Latham & Watkins Advises on CaoCao’s HK$1.85B Hong Kong IPO.
Latham & Watkins has advised the joint sponsors and underwriters in connection with CaoCao Inc.’s successful listing on the Hong Kong Stock Exchange. CaoCao, a prominent ride-hailing platform in China, was originally developed by Geely Group, the well-known automotive company behind brands like Volvo and Polestar.
The IPO offered 44.18 million shares at a price of HK$41.94 per share, raising approximately HK$1.85 billion.
Huatai International, ABC International, and GF Securities acted as joint sponsors, working alongside CICC, with the group serving in multiple roles including global coordinators, bookrunners, and lead managers.
Latham’s team advising on the transaction was led by partners Daying Zhang, Terris Tang, and Benjamin Su in Hong Kong. They were supported by associates Chimmy Tao, Weigang Meng, Jovi Cheng, and Lizzy Zhang, along with foreign legal consultants Xiang Ao, Ziyue Li, and Manyu Tian, and senior paralegal Candy Mak.
Zhejiang Geely Holding Group (Geely Holding) is a leading global mobility technology company headquartered in Hangzhou, China. Founded in 1986, it entered the automotive industry in 1997 and has since grown into a Fortune Global 500 company. Geely owns and operates a portfolio of well-known brands including Geely Auto, Volvo Cars, Polestar, Lotus, Lynk & Co, and Zeekr. The group is also active in commercial vehicles, ride-hailing (CaoCao Mobility), and advanced technologies such as autonomous driving, satellite networks, and onboard chips. With operations across Asia, Europe, and the Americas, Geely Holding combines manufacturing, innovation, and sustainability to shape the future of smart mobility worldwide.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
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