O’Melveny Represents Laopu Gold in its US$116 Million Hong Kong IPO, First for a Chinese Heritage Gold Brand
June 28, 2024
FOR IMMEDIATE RELEASE
HONG KONG—June 28, 2024— O’Melveny represented Laopu Gold (6181.HK) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The total offering size was approximately HK$905 million (approximately US$116 million) after full exercise of the offer size adjustment option. O’Melveny acted as Laopu Gold’s Hong Kong and U.S. counsel.
Established in 2009, Laopu Gold is a Chinese heritage gold jewelry brand accredited by the China Gold Association. It is the first gold jewelry brand in China to promote the concept of heritage gold, and the only brand in China that focuses on the design, manufacture and sale of heritage gold jewelry, according to Frost & Sullivan. This transaction is widely recognized as the “First Chinese Heritage Gold Brand IPO” in the market. Among all gold jewelry brands in China, Laopu Gold ranked first in terms of single-store sales in each of 2022 and 2023, according to Frost & Sullivan.
Tencent, China Southern Asset Management and CPE Fund are the cornerstone investors in this IPO, who subscribe for US$56 million of shares. At the time of the IPO, Laopu Gold was 582 times oversubscribed.
China Securities (International) acted as the sole sponsor, sole overall coordinator and sole global coordinator. China Securities (International), CCB International and BOCOM International acted as joint bookrunners and joint lead managers. Tiger Brokers (HK) also acted as a joint lead manager.
The O’Melveny team was led by partners Ke Geng and Ke Zhu. The core team members included counsels Vincent Wang, Qianyu Hu, Katherine Wang, associates Chao Deng, Ningzhi Chen, legal consultants Chaoran Chen, Daniel Tian, Xingyan Zhou, and trainee solicitor Ella Li. Legal consultant Michelle Luo also provided valuable support.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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