Leading global law firm Herbert Smith Freehills has advised Newborn Town Inc., a Chinese mobile app developer and mobile advertising platform services provider, on its acquisition of Beijing Mico World Technology Co., Ltd.
Mico operates a social networking platform, with social networking app MICO and live streaming app Kitty Live as its primary revenue generators – both of which have market-leading positions in the Middle East, Southeast Asia and North America.
This acquisition marks Newborn Town’s expansion into overseas social networking markets since listing on the Hong Kong Stock Exchange in December 2019 – a transaction on which the firm also advised.
Upon completion, Newborn Town will hold an approximately 25.62% stake in Mico and provide a convertible loan to Mico.
“We are delighted to have advised Newborn Town on this milestone transaction," said Beijing managing partner Tom Chau. "For eight months in 2019, our team worked closely with the company on its IPO, so it's rewarding to see the company’s ongoing expansion and success.”
"This transaction underlines our longstanding commitment to tech, media and telecoms clients," said Beijing partner Isaac Chen. "We are deeply experienced in supporting clients in their pursuit of disruptive innovation and market expansion."
Partners Tom Chau and Isaac Chen led the team, assisted by associates Weili Zhong, Kathy Zhang and paralegal Daina Wang in Beijing.
合伙人邹兆麟和陈敏率领律师团队为此次交易提供法律服务。主要团队成员包括北京办公室钟卫利 (Associate)、张凯西 (Associate)以及王黛娜 (Paralegal)。