Huaqin Technology, a smart device platform company, debuted today on the main board of the HKEX, raising HKD4.55 billion. Linklaters, Zhong Lun Law Firm, Pillsbury, Latham & Watkins and DeHeng Law Offices advised on the listing.
Following its listing on the main board of the SSE in 2023, the Hong Kong offering completes Huaqin Technology’s dual listing structure in both the A-share and H-share markets.
Cornerstone investors in the offering included JPMorgan Asset Management, UBS Asset Management, Perseverance Asset Management and Taikang Life Insurance, among others.
Linklaters advised the issuer on Hong Kong and US law. The team was led by partner and Greater China head of equity capital markets Christine Xu and capital markets partner Lipton Li, with support from counsel Queenie Tong. Zhong Lun acted as PRC counsel to the issuer, with partners Wang Chuan, Jia Hailiang and Li Yadong on the team. Partner Li Rui advised on data compliance matters, while partners Yao Pingping and Zhang Min provided Hong Kong legal advice to the issuer’s principal Hong Kong subsidiary.
Pillsbury advised Huaqin on US export controls, sanctions and outbound investment regulations. The team included corporate partner Jenny Sheng and counsel Xu Chunbin; international trade partner Matthew Rabinowitz and counsel Roya Motazedi; and intellectual property partner Jack Ko drawing members from the firm’s Beijing, Shanghai, Washington, and San Diego offices.
CICC and BofA Securities acted as joint sponsors. Latham & Watkins advised the underwriters on Hong Kong and US law, while DeHeng served as PRC counsel, led by senior partner Zhang Lei of its Shanghai office, with partners Zhu Yun and Yan Mingkang among the team members.
Headquartered in Shanghai and founded in 2005, Huaqin Technology is an original design manufacturer (ODM) platform for smart devices, providing products to global technology companies across mobile terminals, computing and data centres, AIoT and innovative business segments.
According to China Insights Consultancy, Huaqin ranked as the world’s largest consumer electronics ODM by shipment volume in 2024, with a market share of 22.5%.
