On January 15th 2019, “New economy SaaS 1st stock” Weimob INc. was successfully listed on the HKEx, issuing price was HKD 2.80 per share, raising funds of HKD 0.756 billion in net amount.
Weimob is the leading provider of cloud-based commerce and marketing solutions, and targeted marketing services on Tencent’s social networking service platforms for SMBs in China in terms of revenue in 2017. Weimob Inc. currently has over 2,000 employees, 1,500 channel partners, and 2.7 million registered merchants. Weimob empowers digital transformation for SMBs through decentralized, intelligent business solutions. Through our Commerce Cloud, Marketing Cloud, and Sales Cloud offerings, Weimob has established a cloud-based ecosystem to provide comprehensive intelligent business services.
In early 2018, Weimob Inc. started the pre-listing restructure including establishment of a red-chip structure, exiting of former shareholders, Pre-IPO RMB Financing, Pre-IPO USD Financing (part of the financing adopted USD convertible bonds as a financing tool). As there were numerous shareholders and investors of Weimob Inc. including investment institutions with SOE background, strategic investors represented by Tencent, and offshore investment institutions represented by GIC, the restructure plan was extremely complicated when balancing the interests of multiple parties. Also, the project timetable was relatively tight, the establishment of a red-chip structure to run parallel with dual-currency financing of offshore Pre-IPO, which increased the difficulty of the restructure.
JunHe as corporate legal counsel to Weimob Inc., provided whole-set legal services to the restructure including the design of the restructure plan, drafting domestic and offshore financing documents and restructure documents, negotiating with a large number of investment institutions, pushing the project to move forward, assisting in the registration of No.37 foreign exchange regulations of natural person shareholders and ODI registration of institutional shareholders. Moreover, the JunHe team provided a series of high-quality, rigorous, and efficient legal services in the listing submission process and feedback process including completing the due diligence on domestic entities, assisting Weimob Inc. to address managing and compliance measures, conducting PRC law opinions, giving detailed explanations and responses to domestic legal issues raised by the HKEx, and other HK listing related domestic legal work. Ultimately JunHe assisted Weimob Inc. in obtaining the approvals and agreement from the HKEx.
The JunHe team’s solid working attitude and professional services were highly recognized by the clients, shareholders, and other intermediaries. JunHe has become one of the most reliable strategic partners of Weimob Inc. through intimate cooperation in the listing of this project.
The leading partner was Mr. WANG, Yi.