O’Melveny Represents UBOX in First Hong Kong IPO of Unmanned Retail Industry Company
November 3, 2023
FOR IMMEDIATE RELEASE
HONG KONG—November 3, 2023— O’Melveny represented Beijing UBOX Online Technology Corp. (2429.HK) (“UBOX”) in its recent IPO and listing on the Main Board of Hong Kong Stock Exchange. The offering size was approximately HK$234 million (approximately US$30 million). Notably this transaction marks the first Hong Kong listing of a company in the unmanned retail industry. O’Melveny advised UBOX on Hong Kong laws.
UBOX is a vending machine operator in China. Leveraging its digitalization and operation capabilities, covering merchandise procurement, logistics and inventory management, UBOX has rapidly established an extensive point-of-sale, or POS, network covering a wide range of consumption scenarios, including schools, factories, office premises, public venues, transportation hubs and restaurants. According to Frost & Sullivan, UBOX ranked first in China in terms of both total transaction gross merchandise value (GMV) and network scale in the unmanned retail industry for each of 2019, 2020, 2021 and 2022, primarily consisting of vending machines, unmanned stores and unmanned shelves.
The O’Melveny team representing UBOX was led by corporate partners Ke Geng and Ke Zhu, and included counsel Qianyu Hu, associate Keren He, associate Jingwei Huang, and legal consultant Daniel Tian.
China Securities (International) Corporate Finance Company Limited and Huatai Financial Holdings (Hong Kong) Limited were the joint sponsors.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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