Harneys completes three initial public offerings in Hong Kong

Harneys acted as British Virgin Islands and Cayman Islands legal adviser on the listing of Archosaur Games Inc. and Ganglong China Property Group Limited, whose shares commenced trading on the Hong Kong Stock Exchange today, 15 July 2020, following the listing of the shares of Adtiger Corporations Limited on Friday 10 July 2020. The net proceeds raised between the three IPOs amounted to approximately HK$3.6 billion.

Adtiger Corporations is an online advertising platform that connects advertisers with media publishers and primarily provides overseas online advertising services to China-based advertisers. Archosaur Games is a leading games publisher in China focusing primarily on mobile MMORPG (massively-multiplayer online role-playing games). Shanghai-based Ganglong China Property is an established property developer in the Yangtze River Delta Region focusing on the development and sales of properties predominantly for residential use mixed with accompanying ancillary facilities.

The Harneys team was led by Partners Raymond Ng and Yin Xu, with support from Senior Associate Jessie Xu, Associate Annie Liu and Legal Manager Denise Chan. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provides registered office and principal share registrar services to all the issuers.

Raymond commented: “We are pleased to begin a busy summer with the completion of these three IPOs. With investors’ continuing interest in the Hong Kong stock market, we expect a strong pipeline in equity fundraising for the remainder of the year.”

Yin added: “Our unique physical presence in both Hong Kong and Shanghai enables us to stay close to our clients in China and to optimise our resources across the region. This successful transaction is a testament to the firm’s ability to provide a comprehensive and seamless service to our clients.”

Harneys corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.