Leading global law firm Herbert Smith Freehills has advised Chinese AI-based mobile app developer and mobile advertising platform services provider Newborn Town Inc. on its global offering and listing on the Hong Kong Stock Exchange. Newborn Town is a leading Chinese mobile internet company targeting overseas markets.
Newborn Town generated broad interest in the market since initiating its plan to go public and the Hong Kong public offering was oversubscribed 1,400 times during its roadshow.
CMBC International Capital Limited was the sole sponsor of the listing. CMBC Securities Company Limited, Haitong International Securities Company Limited and SBI China Capital Financial Services Limited were joint global coordinators.
"We congratulate Newborn Town on its IPO," said Beijing managing partner Tom Chau. "Precisely as its name indicates, Newborn Town is brimming with vigour and vitality, while remaining true to its original aspiration. We were privileged to work with Newborn Town on this successful listing, and delighted to see its IPO recognised by the international capital markets."
This deal adds to the growing roster of Chinese listings on the Hong Kong Stock Exchange on which the firm's Greater China equity capital markets team has advised in the past year, including clinical-stage biopharmaceutical companies Shanghai Junshi Biosciences, TOT BIOPHARM and SinoMab Bioscience Limited, SaaS firm Duiba Group, wastewater treatment solution provider China Everbright Water, and precision measurement instrument manufacturer Zhejiang Cangnan Instrument Group.
Tom, partner Zhong Wang and senior associate Isaac Chen led the team advising Newborn Town, assisted by senior associate Sherry Lai, associates Kathy Zhang and Jasper Wang, paralegals Daina Wang and Iris Zhu, and Yuanyuan Yin and Huan Meng of Beijing ALT.