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Clifford Chance advises on Zhihu's landmark Hong Kong IPO and Dual Primary Listing

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22 April 2022

Clifford Chance advises on Zhihu's landmark Hong Kong IPO and Dual Primary Listing

Leading international law firm Clifford Chance has advised the joint sponsors Credit Suisse, JP Morgan, CICC and CMB International, and the underwriters on the US$106 million initial public offering and dual primary listing of Chinese question-and-answer platform Zhihu Inc. on the main board of the Hong Kong Stock Exchange. Zhihu is the first Chinese internet firm to seek a dual primary listing in Hong Kong and the United States with a weighted voting rights structure on the bourse.

China Co-Managing Partner Tim Wang and partners Amy Lo, Fang Liu and Yufei Liao co-led the deal, with support from counsel Claire Cao, senior associate Erxin Lu, associates Ada Zheng, Yuer Shao, trainees Jingyi Zhang, Ruonan Tang in Beijing and trainee Ashley Sun in Shanghai.

Tim said, "New economy sector companies, particularly technology innovators, continue to spur Hong Kong's capital markets. We are proud to bring together our tech expertise and market-leading Greater China equity capital markets experience for Zhihu's landmark dual primary listing."

Clifford Chance's Greater China IPO practice regularly advises on many of Hong Kong's most significant tech IPOs, including Bilibili's US$2.6 billion IPO and secondary listing, Kuaishou Technology's US$5.4 billion IPO, and's US$3.87 billion IPO and secondary listing.

New York Stock Exchange-listed Zhihu Inc. operates a series of online content communities in China, including the largest Chinese Q&A website, and provides service offerings such as advertising, professional training courses and e-commerce activities.