On January 15, 2021, Cheshi Holdings Limited ("Cheshi"; Stock Code: 01490.HK) completed its IPO and listing on the Main Board of the Hong Kong Stock Exchange (HKEX).

Cheshi is an online, vertical media operator that offers targeted, high quality automotive content. Through its media platform and partnerships managed by its professional content team, the company has attracted a range of automotive sector advertisers, and aims to build an industrial Internet platform to serve as an aggregator and connector for the industry. According to China Insights Consultancy, the company experienced rapid growth for the three years that ended on December 31, 2019, based on its increase in revenues from approximately RMB 117.6 million in 2017 to approximately RMB 177.6 million in 2019. This represents a CAGR of approximately 22.9%, which was far higher than the growth of its major competitors during the same period. As Beijing's first Internet enterprise listed in 2021 and the first new media company in the automotive sector listed in Hong Kong, the company has attracted four cornerstone investors—Harvest Global Investments, Goldstream Investment under Legend Capital, Huatai Financial and people.cn. The IPO was oversubscribed 1,274.76 times.

As the Chinese legal adviser to the sponsor, Jingtian & Gongcheng's legal team provided one-stop, end-to-end legal services for the IPO and listing of Cheshi Holdings, including conducting Chinese legal due diligence, assisting in third-party due diligence and responding to regulatory inquiries. The team advised Cheshi Holdings on its successful listing, further strengthening our relationship with the client.