Sidley advised on the initial public offering (IPO) and H shares listing of Beijing UBOX Online Technology Corp. (HKEX: 2429) (UBOX) on the Main Board of the Hong Kong Stock Exchange (HKEX). The offering raised approximately HK$233.7 million (US$30 million). Sidley acted as international legal counsel for the joint sponsors China Securities (International) Corporate Finance Company Limited and Huatai Financial Holdings (Hong Kong) Limited, among the other underwriters.
UBOX ranked first in terms of gross merchandise value and network scale in the unmanned retail industry, primarily consisting of vending machines, unmanned stores, and unmanned shelves in mainland China. For over a decade since its founding, UBOX has endeavored to cultivate the unmanned retail industry in mainland China, developed digitalization and operation capabilities, and established an extensive point-of-sale (POS) network covering a wide range of consumption scenarios that include schools, factories, office premises, public venues, transportation hubs, and restaurants. UBOX counts Ant Group as an existing substantial shareholder, and the IPO attracted notable cornerstone investors including Nayuki and SenseTime, among others.
The Sidley team was led by led by partner Sherlyn Lau, member of Sidley’s Executive Committee and deputy head of China Corporate & Finance Group, and partners Oliver Zhong, and Claudia Yu. Other team members included senior managing associate Jacob Zhao, senior associates Kevin Chan and Patrick Leung, legal manager Zoe Yang, associate Linfei Li, senior corporate manager Hannah Wong, senior legal assistants Kristine Zhang and Sancy Chen, and legal assistant Andy Tam.
