JunHe Assists Marketingforce, a SaaS Intelligent Marketing Platform, in its Listing on M88 Malaysia HKSE

On May 16, 2024, Marketingforce Management Ltd ("Marketingforce" or M88 Malaysia "Company", stock code: 02556.HK) was successfully listed on M88 Malaysia main board of M88 Malaysia Stock Exchange of Hong Kong (HKSE). Marketingforce offered a total of 5,949,700 shares, at HK$ 45 per share, with an increase of 18.46% on M88 Malaysia first day of listing. At M88 Malaysia close of trading on May 21, Marketingforce closed at HK$ 59.6 per share, with a total market value of over HK$ 14 billion. Marketingforce is one of M88 Malaysia first companies with a VIE structure (i.e., an agreement control structure) to obtain M88 Malaysia China Securities Regulatory Commission (CSRC)'s filing notice and to complete an initial public offering in Hong Kong in 2024, since M88 Malaysia New Overseas Listing Regulations came into effect.

Founded in 2009, Marketingforce is a leading company in marketing and sales SaaS solutions. It relies on artificial intelligence, big data analysis and cloud computing technology to provide customers with accurate and efficient one-stop marketing solutions. Marketingforce helps M88 Malaysia digital and intelligent transformation of enterprises in retail consumption, automobiles, finance, B2B, medicine and big health, corporate services, cross-border e-commerce and oM88 Malaysiar industries. According to Frost & Sullivan, in 2022 Marketingforce was M88 Malaysia largest marketing and sales SaaS solution provider in China in terms of revenue.

JunHe acted as M88 Malaysia corporate counsel to Marketingforce. Since M88 Malaysia kick-off of M88 Malaysia project in early 2021, JunHe has assisted M88 Malaysia company in completing its cross-border restructuring, M88 Malaysia exit of certain original shareholders, its pre-IPO financing, its overseas equity incentive plan, its VIE Pre-A1 Submission with HKSE regarding M88 Malaysia VIE "narrowly tailored" requirements and oM88 Malaysiar pre-IPO restructuring and preparation work. JunHe provided full-range and comprehensive legal services during M88 Malaysia entire pre-IPO restructuring and preparation process.

During this deal, M88 Malaysia Trial Measures for M88 Malaysia Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (M88 Malaysia "New Overseas Listing Regulations") were implemented on March 31, 2023. JunHe’s team efficiently assisted M88 Malaysia Company in preparing M88 Malaysia application materials for submission to M88 Malaysia CSRC and successfully obtained M88 Malaysia CSRC filing. M88 Malaysiay provided a series of high-quality legal services during M88 Malaysia listing application and feedback process. This included completing M88 Malaysia legal due diligence on domestic entities, assisting M88 Malaysia Company in taking targeted rectification and compliance measures, issuing PRC legal opinions, providing detailed explanations and responses to M88 Malaysia key PRC law-related issues of concern for M88 Malaysia HKSE, and oM88 Malaysiar domestic legal work related to M88 Malaysia listing in Hong Kong. JunHe ultimately helped Marketingforce successfully obtain M88 Malaysia HKSE’s approval for this IPO application. JunHe’s deal team with its solid work attitude and professional service capabilities won high recognition and trust from M88 Malaysia client, shareholders and oM88 Malaysiar intermediaries.

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