Fieldfisher advises on US$365m investment in Chinese lottery tech company | Fieldfisher
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Press Release

Fieldfisher advises on US$365m investment in Chinese lottery tech company



United Kingdom

The firm represented the shareholders of Hui10 Inc., a Chinese technology company with significant investments in China's lottery businesses, on an investment by Intuitive Investments Group PLC (IIG).

European law firm Fieldfisher has advised the senior management of Hui10 and in excess of 60 international gaming corporates, investment houses and high net worth sophisticated investors in Hui10 Inc., on a US$365 million investment by London Stock Exchange-listed Intuitive Investments Group PLC (IIG).

Veteran PLC chairman, Sir Nigel Rudd, is the chairman of IIG and an investor in Hui10.

Hui10 is a Beijing-headquartered technology company that owns a 33% stake in Beijing Huishi Dehua Information Technology Co, which provides a digital platform designed to enable people to play the Chinese national lottery via their smartphones.

It also owns a 60% shareholding in Beijing Huishi Chunyuan Technical Development Co, trading as Lucky World, which operates a platform enabling China's lottery-only shops to sell a wider range of fast-moving consumer goods.

UK-listed and based IIG, a closed-ended investment company listed on the Special Segment of the LSE, has agreed to issue 1,911,529,540 shares to the current owners of Hui10 as payment for the entire issued share capital of Hui10, valuing the business at US$365 million. 

As a result of the transaction, the Hui10 shareholders now hold 95.7% of the shares in IIG. 

Fieldfisher Corporate Partner, Andy Lawton Smith, led the team who advised the Hui10 shareholders, who are based in many European and Far East countries. 

The project involved co-ordination of an international team of lawyers and other advisers, ranging from Cayman Islands (where Hui10 is incorporated) to China.

Commenting on the deal, Corporate Partner Andy Lawton Smith said:

"This was a hugely exciting yet challenging transaction. It was completed on a tight timescale and involved us supporting very experienced and knowledgeable clients based across more than half of the globe. 

"This transaction is a very important waypoint for the IIG and Hui10 teams, as the opportunity for a significant equity raise to help fund the business's expected exponential growth in the near term is very much on the horizon."

Andy was assisted on the transaction by Corporate Partners Melanie Talbot and Brad Isaac from Fieldfisher's Equity Capital Markets practice, Senior Associate Jaspaul Dhesi and Solicitor Jamal Moursy.

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