This is the first case of an initial public offering of a Korean company in Hong Kong through a Cayman-established SPC.  Future Data Group Limited, which was established in the Cayman Islands as a holding company of Global Telecom Co., Ltd., has successfully listed 100,000,000 shares in the Growth Enterprise Market of the Stock Exchange (GEM) in Hong Kong. 

We acted as Korean legal counsel to the issuer, conducting due diligence on the Korean company to identify any legal issues prior to the IPO, advising on all aspects of Korean law issues and assisting with drafting the prospectus and other legal documents.  We assisted our client in resolving various issues during the course of preparing for the IPO concerning the Korean company under Korean law such as dividend matters, labour law issues, tax and foreign exchange related issues, based on our extensive expertise in capital markets.

This deal highlights our capability as a competent advisor for complex cross-border offerings. Korean issuers are becoming increasingly interested in offering their shares in major stock exchanges overseas, but the legal complexity arising from different regulatory regimes is a major obstacle. Our team is accumulating substantial expertise in advising Korean issuers in cross-border IPOs.