Clifford Chance and Commerce & Finance Law Offices have represented Tencent-backed Maoyan Entertainment, China’s top movie-ticketing platform by sales, on its $250 million Hong Kong initial public offering, with Kirkland & Ellis and Jingtian & Gongcheng advising the underwriters.
According to Reuters, loss-making Maoyan raised $250 million in a smaller-than-expected IPO, and could raise up to $287 million if a greenshoe, or over-allotment option, is exercised within the first month of trade. That is, however, a fraction of the amount it was looking to raise last year.
With a market size of 1,283 billion yuan ($190 billion) in 2017, China’s entertainment market has already become the second-largest in the world, after that of the U.S. It is expected that China’s entertainment industry will further grow to 3,213.8 billion yuan in 2022.
The Clifford Chance team advising the issuer on HK and US law was led by China co-managing partner Tim Wang, and included partners Amy Lo and Fang Liu.
The C&F team advising the issuer on PRC law was led by Beijing partner Andrew Zhang.
The Kirkland team advising the underwriters on HK and US law was led by Hong Kong partners David Zhang, Li-Chien Wong and Peng Qi, and Beijing partner Steve Lin.
The J&G team advising the underwriters on PRC law was led by partners Xiang Gao, Liangliang Wang and Mingzi Tian.
Walkers (Hong Kong) advised the issuer on Cayman Islands law.
高伟绅、凯易国际等助力猫眼娱乐香港上市
高伟绅律师事务所、通商律师事务所为猫眼娱乐在港交所的2.5亿美元首次公开发行和上市提供法律服务。总部位于北京的猫眼娱乐是中国最大的在线电影票务服务平台。凯易国际律师事务所和竞天公诚律师事务所担任承销商的法律顾问。
据路透社报道，亏损的猫眼娱乐此次IPO规模小于预期筹得2.5亿美元，如果在交易的第一个月内行使超额配售权，可能筹资至多2.87亿美元。然而，这只是其去年希望筹集的一小部分。
2017年，中国娱乐产业市场规模达12830亿元人民币（约合1900亿美元），中国已成为仅次于美国的全球第二大娱乐产业市场。预计到2022年，中国娱乐产业市场规模将攀至32138亿元人民币。
高伟绅团队为发行人提供香港、美国法律服务，由中国区联席管理合伙人王彦峰律师、合伙人罗秀娴律师和方刘律师牵头。
通商担任发行人的中国法律顾问，由北京办公室合伙人张新阳律师主导。
凯易国际为承销商提供香港、美国法律服务，由香港办公室合伙人张彤律师、黄莉娟律师、祈鹏律师，以及北京办公室合伙人林邦律师主导。
竞天公诚担任承销商的中国法律顾问，由合伙人高翔律师、王亮亮律师、田明子律师主导。
汇嘉律师事务所香港办事处在此次交易中为发行人提供开曼群岛法律服务。
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