Latham, CC led on Kuaishou’s HK IPO
Haiwen & Partners and Latham & Watkins have advised short video platform Kuaishou Technology on its $5.4 billion IPO in the Hong Kong Stock Exchange. Clifford Chance and Commerce & Finance advised the underwriters.
This is the largest IPO in HKEx since September 2019, with Kuaishou becoming the first listed short video company, and also the third company that become listed in HKEx with weighted voting rights structure.
Kuaishou is one of the most widely used social media platform in China, providing services including short video sharing, live streaming, e-commerce and online marketing via multiple applications.
According to Caixin, a day before Kuaishou's offered its shares, the China Audio and Video Copyright Management Association announced that 155 million videos of Kuaishou used recordings managed by the association, and ordered the company to delete the first batch of 10,000 videos suspected of copyright infringement. The infringement allegations did not damper investor enthusiasm. South China Morning Post reported that Kuaishou opened at HK $338, which nearly tripled its offer price of HK $115, making it one of the most successful IPOs of more than $1 billion.
The Haiwen team was led by partners Xuemei Lv, Chao Huo and Chenling Ma; the Latham team was led by partners Benjamin Su, Cathy Yeung, Daying Zhang and Terris Tang based in Hong Kong office.
The Clifford Chance team was led by partners Christine Xu and Liu Fang.
Maples and Calder was the offshore lawyer in this IPO.
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