Campbells acted as Cayman Islands legal counsel for MetaLight Inc. (“MetaLight”) in connection with its approximately HK$242.35 million listing on the Main Board of the Hong Kong Stock Exchange. Despite the market situation, the Hong Kong Public Offering was very well received by the public and was oversubscribed by 274.44 times.
MetaLight operates Chelaile (車來了), a mobile app that applies big data analytics to deliver real-time, accurate bus arrival information. Chelaile has established a solid base for mobile advertising revenue through its extensive audience reach. According to CIC, Chelaile is the largest real-time bus information platform in China by city coverage, spanning 274 cities as of December 31, 2024. MetaLight also delivers data analytics products and services to businesses and governments.
Metalight had attracted multiple key investors including Alibaba and Cheering Venture under Didi during its various rounds of pre-IPO financings. After the listing, Alibaba and Cheering Venture holds approximately 8.77% and 15.19% of MetaLight, respectively.
Cooley HK and Paul Hastings acted as Hong Kong and U.S. legal counsel to MetaLight and the sole sponsor respectively. Han Kun Law Offices and CM Law Firm acted as PRC legal counsel to MetaLight and to sole sponsor respectively. The sole sponsor is China International Capital Corporation Hong Kong Securities Limited, and the underwriters include China International Capital Corporation Hong Kong Securities Limited, CMBC Securities Company Limited, ABCI Securities Company Limited, CCB International Capital Limited, Patrons Securities Limited, SBI China Capital Financial Services Limited, Fosun International Securities Limited, BOCI Asia Limited, Futu Securities International (Hong Kong) Limited, Tiger Brokers (HK) Global Limited, Tiger Faith Securities Limited.
Campbells Partner Jenny Nip led the transaction with support from Senior Associate Chantelle Chan and Associate Benjamin Tao.
