Global law firm Ashurst acted for UBTECH ROBOTICS CORP LTD in its Hong Kong IPO and global offering in the United States in reliance on Rule 144A under the U.S. Securities Act as (i) the legal adviser as to U.S. securities laws; (ii) the legal expert on International Sanctions laws; and (iii) the special counsel as to U.S. regulatory and compliance matters. The Company has raised a total of HKD1.04 billion, including the sales and offering of additional shares under the partial exercise of the over-allotment option.
The IPO valued the Company at a total market capitalisation of approximately HK$40 billion, making it one of the largest companies by market capitalisation listed in 2023. The transaction is also the first listing of humanoid robotic company in Hong Kong.
UBTECH is a leading and reputable smart service robotic company in China, dedicated to the design, development, commercialization, production, sales and marketing of smart service robotic products with smart features that sense, analyze and process human instructions and external environment. It is one of the top 3 companies in China’s smart service robotic industry in terms of revenue in 2022, and the top provider of education smart robotic products and services in terms of revenue in 2022 in China.
Lead partner Melody He commented: “We are very pleased to provide a diversified range of legal services to UBTECH ROBOTICS CORP LTD in its Hong Kong IPO. The successful completion of the IPO is a significant milestone in its development. We are proud to support our client with well-rounded legal services covering various practising areas, including U.S. securities law, international sanctions and export control advice, and U.S. regulatory compliance. Our strengths in these areas have assisted the company to navigate through the increasingly complex and ever-changing regulatory environment. This project has also highlighted the close collaboration and seamless teamwork across the various offices of Ashurst around the world. Congratulations once again to the company for the successful listing on the Hong Kong Stock Exchange. We are grateful for the company’s trust in us and we are confident that the company will achieve further development and breakthroughs in the field of humanoid robotics.”
The transaction was led by partner Melody He, supported by Janny Tai (Counsel), Brenton Tse (Senior Associate); Yejun Yang (Legal Managers) and Lily Lyv (Legal Managers. Partners Alexander Dmitrenko, Olivier Dorgans, James Clarke provided international sanctions laws support, partner Wes Strickland provided US regulatory and California laws support; partner Sharon Kim provided U.S. tax support and partner Stuart Rubin and counsel Ethan Perry advised on U.S. securities law aspect.
