Deloitte assists listing of Flowing Cloud on Stock Exchange of Hong Kong

Deloitte China assisted the listing of Flowing Cloud Technology Ltd. ("Flowing Cloud", stock code: 06610.HK) on the Main Board of the Stock Exchange of Hong Kong (the Exchange) on 18 October 2022.

In this public offering, Flowing Could offered 271.5 million shares at an offer price of HKD2.21 per share, raising HKD600 million in total. It is the 1st metaverse IPO by a Chinese company in Hong Kong.

(from left) Yizhe Han, CSO and CMO of Flowing Cloud; Tong Liu, Deloitte China Data Analysis (DA) associate director; Emily Sun, Deloitte China Audit & Assurance (A&A) senior manager; Madelyn Gong, DA manager; Yanhao Li, Executive Director and CTO of Flowing Cloud; Lei Wang, Executive Director, Chairman of the Board and CEO of Flowing Cloud; Yao Li, Executive Director and secretary to the Board of Flowing Cloud; Yanhong Zuo, Finance Vice President of Flowing Cloud; Cindy Dong, A&A partner; Jiming Zhang, CFO of Flowing Cloud; and Roman Fan, DA Partner attend the listing ceremony

About the client

Flowing Cloud is a software/ hardware provider of the virtual reality (VR) technology. It is one of the pioneers in the augmented reality (AR)/ VR content and services market in China. The company primarily provides AR/VR marketing services, AR/VR contents, AR/VR software as a service (SaaS) and intellectual property (IP) business, providing professional development engines and services for many domestic content developers, and one-stop technology export services and standardized manufacturing tools for many brands from the consumer, automobile, culture, education and other industries.

Flowing Cloud mainly focus on the scenario application tier of the Metaverse ecosystem. Currently, the company has deepened its cooperation on Metaverse ecosystem with internet giants including Baidu, JD, Alibaba and Tencent.

Source: IPO prospectus of Flowing Cloud dated 29 September 2022 and Flowing Cloud's website.

About the IPO engagement

Following Flowing Cloud initiated the Hong Kong offering work, Deloitte China swiftly established a multidisciplinary professional service engagement team with members from Audit & Assurance (A&A), Technical, Data Analysis, Valuation Review, Tax Review, and Risk Advisory. Leveraging their vast experience on capital market services and outstanding service capability, the engagement team delivered the highest quality of professional services in this engagement with the cooperation and completed the work efficiently under a challenging timetable. With the cooperation and collaboration with all the intermediaries, we have assisted Flowing Cloud pass the Exchange’s hearing in September 2022, and debuted on 18 October 2022.

The Metaverse concept has taken the internet industry into a new development stage. Being able to serve clients from emerging business from the fast-growing industries helps Deloitte China to continue to enhance and upgrade its professional service capabilities and adaptability as well. It has cemented a solid basis for Deloitte China to serve more companies from these emerging segments in the future.

Deloitte China congratulates Flowing Cloud on its successful listing on the Exchange. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.