Global law firm Ashurst represented Zhongtai International Capital Limited, the sole sponsor, and the underwriters on the listing of shares on the Main Board of Hong Kong Stock Exchange and Regulation S offering of Many Idea Cloud Holdings Limited (SEHK: 6696, the “Company”), an integrated marketing and SaaS services company in China.
Many Idea Cloud Holdings Limited is the third largest event content marketing services in China, and the second largest in the industry for sports events marketing. It provides integrated marketing solutions services in the PRC including content marketing, SaaS interactive marketing, digital marketing, public relations event planning and media advertising. Its customers include some large well-known Chinese brands such as HongXing Erke (鴻星爾克), ABC Kids, Liby (立白), FILA (斐樂), Gold Crown (金冠), Panpan (盼盼), Hengan (恒安), Anjoy (安井), CR Land (華潤置地) and Vanke (萬科).
The Company will further increase its market share by expanding its SaaS interactive marketing business, through the enhancement of interactive creative management tools and data analytic platform, scaling up its IP contents portfolio, expanding its geographical coverage and possibly looking for investment and acquisition opportunities. The proceeds raised from the global offering will be used to support the company’s expansion plan and further enhance its competitiveness in integrated marketing services.
One unique aspect of this transaction is the SaaS new business undertaken by the Company, which added complexity to the HKEx vetting process. As the drafting counsel, the Ashurst team have clearly demonstrated the synergy and relationship of the new business with the Company’s existing business. In addition, the reorganisation of the group, which was conducted by way of business transfer, has also proved to be an innovative solution to resolve the Company’s shareholding structure issues. The reorganisation steps were carefully designed, structured and executed to assist the Company in achieving the new group structure which optimised its business operation and best catered for its further expansion.
Lead partner Melody He commented: “We are delighted to have advised Zhongtai International in our role as sponsor’s counsel to support the Company on its successful listing in Hong Kong, achieving an important milestone of its development. As the drafting counsel, the Ashurst team has worked very hard to tell the successful equity story of the Company’s SaaS new business and its synergy to the existing content and digital advertising business, which once again demonstrated our strong capability in understanding our client’s business and delivering high quality drafting product. We look forward to continuously working with Zhongtai to support the Company’s business expansions and many more successful listings to come.”
The transaction was led by partner Melody He, supported by Janny Tai, Brenton Tse, Lilian Chiu, Kun Ou and Yejun Yang.
