Harneys acts for Linklogis Inc. on its Hong Kong US$1.1 billion IPO

Harneys successfully acted as counsel for Linklogis Inc’s listing on the Hong Kong Stock Exchange (HKEX), raising over net proceeds of US$1.1 billion in its IPO (subject to the over-allotment option being exercised) - the second highest for a primary listing only IPO in Hong Kong to date this year. Linklogis, a Chinese FinTech based in Shenzhen, is the first supply chain financing service provider adopting a SaaS model to be listed in Hong Kong.

Linklogis is the fifth company seeking a primary listing on the HKEX with a weighted voting right structure (WVR). Including Linklogis, there are 12 companies adopting a WVR structure, seven of which are secondary listings.

The Harneys team was led by Co-Global Head of Corporate Raymond Ng, with assistance from Legal Manager Nicholas Fong, and Paralegal Alkafe Lam. Lead counsel for Linklogis and joint sponsors are Davis Polk & Wardwell and Skadden, Arps, Slate, Meagher & Flom and affiliates, respectively.

Raymond commented: “This was a particularly exciting and challenging project to advise on as it is one of very few Hong Kong IPOs with a WVR structure. We are pleased to have completed this landmark transaction for our clients and would like to congratulate Linklogis for their impressive achievement.”

Harneys corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.