Simpson Thacher represented Chervon Holdings Limited (“Chervon”) in connection with its initial public offering and Rule 144A and Regulation S offering. Chervon offered an aggregate of 71,916,000 shares prior to the exercise of the underwriters’ overallotment option. The base offering size was HK$3.14 billion (approximately US$402 million). The shares of Chervon are listed on the Main Board of the Hong Kong Stock Exchange. CICC and Citi acted as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers.
Chervon is a global provider of power tools and outdoor power equipment (“OPE”). Focusing on innovation, especially lithium-ion battery system technology, Chervon has achieved significant scale and rapid growth. According to industry report, Chervon ranked the 13th and accounted for approximately 1.9% of the combined global power tool and OPE markets by revenue in 2020.
The Simpson Thacher team for the transaction included Christopher Wong, Yi Gao, Marjory Ding, Kai Fan, Stephanie Chan, Justin Taiyang Guo and Michelle Chiu (Capital Markets); and Michael E. Mann and Scott Grundei (Tax).