The US$4.7bn debut is the first listing on the HKEX using a new structure
Clifford Chance has confirmed it played a key role in a tech unicorn’s groundbreaking market debut on the Stock Exchange of Hong Kong (HKEX).
The Magic Circle firm advised the joint sponsors and 23 underwriters led by Goldman Sachs, Morgan Stanley, and CLSA Capital Markets on Xiaomi’s US$4.7bn HKEX IPO.
“This is the first IPO under Hong Kong's new weighted voting rights structure and one of the largest technology company IPOs globally in history,” Clifford Chance partner Tim Wang said.
The structure has been allowed by the HKSE after introduction of a new regime in April. Xiaomi is the fourth largest technology company IPO globally after Alibaba, Facebook and Infineon, Clifford Chance said.
Clifford Chance’s team was jointly led by partners Wang, Jean Thio, Fang Liu, and Amy Lo. They were assisted by consultants Tianning Xiang and Yufei Liao; associates Gehuan Liu, Janet Tang, Xiaoxi Liu, Huiyu Huang, and Hongzhou Chen; and trainees Linyang Wu, Grace Fung ,and Nan Lan.