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JunHe Assisted the First WVR A-share Listing Company Ucloud Technology Co., Ltd. in its A-share Listing on STAR Market


On January 20, 2020, Ucloud Technology Co., Ltd. ("Ucloud" or the "Company") was listed on SSE STAR Market with the stock code of 688518. JunHe acted as the attorney of the issuer. Ucloud issued 58.5 million new shares at an issue price of RMB33.23 per share, and raised a total amount of RMB 1,943,955,000.

Ucloud is one of the first enterprises that has passed the trusted cloud service (TRUCS) authentication by the Ministry of Industry and Information Technology of PRC. Since its inception, Ucloud adhered to the principle of neutrality, independent research and development, and provide computing, network, storage and other basic resources and basic IT architecture products based thereon, as well as big data, AI and other products, it provides users with services in such three models as public cloud, private cloud and hybrid cloud. Relying on the 32 global available zones located in Asia Pacific, North America, Europe etc. as well as the domestic offline service stations located in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Xiamen, Wuhan and other places, Ucloud has provided cloud service support to tens of thousands of enterprises for their global business, and the number of indirect service end users has reached hundreds of millions. Its customers include Internet companies involved in interactive entertainment, mobile internet and corporate services, as well as companies involved in finance, education, new retail, intelligent manufacturing and other traditional industries. Ucloud will not engage in relevant business of the upstream and downstream customers but focus on providing neutral public cloud computing service, so that the business and data of its customers can be highly protected in terms of privacy.

At present, Ucloud has grown into the largest neutral third-party cloud computing service provider in China which successfully listed on the Sci-Tech Innovation Board and scored notable achievements in the market, including: (1) the first listed company in the A-share market with public cloud business; (2) the first listed company in the A-share market with the system of "Differential Arrangement for Voting Rights" (AB Shares);(3) One of the first batch of listed companies on Sci-Tech Innovation Board which used the comparable companies’ enterprise value multiples (EV/Sales) and marketing ratio (P/S) range as reference for its offering valuation.

JunHe as the issuer of this project, has provided special legal services since January 2018, and participated in the whole process of its listing on Sci-Tech Innovation Board, including application for the E-round financing, E+round financing and listing on the technology innovation board, and assisted the issuer in handling major legal matters including application for identification of state-owned shareholder (SS), demolition and sorting of overseas red chip structure, sorting out and inspection of related parties, historical evolution, shareholding reform and setup of special voting rights. JunHe team has been unanimously recognized by the companies, investors and other intermediary agencies for its efficient, rigorous and stable working style as well as meticulous and professional service attitude.

The leading partner of this project was WANG, Yi, the signatories were WANG, Yi, JIANG, Wenjun (Kelvin) and SHANG, Shiming (George)

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.