DeHeng Law Firm, World Law Office and Han Kun Law Offices counselled on folding bicycle manufacturer Dahon Tech’s IPO, raising HKD392 million and becoming Hong Kong’s most subscribed listing yet, with an oversubscription of 7,558 times.
DeHeng’s Shenzhen and Hong Kong office acted as Dahon Tech’s PRC and Hong Kong law counsel. With partner Liu Shuang and Huangfu Tianzhi mainly responsible for advising on PRC law, while partner Chung Wing-yin, Boaz Cheung and Wong Nga-ting advised on Hong Kong law. World Law Office guided on Taiwan law.
Han Kun advised the sole sponsor, China Securities International, and five underwriters on Hong Kong and PRC laws. The firm was also responsible for drafting the prospectus.
Dahon Tech, the largest folding bicycle company in mainland China, raised HKD392 million from offering 7.92 million shares to the public, priced at HKD49.50 apiece.
Due to popular demand, it has a low allotment rate of only 0.02%. A total of 223,909 valid subscription applications were received, but only 7,920 were successful.
