BetterLife Holding Limited (“BetterLife”, Stock Code: 06909.HK) completed its IPO and listing on the Main Board of Hong Kong Stock Exchange on July 15, 2021, offering 150 million shares globally at HKD 4.4 per share, among which 105 million shares are for International Placing and the remaining 45 million shares are under the Hong Kong Public Offering. It is supposed to raise approximately HKD 627 million net proceeds from the global offering.
Established in 1998, BetterLife is an automobile dealership service provider in China with a focus on luxury and ultra-luxury brands. The company is headquartered in Beijing and is now operating 12 4S dealership stores for the brands of Porsche, Audi, Mercedes-Benz, Bentley, Volvo and Jaguar Land Rover in Beijing, Tianjin, Shandong, Sichuan, Zhejiang and Guangdong, offering a broad range of automobile-related products and services, including automobile sales, after-sale service and other value-added services. According to the report released by Frost & Sullivan, based on the annual average revenue per store by December 31, 2020, BetterLife ranked first among the top 10 conglomerates that are mainly engaged in the 4S dealership business of ultra-luxury brands in China. BetterLife has been adhering to its roadmap of expanding in Tier-one and Tier-two cities as well as capital cities of provinces in China for their developed automobile markets, and will continue to provide quality services for luxury car owners throughout the full life cycle of their vehicles.
As the Chinese legal adviser to the issuer, Jingtian & Gongcheng’s legal team provided one-stop, end-to-end legal services for the listing of BetterLife, including assisting in the design of the domestic and overseas restructuring architecture, conducting thorough Chinese legal due diligence, analyzing and resolving critical legal issues, offering legal opinions and assisting in answering multiple rounds of inquiries from the regulator. The team is highly trusted and recognized by the client for its strict work attitude as well as effective and timely legal services.
