O’Melveny Represents Tiantu Capital in First Hong Kong IPO of a PRC VC Firm
October 6, 2023
FOR IMMEDIATE RELEASE
HONG KONG—OCTOBER 6, 2023—O’Melveny recently represented Tian Tu Capital Co., Ltd. (1973.HK) in its approximately HK$1.13 billion (approximately US$144 million) initial public offering and listing of H shares on the Main Board of the Hong Kong Stock Exchange. A landmark transaction for the VC industry in the PRC, this IPO marks the first-ever listing of a PRC VC firm on the Main Board of the Hong Kong Stock Exchange, achieving “zero to one” breakthrough in the Hong Kong capital market for PRC VC firms.
Tiantu Capital is a leading private equity investor and fund manager committed to driving the growth of Chinese consumer brands and companies, currently managing a total of eleven Renminbi-denominated funds and three U.S. dollar-denominated funds, with a total of RMB25.5 billion assets under management. As of March 31, 2023, Tiantu Capital had cumulatively invested in a total of 222 portfolio companies. Its investments include early and late stage investments in a large number of successful consumer brands and companies, such as Zhou Hei Ya (周黑鸭), China Feihe (中国飞鹤), Nayuki (奈雪的茶), Xiaohongshu (小红书), CYYS (茶颜悦色), ATRenew (万物新生) and Pagoda (百果园). Upon completion of this IPO, Tiantu Capital also becomes the first “NEEQ + H” VC institution in the PRC.
Founder and chairman of Tiantu Capital, Mr. Yonghua Wang, expressed his praise for O’Melveny, stating, “From project kickoff to listing, as our legal advisor for both Hong Kong and US law, O’Melveny worked with us in this ever-changing market environment and was a crucial part of our successful listing, thanks to its deep understanding of our industry, extensive experience in handling difficult issues under the Hong Kong Listing Rules, and exceptional ability to communicate with regulatory authorities. We sincerely thank Ke Zhu, Ke Geng, Ye Sun and the whole O’Melveny team for their great support on this breakthrough transaction, particularly Ke Zhu for bringing such groundbreaking outcome to us as well as his persistent efforts in the project. We very much look forward to working with O’Melveny in the future”.
Huatai International and BOC International served as the lead underwriters for this IPO, who were among 16 total underwriters participating in the transaction.
The O’Melveny team for this transaction was led by corporate partners Ke Zhu, Ke Geng, and Ye Sun. The core team members included counsel Qianyu Hu, associates Penny Chen and Michelle Ye, legal consultant Minhui Chen, paralegal Cherika Chen, and legal consultant Iris Su. Associate Ensin Tong 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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