Hong Kong – December 29, 2022 – Cooley advised STAR CM, a variety program intellectual property creator and operator, on its HK$390 million ($50 million) initial public offering of 14,731,600 shares at a public offering price of HK$26.50 on the Hong Kong Stock Exchange, subject to the overallotment option. Partners Michael Yu and Will Cai led the Cooley team.
The IPO initially consists of 1,473,600 Hong Kong Offer Shares (subject to adjustment) and 13,258,000 International Offer Shares (subject to adjustment and the overallotment option). The offering comprises the Hong Kong public offering and the international offering outside the United States and in offshore transactions in accordance with Regulation S of the US Securities Act.
STAR CM was the largest variety show IP creator and operator in China in terms of revenue in 2021. The company also owns and operates a large library of Chinese film IPs, and it is a music IP creator and operator in China. STAR CM has produced a number of blockbuster variety programs in China, including the extremely popular competition shows "Sing! China" and "Street Dance of China."
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