In a significant development in the global financial markets, Latham & Watkins has successfully advised the joint sponsors and underwriters on the Hong Kong Initial Public Offering (IPO) of CaoCao Inc., a major player in China's ride-hailing sector. The IPO, which saw CaoCao list on the Hong Kong Stock Exchange, involved the issuance of 44.18 million shares priced at HK$41.94 each, accumulating approximately HK$1.85 billion in capital.

CaoCao, initially a brainchild of Geely Group — a global mobility technology conglomerate known for owning prestigious brands like Volvo and Polestar — has grown significantly in its reach and technological capabilities. Zhejiang Geely Holding Group, the parent company, has been an influential entity in the automotive world since its inception in 1986, evolving into a Fortune Global 500 powerhouse with interests spanning across various high-tech industries including autonomous driving and satellite networks.

The IPO process was facilitated by a consortium of financial giants including Huatai International, ABC International, GF Securities, and CICC, who collectively served as joint sponsors. Their roles extended beyond sponsorship to include global coordination, bookrunning, and lead management, showcasing a robust team effort in bringing CaoCao to the public market.

The legal advising team from Latham & Watkins was led by partners Daying Zhang, Terris Tang, and Benjamin Su from their Hong Kong office. Their team also included a capable group of associates and legal consultants such as Chimmy Tao, Weigang Meng, Jovi Cheng, and Lizzy Zhang, with additional support from foreign legal consultants Xiang Ao, Ziyue Li, and Manyu Tian, and senior paralegal Candy Mak.

Latham & Watkins, a premier global law firm established in 1934, has a rich history of handling high-profile corporate, litigation, and transactional matters. With over 2,000 attorneys spread across 14 countries, the firm’s expertise spans a diverse range of industries including technology, healthcare, finance, and energy. It is particularly noted for its commitment to emerging companies, guiding them through complex legal landscapes concerning business formation, financing, and expansion.

This IPO marks a significant milestone for CaoCao as it aims to expand its footprint in the mobility market, not just within China but globally. The successful listing underscores Latham & Watkins' role as a pivotal legal adviser in international finance and corporate law, reinforcing its position as a leader in legal expertise for major global transactions.