On November 5, 2019, Q&K International Group Limited ("Q&K") was successfully launched on the Nasdaq (Stock Code: QK). On the day of listing, Q&K issued 2,700,000 American depositary shares (“ADS”, which is equivalent to 30 shares of Class A common stock of Q&K) at a price of $17 per share. On November 13, 2019, the underwriters exercised the over-allotment options to subscribe for 405,000 ADS issued by Q&K. The total amount of funds raised from the listing and the over-allotment was US$52.785 million.
As a leading apartment rental platform in China , Q&K offers young urban residents conveniently-located and long-term apartment services with high-quality value-added services. At present, the number of Q&K's rentable units is ranked number one in the Yangtze River Delta region and in the top three nationwide.
JunHe has been retained as Q & K’s PRC law firm since 2015, and assisted the company in completing the legal requirements, from the set-up of the overseas red-chip structuring, the configuration of A and B shares, and the A to C+ rounds of US dollar financing for the Nasdaq listing. With the background of drastic changes in both the domestic and foreign market environments and the continuous updates of the domestic regulatory laws and policies, JunHe provided an accurate analysis of regulatory trends for Q&K. The team provided feasible solutions to the PRC legal issues involved, and made its own contribution to Q&K's final successful move to the capital market. With their outstanding professional legal service, JunHe’s team was highly recognized by Q&K, the underwriters and the other agencies involved.