On June 14, 2024, Cloud Factory Technology Holdings Limited (云工场科(kē)技控股有(yǒu)限公司) (“Cloud Factory") (ticker symbol: Cloud Factory, stock code: 02512.HK) made its initial public offering and was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange"). Cloud Factory issued 115,000,000 shares in this global offering, of which 11,500,000 shares were publicly offered in Hong Kong. 

Cloud Factory is one of the few companies with a VIE structure (also known as the contractual control structure) that has successfully completed the overseas listing filing with China Securities Regulatory Commission under the new regulation for overseas listing filings and been listed on the Hong Kong Stock Exchange. As the Hong Kong and PRC legal advisors for Cloud Factory’s global offering and listing on the Main Board of the Hong Kong Stock Exchange, Zhong Lun Law Firm has provided a full range of legal services throughout the entire listing process. This project is yet another example of Zhong Lun’s involvement in the Hong Kong Stock Exchange listings, in which Zhong Lun has capitalized on its platform advantage by leveraging resources from its offices in Beijing, Hangzhou, and Hong Kong.

The Hong Kong office of Zhong Lun served as the Hong Kong legal counsel for Cloud Factory’s listing and was responsible for drafting the prospectus. The project team was led by partner Jaycen Liao. Members of the team also included Bobby Yung, Kelly Tsoi, Cecilia Lam, Ada Chan, and Rita Chiu.

The Beijing office and Hangzhou office of Zhong Lun served as the Chinese mainland legal counsel for the project. The project team was led by partners Chuan Wang, Grace Wang, and Jing Yang. The team also included associate Jiwei Ma. Partners Grace Wang and Jihong Chen and non-equity partners Jian Chen and Tengyue Qiu provided legal advice on data compliance-related issues for the project.

Cloud Factory provides IDC solution services to a clientele comprised primarily of top-notch Internet companies, cloud computing service providers, and blue-chip listed companies in the PRC, by adopting a non-self-built data centre model. Its IDC solution services include the provision of colocation services and infrastructure management services. Over the three years leading up to December 31, 2023, Cloud Factory has established an extensive presence in the PRC, delivering IDC solution services in 38 cities within 19 major provinces. Since 2022, Cloud Factory has also provided the Edge Computing Services under the brand of Lingjing Cloud, which includes EdgeCDN Services, EdgeAIoT Services, and other edge functionality which has been traditionally delivered by hardware-centric appliances. It has preliminarily established the coverage of cross-regional edge computing network for the operation of its Lingjing Cloud in Northern China.