Pinsent Masons has advised China Chaintek United Co (Chaintek), a supplier of logistics services to fast moving consumer goods makers, on its AIM IPO. Ogier acted as Cayman Island counsel to Chaintek, which has a market capitalisation of £87.5m ($138 million), and raised about £7.5m ($7.7 million) to grow its logistics services, inventory storage, and management businesses.
Chaintek’s UK listing will be used to partially fund the development of a 200,000 square metre warehouse in Jinjiang City, which is expected to centralise customer operations.
“We see this fundraising and move to AIM as an extremely exciting step in our future development, which will assist us in expanding our operations, and ensure the Group’s standing as one of China’s leading logistics businesses,” said Shufang Zhuang, the Group’s co-founder and executive director, in a statement.
London-based partner Sean Page led the Pinsent Masons team, assisted by senior associate Amanda Yao, and counsel Leo Wang in Shanghai.
Commenting on the IPO, Page said: “This continues are strong track record of advising Chinese companies to list on AIM, having recently also advised sportswear brand Naibu and Global Market Group Limited on their IPOs. Logistics is a key part of growth in China’s drive to boost domestic consumption.”
Ogier’s team was led by Hong Kong partner Nathan Powell, alongside China managing director Kristy Calvert in Shanghai.
“(The IPO) demonstrates that the London market is still an attractive option for Chinese companies looking to raise capital internationally,” said Powell in a statement.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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