CICC Assists Archosaur Games in Listing on Main Board of HKEx
Archosaur Games Inc. (“Archosaur Games” or “the Company”, 9990.HK) is successfully listed on Hong Kong Stock Exchange on July 15th, 2020. The pre-shoe offering size was US$280 million and the post-shoe offering size is US$323 million (“the Offering”). The Offering has been the largest Chinese pure gaming company HK IPO, the largest Chinese pure gaming company IPO in global capital markets since 2008 and the largest TMT company HK IPO since 2019 (excluding secondary listing). CICC acted as Sole Sponsor and Sole Global Coordinator.
The closing price of the Company is HK$20.30, representing an increase of 75.00% compared with the offer price. The market value represents approximately HK$16.0 billion.
Archosaur Games is a leading mobile game developer in China with proven capabilities in developing high-quality mobile MMORPG games with excellent market reception. According to Frost & Sullivan, the Company ranked fifth among all Chinese mobile game developers as measured by total gross billings from self-developed games in Chinese mainland in 2019. The Company ranked third among all Chinese mobile game developers as measured by total gross billings from self-developed MMORPGs in Chinese mainland in 2019. The Company also ranked third among all Chinese mobile game developers as measured by total gross billings from self-developed MMORPGs on iOS App Store and Google Play in markets outside of Chinese mainland from 2017 to 2019.
Under the unexpected COVID-19 pandemic and extreme volatile market, as Sole Sponsor and Sole Global Coordinator, CICC led the overall project execution including filing and helped the Company develop the investment story. CICC was responsible for all execution and marketing work streams including analyst presentation, valuation models, roadshow materials and others. CICC has been committed to advancing the project entirely in accordance with the pre-arranged timetable since kick-off and successfully achieved the listing as planned. CICC led the marketing work and introduced several important cornerstone investors including GIC as well as high-profile international and Chinese long-only institutional investors to realize high end pricing with significant oversubscription in the international offering and over 100x oversubscription in the HKPO. The successful completion of Archosaur Games HK IPO demonstrated CICC’s excellent execution and marketing capabilities in Hong Kong capital market and the TMT sector, which was highly recognized by the Company.
As a leading investment bank with “Chinese Roots, International Reach”, CICC will continue to utilize its capital market expertise as well as its seamless cooperation of onshore and offshore businesses to provide continuous support to customers in terms of introduction of global investors, reaching international capital market, and promoting global business development.