Morimatsu International Holdings Company Limited (“Morimatsu International”, Stock Code: 02155.HK) completed its IPO and listing on the Main Board of the Hong Kong Stock Exchange on June 28, 2021. The company offered 250 million shares worldwide (excluding shares issued under the Over-allotment Option) and its stock closed up over 250% on its first trading day. The company also received subscriptions from renowned cornerstone investors like Pharmaceutical Biological Industry Fund and China Universal Asset Management.
Inheriting the advanced technology from its majority shareholder - Morimatsu Industry Co., Ltd., Morimatsu International is a Chinese leading pressure equipment manufacturer and provider of integrated pressure equipment solutions, offering traditional pressure equipment, modular pressure equipment and value-added services associated with the pressure equipment. The company was the fourth largest pressure equipment manufacturer and provider of integrated pressure equipment solutions in China with a market share of approximately 1.5%, and the largest non-state-owned pressure equipment manufacturer and provider of integrated pressure equipment solutions in China, both in terms of sales revenues in 2019. For sales revenues of the traditional pressure equipment segment and modular pressure equipment segment in 2019, the company was the fifth and eighth largest manufacturer in China with a market share of approximately 1.2% and 1.9% respectively.
Jingtian & Gongcheng's legal team served as the Chinese legal adviser to the issuer and its Hong Kong office as the Hong Kong legal adviser. They fully participated in the company's special tax restructuring, red chip structure setup and follow-up IPO application in the past four years, and provided comprehensive legal services, including but not limited to providing solutions for complex red chip restructuring, conducting legal due diligence, and offering legal opinions and effective advice on IPO application documents and answering inquiries from the regulator, thus helping Morimatsu International succeed in IPO.
