Linklaters has advised the joint sponsors and underwriters on the global offering and listing of H shares of Baige Online Digital Technology Co., Ltd. on the Main Board of the Hong Kong Stock Exchange (HKEX), raising approximately HK$520m. The firm acted as the Hong Kong and US counsel on the transaction.
The listing has positioned the company to be the “first AI InsurTech stock”. Baige Online Digital Technology is an InsurTech company principally engaged in providing technology-empowered insurance intermediary services to scenario-based partners and insurance companies.
The Hong Kong public offering was over-subscribed by 242.05 times, while the international offering was over-subscribed by 2.44 times. The closing price of the H shares on the first day of trading is HK$73.00, which represents an increase of approximately 367.95% over the offer price of HK$15.60 under the IPO.
The Linklaters team was led by partners Donnelly Chan and Lipton Li, with support from Pengyu Chen and Michelle Tu.
With over 50 years on-the-ground expertise in Hong Kong SAR and the wider Asia region, Linklaters’ highly regarded Greater China ECM team has deep local insights combined with the strength of the firm’s global platform, offering integrated Hong Kong and US law capabilities on complex cross-border equity capital markets transactions. The team provides seamless support on pre-IPO investments, IPOs, post-listing compliance and equity financing, including advising on several of Hong Kong’s top 10 IPOs by funds raised in 2025, such as CATL, Chery and SANY Heavy Industry, as well as share placings for MMG, CATL, Laopu Gold and SF Holding.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
