On September 18, 2020, Fulu Holdings Limited (Fulu Holdings) completed its initial public offering and listing on the Main Board of the Stock Exchange of Hong Kong, raising gross proceeds of approximately HK$890 million. Assuming the overallotment is fully exercised, gross proceeds from the offering will be approximately HK$1.02 billion.

Fulu Holdings is the largest third-party virtual goods and services platform operator in China based on 2019 revenue. Its platform connects virtual goods vendors and virtual goods sales channels. Through the platform, the company provides “one-stop” virtual goods-related services and value-added services to platform participants, including (1) facilitating virtual goods transactions between virtual goods vendors and virtual goods sales channels and (2) providing value-added services, such as operating online stores for virtual goods vendors.

Wilson Sonsini acted as Hong Kong counsel to the underwriters, including CMB International Capital Limited, BOCOM International Securities Limited, China Everbright Securities (HK) Limited, China Merchants Securities Co., Ltd, Crosby Securities Limited, and Futu Securities International (Hong Kong) Limited, in connection with the global offering and listing. The team was led by partner Wanda Woo and included Wenxin Gu, Billy Yiu, Cosimo Chow, Chloe Lau, and Lanhuan Wei.