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Leading global law firm Herbert Smith Freehills has advised Haitong International as the sole sponsor of online marketing solutions provider Netjoy Holdings Limited (HK: 2131)’s mainboard listing on the Stock Exchange of Hong Kong.

Netjoy delivers online marketing solutions through video and content in China, primarily through top online publishers, including Douyin, Huoshan, Xigua Video and Kuaishou.

The IPO raised over HK$1.396 billion (US$180 million), and listed on 17 December 2020.

“Tech IPOs are flourishing in the Hong Kong market,” said Tom Chau, head of the firm’s Beijing office. “In particular we have seen a number of blockbuster offerings by Chinese tech companies in 2020, with many more in the pipeline for next year."

Data shows that Hong Kong has posted a 24% increase in funds raised in 2020 – raising a total of HK$389.9 billion from the 140 IPOs expected to complete by year end. TMT IPOs raised 25% of this total, and accounted for 17% in number. Three out of the top 10 IPOs in the market were from the TMT sector.

“Short video is one of the most dynamic segments of Chinese TMT sector, which nurtures a number of the world's leading short video platform operators and content providers from China,” said Beijing partner Isaac Chen.

According to iResearch, Netjoy holds a market share of 3.6% and 6.3% respectively in short video advertisements and performance-based advertisements placed on short video platforms, ranking top among all the pan-entertainment oriented information websites in terms of average daily active users (DAUs) in China in 2019.

“We are delighted to have worked with Haitong International on this IPO and congratulate Netjoy on this new chapter for the company,” said Herbert Smith Freehills Kewei joint operation partner Stanley Xie.

Tom, Isaac and Stanley led the team advising the sole sponsor, assisted by associates Weili Zhong,  Jasper Wang and Kathy Zhang, and paralegal Daina Wang in Beijing, associate Sean Ji and paralegal Jessica Sun from Herbert Smith Freehills Kewei, as well as senior associates Sherry Lai and Jin Kong, associate Jeffrey Lee, and trainee Sophia Li in Hong Kong. Lawyers Ying Song and Helen Liang, as well as senior legal analyst Yuanyuan Yin from Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business also provided support.





相关数据显示,香港资本市场预计在2020年年底前将完成140宗IPO,融资达3899亿港元,融资规模较2019年增长24%。其中,TMT行业的 IPO融资规模占到25%,数量占比达17%。2020年,香港市场排名前十的IPO中,有三宗来自TMT行业。




合伙人邹兆麟、陈敏和谢守德率领律师团队为此次上市独家保荐人提供法律服务。主要团队成员包括北京办公室钟卫利(Associate)、王建平(Associate)、张凯西(Associate)、王黛娜(Paralegal),科伟史密夫斐尔上海联营办公室季晓源(Associate)和孙菁(Paralegal),香港办公室黎翠芬(Senior Associate)、孔瑾(Senior Associate)、李柏濠(Associate)和李若愚(Trainee)。科伟史密夫斐尔联营办公室替代性法律服务(ALT)联合团队宋颖(Lawyer)、梁琳(Lawyer)和尹圆圆(Senior Legal Analyst)也提供了支持。

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Stanley Xie

, Hong Kong

Stanley Xie

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Sally Greig

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Hong Kong

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Vivian Huang

Communications Manager, China