Dentons Advised Youyou Food Co., Ltd. on obtaining IPO issuance approval

The IPO project of Youyou Food Co., Ltd. (hereinafter referred to as “Youyou Food”), whose issuer lawyer is Dentons China, passed the review of the 155th Issuance Review Committee of the China Securities Regulatory Commission on October 10, 2018, and successfully obtained the approval of IPO from the China Securities Regulatory Commission on March 15, 2019.

The Youyou Food IPO project team consists of Fan Xingcheng (senior partner), Huang Xiamin (senior partner), Lin Chen, Gao Jiapeng and Liu Yang from Dentons Shanghai, and provided high-quality and efficient legal services, including due diligence and reorganization, Standardization, counseling and reporting, delisting of the New OTC Market, providing feedback, and attending meetings. Many problems arising in the process of A-shares listing of the listed companies have been successfully solved.

Founded in 2007, Youyou Foods Co., Ltd. specializes in the research, development, production and sales of marinated-flavor snack. Its main products include pickled chicken feet, marinated turkey wings, soy products, peanuts and bamboo shoots. After years of development, the company has become one of the leading suppliers of marinated-flavor snacks in China, particularly enjoying high product popularity and brand effect in the pickled chicken and chicken feet market.

Actually, the listing process of Youyou Food was not smooth. In December 2015, it submitted the prospectus to the CSRC for the first time, and had been queuing for nearly three years. Moreover, the listing of three types of shareholders has also drawn public attention to Youyou Food. The three types of shareholders refer to trust plans, contractual funds and asset management plans. According to experts, many companies that are planning to go public on the New OTC Market will face the “three types of shareholders” problem when they are on  the main board IPO.