Guangzhou Office Advises Greenshore Network on NEEQ Private Placement and Introduction of Market Makers

On March 3, 2015, Shanghai Greenshore Network Technology Co., Ltd. (“Greenshore Network”, stock code: 430229) released an announcement at the National Equities Exchange and Quotations (“NEEQ”) system that it had issued 5,206,769 shares at RMB 19.26 per share via private placement. With all subscribed in cash, the company raised a total of RMB 100,282,370.94. After the issuance was completed, Greenshore Network would engage market makers to trade the shares. Specifically, Guosen Securities, GF Securities and Guotai Junan Securities would act as market makers. 

A Dacheng team led by Guangzhou-based senior partner Lu Yuefeng and associate Ling Yongqin advised Greenshore Network on the private placement and introduction of market makers. 

Since the shares of Greenshore Network were listed on the NEEQ system and available for trading in July 2013, Greenshore Network received much attention from the capital markets and investors. In September and December 2014, it raised RMB150mln via A round and B round financing. In early 2015, “Tianzhijin” (which literally means “heaven forbids”), a client-end game developed independently by Greenshore Network, grabbed a number of awards, including “The Most Eagerly Awaited Online Game”, “Editors’ Best Online Game Recommendations for the Year”, and “Best Production Team Award ”. The game would be available for public testing in Q2. By introducing market makers, the brand influence of Greenshore Network would be further improved and the cost of financing would be cut. 

Lu’s team has been serving as standing legal counsel for Greenshore Network since the founding of the company. Their expertise and efficiency has won commendation from the client.