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Zhong Lun Advises Xuan Wu Cloud on its SEHK’s Main Board Listing
Zhong Lun Advises Xuan Wu Cloud on its SEHK’s Main Board Listing
Xuan Wu Cloud Technology Holdings Limited (“Xuan Wu Cloud", stock code: 2392.HK) launched its initial public offering and was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange") on July 8, 2022, issuing 34,390,500 shares under its global offering at a price of HK$6.24 per share.
Zhong Lun acted as both the mainland and Hong Kong legal counsels to Xuan Wu Cloud in connection with its global offering and listing on the Hong Kong Stock Exchange and provided comprehensive legal services throughout the IPO process. In particular, the Hong Kong office of Zhong Lun acted as the lead prospectus drafting counsel and collaborated actively with the firm’s Shenzhen office to provide excellent legal solution for the VIE structure of Xuan Wu Cloud during its reorganization, for instance, communicating with the Hong Kong Stock Exchange, assisting Xuan Wu Cloud in submitting pre-IPO enquiry on the VIE structure and replying to the relevant enquiries from the Hong Kong Stock Exchange. The team was led by Zhong Lun Hong Kong partner Jaycen Liao. Other team members included associates Jacob Chun, Pessy Chan, Jane Li, Ocean Lui and Kelvin Chiu and paralegal Frank Chu.
This project is another typical example of provision of services by Zhong Lun Law Firm (“Zhong Lun") for listing on the Hong Kong Stock Exchange leveraging the synergy among the Chinese mainland and Hong Kong offices. The mainland legal team was led by partner Jijun Zhang. Other team members included non-equity partner Lina Shuai and associate Jiawang Chen. As such, the mainland and Hong Kong offices of Zhong Lun together provided integrated domestic and Hong Kong legal services to the issuer, which reduced the communication costs in between and created synergy among the issuer’s mainland and Hong Kong legal advisers, so as to deal with domestic and Hong Kong legal issues in a more efficient way.
As a comprehensive intelligent CRM services provider, Xuan Wu Cloud is capable of providing CRM PaaS services and CRM SaaS services to its clients. It is a leading service provider in the intelligent CRM services industry with more than 10 years of history. Xuan Wu Cloud was the largest domestic intelligent CRM services provider in the Chinese mainland with a market share of 13.8% in 2021 in terms of revenue of domestic intelligent CRM services provider in 2021. In terms of revenue of intelligent CRM services provider in 2021, Xuan Wu Cloud was the second largest provider of intelligent CRM services in the PRC.
