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A Watershed Moment in Overseas Listings
Cheche Group has achieved a remarkable feat as it becomes the pioneering company to list overseas using the VIE (Variable Interest Entity) structure under the purview of the Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies. The official approval for this groundbreaking endeavor was granted by the China Securities Regulatory Commission (CSRC) on September 14.
Legal Expertise and Advisory
In navigating this intricate process, Cheche Group sought the expertise of several prestigious legal firms. Wilson Sonsini Goodrich & Rosati, Han Kun Law Offices, and Harney Westwood & Riegels played pivotal roles as legal counsel to Cheche. Simultaneously, Goodwin Procter, Zhong Lun Law Firm, and Maples and Calder (Cayman) provided crucial legal advisory support to Prime Impact, an integral player in this listing.
Legal Guidance for Investors
Jingtian & Gongcheng extended their legal prowess to guide the investor, World Dynamic, through this multifaceted transaction.
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Cheche’s Mission to Transform
Founded in 2014, Cheche Group has undertaken an ambitious mission to revolutionize China’s auto insurance market. Their vision involves streamlining the end-to-end insurance acquisition process, making it transparent, universally accessible, and highly efficient. Cheche operates a network of 130 service centers nationwide, with research and development hubs strategically located in Beijing and Guangzhou.
Prime Impact’s Focus
Prime Impact, having gone public on the NYSE in September 2020, focuses on innovative, data-centric technology enterprises within major Asian markets, specifically focusing on the Greater China region.
Valuation and Market Capitalization
The combined entity arising from this venture is estimated to possess an enterprise value of approximately $841 million. Notably, Cheche’s stock experienced a staggering surge of 581.82 percent on its inaugural trading day, catapulting its total market capitalization to an impressive $5.962 billion.
Expert Leadership
Under the leadership of partner Ouyang Dan, the corporate group at Wilson played a central role in spearheading this landmark listing. Tax advisory services provided by partner Myra A. Sutanto Shen further supported them.
Zhong Lun’s Contribution
Zhong Lun Law Firm also played a pivotal role, with partner Cheng Bo leading the charge, complemented by additional support from non-equity partner Dai Wen. Partners Zhao Bingyin and Li Rui offered their insurance and data compliance expertise.
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Facilitating Regulatory Compliance
Moreover, during this pivotal transaction, the Han Kun team made substantial contributions by facilitating Cheche’s completion of the CSRC’s overseas listing record filing.
This milestone U.S. listing by Cheche Group and the invaluable contributions of legal experts underscores the evolving landscape of overseas securities offerings and listings by domestic companies.
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