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Freshfields advises on listing of 51 Credit Card on HKSE
Freshfields 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.
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