MoFo News Item

Morrison & Foerster Closes First Nasdaq IPO Out of China in 2005

2/10/2005

Hong Kong, China (February 10, 2005) – A cross-office team in Morrison & Foerster’s China Group consisting of Beijing partner Steve Toronto, Hong Kong partner Paul Boltz and Hong Kong associate Daniel Lee acted for Hurray! Holding Co., Ltd. in its global IPO and listing of American Depositary Shares (ADSs) on the NASDAQ National Market. Hurray! (trading symbol: HRAY) raised US$70.5 million in the offering, which was the first Nasdaq IPO by a China-based company in 2005. The Beijing-based company is one of the leaders in China in providing advanced 2.5G WAP wireless services, which allow mobile users to directly access, browse, search and download content through their mobile phones using menu-based interfaces similar to Internet web browsers. The offering priced at $10.25 per ADS.

“The China wireless market has been developing rapidly, with constantly changing technologies and consumer tastes, combined with an evolving regulatory environment," said Steve Toronto. He added, "Completing an IPO in this complex environment is a great achievement for management and the VC investors in Hurray!”

Morrison & Foerster has become a leader in executing exits for the wireless value-added services industry in China and has significant experience with respect to the Chinese regulatory issues and U.S. securities laws, which has given the firm a fundamental understanding of this market from a legal and business point of view and how it has evolved.

The firm has represented some of the biggest names in the Chinese wireless industry: in addition to Hurray!, the firm led the global IPO and Nasdaq listing of Linktone, another leading provider of wireless value-added services in China. The firm has also assisted NetEase, the first Chinese Internet portal to enter this market, in connection with its seed round and venture financings and initial public offering of American Depositary Shares on NASDAQ National Market (Completed June 2000, see our press release of July 2003.); MeMeStar, an independent mobile data services provider based in China, in its sale to SINA Corporation, a leading NASDAQ-listed Chinese online media company and value-added information service provider for China and for global Chinese communities, for a purchase price of US$20.8 million in cash and SINA shares (see our press release of January 6, 2003); and NewPalm, another leading wireless value-added services provider in China, in its acquisition by a unit of Chinadotcom, an Internet and entertainment company in Asia (see our press release of April 11, 2003). The firm also has considerable experience on the hardware side of the Chinese wireless industry, having represented Putian Group, a large state-owned mobile handset and base station manufacturer, in its proposed IPO and in the restructuring of its joint venture with Nokia. (See our press release of April 9, 2003).

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