Acting as the Hong Kong and U.S. counsel on the transaction, Sidley represented LX Technology Group Limited (LX Technology) in its initial public offering (IPO) and listing on the Main Board of The Stock Exchange of Hong Kong (HKEX).
The offering raised net proceeds of around HK$337.2 million (US$43 million). In the deal, Haitong International Capital Limited acted as the sole sponsor.
"The Sidley team is brilliant. Every lawyer in the project was excellent and highly dedicated. The team proved a wealth of professional know-how and priceless sense of dedication and responsibility in executing this project. We look forward to a lasting relationship with Sidley", stated Mr. Hu Zuoxiong, Chairman of the Board and CEO of LX Technology.
Being a DLM (device lifecycle management) solution provider, LX Technology sells refurbished de-commissioned IT devices. It provides IT device and technical subscription services to SMEs in China. LX Technology is the first company in China to have built a DLM business model according to China Insights Consultancy (CIC). It covers subscription periods and major stages both long and short-term in a device's lifespan.
Led by partners, Meng Ding and Raymond Oh, the Sidley team comprised of senior legal manager Jacky Lei, associates Vicky Tse, Yiming Chen, and Melinda Li, senior legal assistants Stefanie Chan, Chloe Cheong, Krystal Liang, Luting Cui, Iris Lao, and Alisa Zhang, legal assistants Krisandra Tung and Yinfeng Zhang, and trainee solicitor Kelly Kan.