15 June 2018
Clifford Chance advises on the first payment company IPO in Asia
Clifford Chance advised one of China's leading independent third-party payment service providers, Huifu Payment Limited (汇付天下有限公司), on its US$216 million (HK$1.7 billion) initial public offering and listing on the Hong Kong Stock Exchange. CLSA and J.P. Morgan acted as sponsors on the transaction. Huifu is the first payment company to list in Hong Kong and this is also the first payment company IPO out of Asia.
Partners Tim Wang and Fang Liu led on the deal. They were supported by consultants Tianning Xiang and Corey Zhang, senior associate Hao Wu, associates Hongzhou Chen and James Zhang, and trainees Luyi Jiao and Jiwen Peng.
China Co-Managing partner Tim Wang commented, "It has been very exciting to advise Huifu on its IPO and I am so proud of our team for their great performance in pulling off another 'first of its kind' deal."
Partner Fang Liu said, "We are glad to work on this important deal in the third-party payment sector and be involved in the efforts to shift China into an increasingly cashless society."
Huifu is licensed by the People's Bank of China, the PRC central bank, and focused on merchant payment and fintech enabling services. It leverages expertise in payments and related technologies and develops and commercialises a growing range of fintech enabling services. They have built broad client coverage, particularly for micro and small merchants across China.