Deacons advises the joint sponsors DBS Asia Capital Limited and Ping An of China Capital (Hong Kong) Company Limited and underwriters in relation to the Main Board IPO of K Cash Corporation Limited (SEHK stock code: 2483), seeking to raise up to HK$245 million (subject to the exercise of over-allotment option).
K Cash is the fourth largest licensed money lender in Hong Kong in respect of the overall unsecured loan market in terms of revenue in 2022, focusing on providing unsecured loans through adopting various technologies. It built its proprietary K Cash GO Platform in 2019 and further launched K Cash App in the recent years that enable online loan application. In February this year, it entered into a platform collaboration agreement with a company wholly owned by New World Development Company Limited, whereby it will join the Riverchain, a blockchain platform built by such company.
K Cash launched its IPO on 27 November 2023. Dealings in its shares on the Main Board of the Hong Kong Stock Exchange are expected to commence on 5 December 2023.
This is one of the first batch IPOs using Fast Interface for New Issuance (or FINI) – the new digital platform developed by HKEX to modernise and streamline the Hong Kong IPO settlement process enabling IPOs to start trading as soon as “T+2”, two business days after pricing.
Our team is led by Ronny Chow and Maynard Leung, Partners of our Corporate Finance Practice Group.
