Hogan Lovells guides two Chinese companies through the “two-way” street between China and the US, achieving milestone transactions on the same day
Hong Kong, 18 July 2022 – Global law firm Hogan Lovells successfully advised two Chinese companies' on their respective public M&A and IPO transactions with both clients achieving their milestone transactions on the same day.
On 11 July, Glory Star New Media Group Holdings Limited (Nasdaq: GSMG), a U.S. listed leading digital media platform and content-driven e-commerce company in China, announced that it had entered into a definitive agreement with Cheers Inc. that would take the company private.
Hogan Lovells acts as the U.S. legal counsel to the special committee of the board of directors of Glory Star in connection with this going-private transaction led by its Founder and Chief Executive Officer, Mr. Bing Zhang.
On the same day, our Hogan Lovells team also helped Nano Labs Ltd, China's leading fabless integrated circuit design company and product solution provider, land on the Nasdaq.
Hogan Lovells acted as the U.S. legal counsel to AMTD Global Markets Limited, Maxim Group LLC and Tiger Brokers (NZ) Limited as the underwriters on the initial public offering (IPO) of Nano Labs. The trading started on July 12 on the Nasdaq Global Market under the symbol “NA.”
The Hogan Lovells team for both transactions was led by Stephanie Tang, Head of Private Equity in Greater China. Glory Star's going-private transaction is the 6th of public M&A transactions involving Chinese companies led by Hogan Lovells and the 28th deal Stephanie has advised in recent years. This demonstrates our strong track record and practical experience in guiding Chinese companies through U.S. public M&A transactions and assisting their taking private transactions.
The successful listing of Nano Labs on the Nasdaq is one of the few U.S. IPOs involving China-based companies since July 2021, given the highly challenging regulatory and market environments.
The favorable outcome of Nano Labs' U.S. IPO has attracted tremendous market interest and instilled confidence in market participants. As a result, our Hogan Lovells team anticipates some of the dormant deals will revive in the foreseeable future.