On September 30th, 2020, Yalla Group Limited (NYSE: YALA), the operator of a popular voice social platform in the Middle East, was successfully listed on the New York Stock Exchange of the U.S. at a price of $7.50 per share. It has issued approximately 18.6 million ADS in aggregate (prior to the exercise of the over-allotment option) to raise funds in excess of $139 million (prior to the exercise of the over-allotment option).
Yalla was founded in 2016 with its headquarters in the United Arab Emirates and its R&D department in China. The company is positioned to develop free voice social Apps for stranger interaction, real-time chat, gaming and entertainment, replicate the daily life of people in the Middle East on social networks, enabling them to chat anytime and anywhere, while respecting the culture and user behavior of the Middle East and designing localized products to create the ultimate user experience. So far, Yalla has developed two successful products — Yalla Voice Chat and Yalla Ludo, an online casual gaming platform. According to Frost & Sullivan, Yalla is the largest voice-centric social networking and entertainment platform in the Middle East and North Africa, measured by revenue in 2019. The landing on the NYSE also makes Yalla the first technology company in the Middle East that was listed on the NYSE.
JunHe, as the PRC legal counsel to Yalla, the issuer of this Project, assisted the issuer in conducting legal due diligence, reviewing and amending various transaction documents, the application and issuance documents relating to this listing and issuing PRC legal opinions by delivering quality and prudent legal services, closely cooperated with other intermediaries involved in the project, and helped Yalla to get listed on the NYSE successfully. JunHe lawyers have earned the high regard and confidence from the client, the underwriter and other intermediaries for their efficient and prudent delivery of professional expertise and services.