On July 15, 2024, GL-Carlink Technology Holding Limited (“Carlink Tech”, Stock Code: 2531.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange, completing its global offering. In this offering, Carlink Tech issued 63.60 million shares at HKD 4.7 per share, raising approximately HKD 298.92 million.

Carlink Tech is an in-vehicle hardware and SaaS marketing and management service provider in the automotive aftermarket industry in China. It focuses on sales of in-vehicle hardware products and provision of SaaS marketing and management services, covering SaaS subscription services and SaaS value-added services, to the industry participants along the industry value chain. It ranked first in revenue in China in 2023 among SaaS marketing and management service providers for the automotive aftermarket industry.

Carlink Tech controls its domestic entities through a Variable Interest Entity (VIE) arrangement, which holds the Class B surveying and mapping qualification (internet map service) and the value-added telecommunications business license (internet information service) required to engage in business subject to foreign investment restrictions.

Fangda Partners acted as both the PRC and Hong Kong legal counsels to the issuer, demonstrating its capability to provide one-stop, comprehensive, and cross-jurisdictional legal services. Fangda is committed to advancing with TMT companies, witnessing their significant achievements in capital markets and becoming a loyal partner in their development.

Fangda’s Chinese mainland legal team provided practical and effective legal advice and solutions to Carlink Tech and fully participated in its red-chip structure setup, designing the offshore reorganization plan, drafting the restructuring transaction documents, conducting the Chinese mainland legal due diligence, providing regulatory compliance advice, applying for the Hong Kong IPO and preparation, filing documents with the China Securities Regulatory Commission (CSRC) for the overseas listing, and conducting rectification work required by government departments such as the National Development and Reform Commission (NDRC), the Ministry of Commerce, the Ministry of Industry and Information Technology (MIIT), and the Ministry of Natural Resources.

Fangda’s Hong Kong legal team led the drafting of Carlink Tech’s prospectus and closely cooperated with Fangda’s Chinese mainland legal team in designing the listing structure, corporate governance structure. The Hong Kong legal team also coordinated with various institutions on behalf of Carlink Tech and provided advice on Hong Kong law and listing rules.

Fangda’s Chinese mainland team was led by partner LUO Ke. Team members included counsel Terry LING, Napoleon ZHAO, Yanping LI, Xiangyun KONG, and associates Elaine LI, XU Jing and LI Jingru.

Fangda’s Hong Kong team was led by partner Arnold PANG. Team members included counsel Geoffrey CHEUNG, and associates Ada KOK, Zoey CHEN and Evey FAN.

The Fangda Capital Markets Project Review Committee also provided their professional guidance and support on this project. ZHANG Muyuan and Joshua TSUI also significantly contributed to the project.