The shares initially offered under the Hong Kong Public Offering and the International Offering were significantly over-subscribed by approximately 1274.76 and 21.7 times respectively.
The “Cheshi (網上車市)” brand has over 20 years of history. It operates an online automobile new media platform in China that offers comprehensive and high quality automobile content distributed across over 1,000 business partner platforms. Cheshi has also built in 2018 a user community on its platform that has generated over 4 million User Generated Contents as of June 30, 2020.
Cheshi will use the proceeds for business expansion, technology development, future investments and acquisitions, working capital and other general corporate purposes.
Vincent commented “We are pleased to serve as offshore counsel as part of the team assisting Cheshi with their pre-IPO financing and listing.”
Our Hong Kong Capital Markets team is highly regarded for their extensive expertise in supporting offshore companies with IPOs, introductions, placements and listings of both equity and debt securities on the Hong Kong, US, Singapore and many other internationally recognised stock exchanges.