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JunHe Advises ZX on its Listing on the Main Board of the HKEx


On September 28, 2023, ZX Inc. (the “Company”) was listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “HKEx”) with the stock code of 9890. 

The Company’s domestic operating entity is Jiangxi Tanwan Information Technology Co., Ltd. (“Jiangxi Tanwan”) which markets and operates online games in China under the “Tan Wan” brand. The Company is the fifth largest mobile game distributor in China by revenue, according to the business analytic firm Frost & Sullivan. The Company has also incubated its own brands, including the instant food brand “Zha Zha Hui (渣渣灰)” and the pop toy brand “Bro Kooli”. 

JunHe acted as PRC legal counsel to the co-sponsor and the underwriter. JunHe’s team participated in interviews with the regulatory authorities regarding compliance of the VIE structure and assisted the sponsor in conducting legal due diligence. They reviewed and revised the PRC legal opinions, the data compliance DD report, the prospectus and other application and offering documents. 

The new rules on overseas listings came into effect during the implementation of this project. JunHe assisted the Company in replying to multiple rounds of feedback from the HKEx and the SFC in a very short timeframe, and helped the Company pass the HKEx hearing. The Company completed the successful IPO as an “existing enterprise”, i.e. it was deemed to have been listed overseas before the new rules on overseas listings came into effect. With its efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was unanimously recognized by the clients and the other intermediaries. 

The JunHe team was led by partners HUANG, Xiaoli (Ally) and YU, Su, and partners YAO, Jiwei (Jervis) and ZHOU, Fang were responsible for the specific work. Partner LI, Zhi provided great support for the internal review.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.