Sidley represented LX Technology Group Limited (HKEX: 2436) (LX Technology) as Hong Kong and U.S. counsel 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 approximately HK$337.2 million (US$43 million). Haitong International Capital Limited acted as the sole sponsor in the transaction.
Mr. Hu Zuoxiong, Chairman of the Board and CEO of LX Technology, commented: “The Sidley team is exceptional. Every lawyer on the project was brilliant and highly devoted. In executing this project, the team demonstrated a wealth of professional knowledge, along with an invaluable sense of dedication and responsibility,” adding: “I see from the team that the stars are still shining and the passion continues to burn bright. We look forward to a lasting relationship with Sidley.”
Mr. Hua Baocheng, Partner of LX Technology, said: “This is the second IPO project that I collaborated with the Sidley team. Serving as the Company’s Hong Kong and U.S. counsel, we were rest assured that they are highly professional and dependable. During the course of the project, the team excelled at carrying out their duties. Every member has worked extraordinarily hard, making an all-out effort for the intensive and complicated work while striving for perfection, which was highly impressive. They demonstrated zest and enthusiasm for work. The successful listing marks another important milestone of LX Technology’s development, and the Sidley team has no doubt played a significant role in it.”
LX Technology is a DLM (device lifecycle management) solution provider. It sells refurbished de-commissioned IT devices and provides IT device and technical subscription services to SMEs in China. According to China Insights Consultancy (CIC), LX Technology is the first company in China to have built a DLM business model covering both long-term and short-term subscription periods and major phases in a device’s lifecycle.
The Sidley team was led by partners Meng Ding and Raymond Oh. Other team members included 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.