and partners Chen Jian and Chen Ruiting advised on data compliance matters.
Maples Group counselled Black Sesame on Cayman Islands law and K&L Gates acted for the issuer on US export control laws.
JunHe acted as PRC counsel for the joint sponsors and underwriters， Zhang Ke and partner Li Chenliang led the team that includes partner Zhou Fang. Partner Marissa Dong and David Tang advised on data compliance and export control matters, respectively.
Wilson Sonsini acted as the Hong Kong and US counsel for the joint sponsors and underwriters, with the team including partners Ouyang Dan, Winfield Lau, Yin Can, Li Ke, Myra Sutanto Shen and Stephen Heifetz.
Tencent-backed AI drug researcher QuantumPharm, under the pre-commercial company category with a market value threshold of HKD10 billion, was the first enterprise to debut via Chapter 18C in June 2024.
Chapter 18C helps connect specialist tech firms with international funds. It is suitable for companies in the field of next-generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agriculture technologies.
Five law firms act on first Chapter 18C IPO on HKEX
Five law firms have secured roles on QuantumPharm’s USD127 million debut on the HKEX in the city’s first IPO launched
