Freshfields advises on listing of 51 Credit Card on HKSEFreshfields Bruckhaus Deringer (‘Freshfields’) has advised Citigroup Global Markets Asia Limited and China Merchants Securities (HK) Co., Limited as the sponsors to the listing of 51 Credit Card Inc. (‘51 Credit Card’) on the Main Board of the Hong Kong Stock Exchange (‘HKSE’) and other underwriters of the offering. The offering comprises approximately 118,703,000 shares (subject to the over-allotment option) and is worth approximately US$129m. The shares commenced trading today (13 July 2018).
51 Credit Card is the largest peer-to-peer (P2P) lending platform targeting credit card holders in China and the largest online credit card management platform in China. This transaction marks the first time a Chinese company of this type has listed on the Main Board of the HKSE. 51 Credit Card plans to use the proceeds of the IPO to expand its user base, develop its technology and risk management capabilities, pursue investment opportunities and as working capital.
The Freshfields team advising on the deal was led by partners Calvin Lai and Jason Xu.
Notes for editors
About Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.