Clifford Chance, Maples Group, Hiwen & Partners, King & Wood Mallesons and Paul Hastings, Commerce & Finance LLP advised Chan Chi Technology on its HK$1.05 billion (US$134 million) IPO in Hong Kong.
Chenqi Technology, a ride-hailing platform under GAC Group, has appointed Clifford Chance as its legal counsel in Hong Kong and the US, and Maples Group as its legal counsel in the Cayman Islands.
Haiwen & Partners’ team, including partners Huo Chao, Marco Li and Kuang Peizhu, advised the issuer on China legal matters.
KWM tackled the China data compliance issue with a team led by partners Susan Ning and Wang Jianxue, assisted by partner Wu Han.
Paul Hastings advised co-sponsors CICC, Huatai International and ABC International on Hong Kong and U.S. law. The team was led by Raymond Li, founding partner and chairman of the firm’s Greater China practice, and corporate partners Fan Chaobo, Steven Su and Crystal Liu.
Commerce & Finance also provided China law advice to the co-sponsors.
Chenqi Technology recorded total revenue of RMB 2.2 billion (US$303 million) in 2023, as stated in its prospectus. Revenue from the company’s ride-hailing service reached RMB 1.8 billion last year, marking the third consecutive year of growth. According to Frost & Sullivan, the company’s ride-hailing service ranked second in the Guangdong-Hong Kong-Macao Greater Bay Area based on transaction volume in 2023.
