Deals

On October 22, 2024, KWM’s client D&D Source of Life Holding Ltd. (“D&D”) completed a purchase of convertible notes issued by Reed’s, Inc. (“Reed’s”) from certain funds managed by Whitebox Advisors LLC. This follows D&D’s acquisition of the controlling equity stake in Reed’s in September 2024. Reed’s was listed on the NASDAQ and has subsequently transitioned to trading on the OTC market. The completion of this notes purchase marks the successful closing of a two-step special situation acquisition of Reed’s by D&D.

24 October 2024

Deals

On 17 September 2024, Midea Group Co., Ltd. (Midea Group, stock code: 000333.SZ/0300.HK) successfully issued H-shares and listed on the Main Board of the Stock Exchange of Hong Kong, achieving its A+H dual listing. The offering size was approximately US$3.978 billion, increasing to approximately US$4.575 billion if the green shoe is fully exercised. This IPO represents the largest in the Hong Kong market in the past three years and the largest by a Chinese company globally in the past two years. Midea Group also became the first A-share listed company to complete an H-share IPO following the implementation of the overseas listing registration system.

17 September 2024

Deals

On 26 July 2024 (EST), NIP Group Inc. (NIP Group) launched its IPO on NASDAQ under the stock code “NIPG”, marking the birth of “China’s first e-sports stock”. In this IPO, NIP Group issued 2.25 million American depositary shares (ADS, each ADS representing 2 Class A ordinary shares) at US$ 9 per ADS, raising approximately US$ 20.25 million (excluding over-allotment options). Underwriters for the IPO include US Tiger Securities, Inc., GF Securities (Hong Kong) Brokerage Limited, CLSA Limited, and Kingswood Capital Partners, LLC.

29 July 2024