Herbert Smith Freehills advises Newborn Town on new share placement in Hong Kong 史密夫斐尔律师事务所为赤子城科技完成新股配售提供法律服务

Leading international law firm Herbert Smith Freehills has advised Newborn Town Inc. (09911.HK) on completion of a HK$347 million (US$44.5 million) top-up placing of new shares on the Stock Exchange of Hong Kong.

Newborn Town Inc. focuses on the global open social networking sector, as well as emerging modes in social networking including video and audio formats, creating a range of diversified social networking products including video social networking, audio social networking and live-streaming social networking. Its representative products include Yumy, MICO and YoHo, which are highly popular in areas such as Middle East, North America, Southeast Asia and South Asia. The company went public on the Stock Exchange of Hong Kong in December 2019 and acquired Beijing Mico World Technology Co., Ltd. in July 2020 as part of its expansion into overseas social networking markets. The firm advised Newborn Town on both transactions.

The placement comprises 92,366,000 new shares at a price of HK$3.80 per share. These shares account for approximately 8.41% of the existing issued share capital of Newborn Town and approximately 7.75% of the issued share capital as increased by the placement. Proceeds from the placement and subscription will be used for development of the company's social networking and gaming business as well as for potential acquisitions and pursuing strategic alliances.

Beijing partner Isaac Chen led a team advising Newborn Town on the placement, assisted by associate Bryan Zhu and legal assistant Aiye Jia.

"Our congratulations to Newborn Town, with whom we have a solid client relationship since its public listing, on this latest placement,” said Isaac. “The success of the placement shows the continued strength of the Hong Kong capital markets for emerging TMT companies."

"Our firm excels in supporting Chinese TMT clients on high-profile transactions. We look forward to even stronger growth of Chinese companies in the global capital markets in the Year of Tiger," said Isaac.

全球领先的律师事务所史密夫斐尔为赤子城科技有限公司（09911.HK）在联交所完成3.47亿港元（合4450万美元）先旧后新新股配售提供法律服务。

赤子城专注于全球开放的社交网络以及视频语音等新兴社交网络模式，创造了一系列多元化的社交网络产品，包括视频社交、语音社交和直播社交网络。其代表产品包括Yumy、MICO和YoHo，在中东、北美、东南亚和南亚等地区深受欢迎。赤子城于2019年12月在联交所上市，于2020年7月收购北京米可世界科技有限公司，作为其迈向拓展海外社交网络市场的一步。史密夫斐尔曾在这两项交易中为赤子城提供法律服务。

赤子城以每股3.80港元配售9236.6万股新股份，占现有已发行股本约8.41%，以及经配售事项扩大的公司已发行股本约7.75%。配售事项所得款项将用于发展社交及游戏业务，进行潜在收购及引入战略联盟。

史密夫斐尔北京办公室合伙人陈敏（Isaac Chen）领导团队为赤子城此次配售提供服务，朱步凡（Associate）和贾瑷烨（Legal Assistant）提供协助。

陈敏表示：“祝贺赤子城成功完成此次配售！自其香港上市以来，史密夫斐尔与赤子城延续着稳固的客户关系。此次成功配售显示了香港资本市场对新兴TMT企业具备的长期支持力。”

“史密夫斐尔在助力中国TMT企业完成高规格交易方面能力卓著。我们期待着中国公司能够在虎年中通过全球资本市场实现更强进的增长。”