HFW advises sole sponsor on Lesi group’s Hong Kong IPO

Global sector-focused law firm HFW has advised China Sunrise in its role as the sole sponsor of Lesi Group Limited’s (Lesi) successful listing on the Main Board of the Hong Kong Stock Exchange on 8 March 2024.

China Sunrise is a wholly owned subsidiary of China First Capital Group Limited, a listed company on the Main Board of the Hong Kong Stock Exchange, engaged in financial services, education management, consulting and automotive parts business.

Lesi is a PRC mobile advertising service provider based in China that offers a range of advertising services to its customers.

On the first day of trading, Lesi’s share price closed at HK$1.50 per share. Approximately 65.7 million shares were traded, and the total turnover amounted to approximately HK$83.7 million.

The transaction team advising China Sunrise was led by partner Wing Cheung and associate Joey Sze, with support from paralegals Nicole Lam and Elly Yiu. Partner Wing Cheung said: “We were very pleased to advise China Sunrise as the sole sponsor to Lesi Group’s IPO and congratulate them and Lesi on this successful mainboard listing. We wish Lesi Group every success as a listed company.

“We see promising signs that the global IPO markets are stabilising. For the Hong Kong IPO market, many have predicted a rebound which will enable Hong Kong to reclaim the top five global IPO rankings in 2024. We are very pleased to have played a part in boosting this upward trend.”

HFW has a long history in Hong Kong, having been one of the first international law firms to open an office there, in 1978. The firm has also had an office in Shanghai for more than 24 years and in 2016 became only the second international law firm to establish a formal association with a Chinese firm under the Shanghai FTZ rules, with Wintell & Co. This year, HFW opened its third office in Greater China in Shenzhen, expanding the firm’s global footprint to 21 offices.

The firm has more than 85 lawyers in Greater China, including 20 partners, and is a market leader in aviation, commodities, construction, energy, insurance, shipping, commercial litigation and corporate.