On October 18, 2022, Flowing Cloud Technology Ltd ("Flowing Cloud") (06610.HK), was successfully listed on the Main Board of the Stock Exchange of Hong Kong. Flowing Cloud issued 271.5 million shares (before the exercise of over-allotment option) at an issue price of HK$2.21 per share, raising total proceeds of approximately HK$600 million. It is the first metaverse-related stock listed in Hong Kong.

 

Flowing Cloud is a leading supplier of the metaverse scenario application tier in China. Armed with technologies like AR/VR development engines, AI algorithms, and platform technologies, Flowing Cloud helps clients build metaverse scenario applications and ecosystems.

 

The IPO, for which Shenwan Hongyuan Capital (H.K.) Limited was the exclusive sponsor.

 

Deloitte acted as its audit advisor.

 

Hylands Law Firm, Morrison & Foerster as PRC counsel for the issuer and Hong Kong counsel for the company, respectively.

 

Jingtian & Gongcheng, Deacons are the PRC counsel and Hong Kong counsel for the Sponsor, respectively.

 

iResearch is its industry advisor.