Davis Polk, Commerce & Finance Law Offices, Harneys, Linklaters and Jingtian & Gongcheng have advised on China software provider JST Group’s HKD2.09 billion IPO on the HKEX main board on 21 October.
Partners Li Ran, Jason Xu and He Li led the Davis Polk team as Hong Kong and US law counsel, advising JST Group – China’s largest e-commerce SaaS enterprise resource planning provider.
Commerce & Finance’s partners Wu Gang, Yang Min, Zou Danli and Bo Siyuan acted as the issuer’s PRC law counsel. Harneys partner Jessi Xu advised on Cayman Islands law.
Linklaters advised the joint sponsors CICC, JPMorgan and other underwriters on Hong Kong and US law. Partners Christina Xu and Lipton Li led the team, with support from counsel Samson Chen. Jingtian & Gongcheng partner Yang Yuyi advised on PRC law.
Founded in 2014, JST Group offers one-stop SaaS products and services to help clients enhance operational efficiency, reduce costs and expand cross-platform business.
JST Group issued 68.16 million shares at HKD30.6 per share and saw its initial public offering in Hong Kong oversubscribed by nearly 2,000 times, and the international offering was oversubscribed by 23 times. The company reached a market value of HKD16 billion by the end of the first trading day.
The IPO attracted 13 well-known cornerstone investors, including Sequoia China, Blue Lake Capital and China Universal Asset Management.
