Sidley represented LX Technology Group Limited (HKEX: 2436) (LX Technology) as Hong Kong and US counsel on its initial public offering (IPO) and listing on the main board of the Hong Kong Stock Exchange (HKEX). The offering raised approximately HK$337.2 million (US$43 million) in net proceeds. Haitong International Capital Limited acted as sole sponsor in the transaction.
Mr. Hu Zuoxiong, Chairman and CEO of LX Technology, commented, “Sidley’s team is exceptional. Every lawyer on the project was brilliant and very dedicated. In executing this project, the team has demonstrated tremendous expertise and an invaluable commitment and sense of responsibility.” 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 have worked with the Sidley team on. As the company’s Hong Kong and US lawyers, we have been assured that they are highly professional and reliable. During the course of the project, the team performed its tasks excellently. Each member worked extremely hard, devoting all their might to the intense and complicated work while striving for perfection, which was very impressive. They showed vigor and enthusiasm for the work. The successful listing marks another important milestone in the development of LX Technology and the Sidley team has undoubtedly played a significant role in this.”
LX Technology is a provider of DLM (Device Lifecycle Management) solutions. It sells refurbished decommissioned IT equipment and provides IT equipment and technical subscription services to SMBs in China. According to China Insights Consultancy (CIC), LX Technology is the first company in China to have built a DLM business model that covers both long-term and short-term subscription periods and key stages 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 Law Firm Kelly Kan.
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