IFLR1000

Meitu $710 million HKSE IPO

15/12/2016
IPO
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HK$ 5.5 billion

Completed

15/12/2016

Overview:

  • Chinese technology company Meitu has launched an IPO on the Hong Kong Stock Exchange (HKSE).
  • The float, raising HK$5.5 billion ($710 million), is one of the largest in the Chinese tech sector since Alibaba raised $25 billion in 2015.
  • The company with 456 million monthly active users, priced its listing of 574 million shares at HK$8.50 per share.
  • Although the company is best known for its apps, a large proportion of its revenues comes from its smartphone business.
  • The company hopes that its IPO will validate the sky high valuations that private investors ascribe to Chinese tech start-ups.
  • Meitu, which means 'beautiful picture' in Mandarin, makes apps that edit users’ selfies to enlarge eyes, whiten skin and thin jaws, all traits considered attractive by some Chinese people.

Adam Majeed - Regional editor

 

          

Jurisdiction:

Hong Kong SAR

Deal type:

IPO

Practice area:

Capital markets : Equity

Industry sector:

Technology and telecommunications

Firms:
Conyers Dill & Pearman

Party: Meitu (Issuer)

Lawyer: David Lamb

Global Law Office

Party: Morgan Stanley (Joint lead manager)

Party: Credit Suisse Securities (Joint lead manager)

Party: China Merchant Securities (Joint lead manager)

Party: CCB International Capital (Global Coordinators)

Party: UBS (Joint bookrunner)

Party: CMB International Capital (Global Coordinators)

Party: Head & Shoulders Securities (Joint lead manager)

Party: Futu Securities International (Joint lead manager)

Lawyers: Cheng Li, Jihong He

Jingtian & Gongcheng

Party: Meitu (Issuer)

Lawyers: Yusheng Ye, Zhengzheng Hu

Kirkland & Ellis

Party: Morgan Stanley (Joint lead manager)

Party: Credit Suisse (Joint lead manager)

Party: China Merchant Securities (Joint lead manager)

Party: CCB International Capital (Global Coordinators)

Party: UBS (Joint bookrunner)

Party: CMB International Capital (Global Coordinators)

Party: Head & Shoulders Securities (Joint lead manager)

Party: Futu Securities International (Joint lead manager)

Lawyer: David Zhang

Skadden Arps Slate Meagher & Flom

Party: Meitu (Issuer)

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