2023.02.11
On September 30, 2022, Asia Innovations Group Limited (“ASIG”) announced that it had signed a business combination agreement with the special purpose acquisition company Magnum Opus Acquisition Limited (“OPA”). Subject to the customary closing conditions, the business combination and listing on the New York Stock Exchange is expected to be closed in the first quarter of 2023. JunHe advised OPA as its PRC legal counsel. On February 9, 2023, China Business Law Journal awarded the project the Deal of the Year 2022.
ASIG is a mobile Internet ecosystem platform providing social media, mobile gaming, E-commerce and payment services. Headquartered in Singapore, ASIG runs multiple social media, livestreaming and e-commerce platforms. As of December 31, 2021, ASIG had more than 400 million registered users in 150 countries and regions across Asia-Pacific, South Asia, the Middle East, North Africa, North America and South America. After the business combination, the equity valuation of ASIG would become USD 2.5 billion.
As the PRC legal counsel of OPA, JunHe participated in the PRC legal due diligence investigations in respect of ASIG. JunHe reviewed and revised the business combination agreement and the application documents related to the business combination and listing and assisted in preparing responses to feedback from the US Securities and Exchange Commission. JunHe was highly recognized by the client for its rigorous, efficient and professional attitude and service quality.
The JunHe team working on the project was co-led by SANG, Binxue and LI, Xinjie (Orson).
