Simpson Thacher Represents Underwriters in HK$3 Billion Hong Kong Secondary Listing of Weibo
12.13.21
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Simpson Thacher represented the underwriters in the global offering and secondary listing of the ordinary shares of Weibo Corporation (“Weibo”) (NASDAQ: WB) (HKSE: 9898) on the Main Board of The Stock Exchange of Hong Kong Limited (the “HKSE”). Weibo offered an aggregate of 11,000,000 Class A ordinary shares under the “Chapter 19C regime” introduced by the HKSE to attract listings by high profile issuers that are already listed on the U.S. and London stock exchanges. In conjunction with the Hong Kong listing, Weibo also conducted a global offering of new Hong Kong-listed ordinary shares, which will be fully fungible with the ADSs which are listed and traded on the NASDAQ. The base offering size was HK$3 billion (approximately US$385.1 million) before exercise of the underwriters’ over-allotment option. Goldman Sachs, Credit Suisse, CLSA and CICC acted as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers for the offering.
Weibo is a leading social media platform in China for people to create, discover and distribute content.
The Simpson Thacher team for the transaction included Christopher Wong, Daniel Fertig, Marjory Ding, Cherrie Zhang, Michelle Leung, Stephanie Chan and Linfeng Zhu (Capital Markets); Jonathan Cantor and Gurnaina Chawla (Tax); and Jennie Getsin (FINRA).