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Six law firms advise on Chenqi Technology’s HKEX debut

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Six law firms advise on Chenqi Technology

Clifford Chance, Maples Group, Haiwen & Partners, King & Wood Mallesons, Paul Hastings and Commerce & Finance Law Offices have advised on Chenqi Technology’s HKD1.05 billion (USD134 million) IPO in Hong Kong.

Chenqi Technology, a ride-hailing platform under the GAC Group, appointed Clifford Chance as its Hong Kong and US law counsel and Maples Group as counsel on Cayman Islands law.

Haiwen & Partners’ team, including partners Huo Chao, Marco Li and Kuang Peizhu, advised the issuer on PRC legal matters.

KWM tackled PRC data compliance issues. The firm’s partners Susan Ning and Wang Jianxue led the team and they were assisted by partner Wu Han.

Paul Hastings advised the joint sponsors, CICC, Huatai International and ABC International, on Hong Kong and US law. The team was led by the firm’s Greater China founding partner and chairman, Raymond Li, as well as corporate department partners Fan Chaobo, Steven Hsu and Crystal Liu.

Commerce & Finance also advised the joint sponsors on PRC law.

Chenqi Technology recorded total revenue of RMB2.2 billion (USD303 million) in 2023, as stated in its prospectus. The revenue generated from its ride-hailing service reached RMB1.8 billion last year, marking an increase for three consecutive years. The company’s ride-hailing service ranked second in the Greater Bay Area, based on transaction volume in 2023, according to Frost & Sullivan.

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