Deloitte China assists listing of Tian Tu Capital on SEHK

We are delighted to share that Deloitte China assisted the listing of Tian Tu Capital Co., Ltd. (Tian Tu Capital, stock code: 01973.HK) on the Stock Exchange of Hong Kong (SEHK) on 6 October 2023. Tian Tu Capital is the first National Equities Exchange and Quotations (NEEQ) and SEHK H share dual-listed venture capital (VC) organisation and the first Chinese private equity (PE) fund to list in Hong Kong.

Tian Tu Capital offered approximately 173 million H shares at HKD6.50 a share, raising approximately HKD1.13m billion.

(From left) Ricky Fung, Deloitte China's RA director; Kathy Huang, Deputy CFO of Tian Tu Capital; Vicki Sun, Deloitte China's A&A partner; Yonghua Wang, Chairman of the Board of Directors of Tian Tu Capital; Feng Weidong, Director of Tian Tu Capital; Alvin Tse, Deloitte China's A&A partner and CMSG's Eastern Region Hong Kong Offering leader; Ernest Lee, Technical partner and SEHK's Listing Committee member; and Melissa Fung, Deloitte China's RA partner attend Tian Tu Capital's listing ceremony held at the Hong Kong Stock Exchange.

About the client

Tian Tu Capital is a leading PE investor and fund manager committed to driving the growth of Chinese consumer brands and companies. Its assets under management (AUM) grew at a compound annual growth rate of 19.5% from 31 December 2015 to 31 December 2022. As of 31 March 2023, Tian Tu Capital’s AUM was RMB25.5 billion and it had cumulatively invested in 222 portfolio companies, including early and late stage investments in many successful consumer brands and companies, such as Zhou Hei Ya, China Feihe, Nayuki, Pagoda, ATRenew, Xiaohongshu, CYYS, Kuaikan, WonderLab, Saturnbird Coffee, Bama Tea, Bao’s Pastry, BeBeBus, CalEx Tech, Dezhoupaji, Distinct HealthCare, Drooling Baby, FlashEx, Guoquan Shihui, igrow, Jiangxiaobai, LAN, SmallRig, VSPO, YHKT Entertainment, Yoplait China, ZDEE and Ziroom.

According to China Insights Consultancy Report, from 2020 to 2022, Tian Tu Capital had the third most investment projects in China's consumer industry among all PE investors, after Tencent Investment and Sequoia China, and ranked 1st among consumer-focused private equity firms.

Source: Tian Tu Capital’s IPO prospectus published on 25 September 2023

About the IPO engagement

After the IPO engagement kicked off, Deloitte China promptly established a multi-disciplinary engagement team with members from the Capital Market Services Group and financial services industry team of Audit & Assurance (A&A), Quality Control (EQCR), Technical, Internal Control, Valuation Review, and Tax Review teams.

Deloitte China served Tian Tu Capital throughout its IPO journey with a high-quality philosophy of “diligence and excellence”. The engagement team provided consistent professional services at every stage of the IPO process and worked closely with other professional parties while communicating with regulators including the International Department of the China Securities Regulatory Commission, Asset Management Association of China, SEHK and the Securities and Futures Commission of Hong Kong, to go through the review procedures and list Tian Tu Capital in Hong Kong.

Deloitte China congratulates Tian Tu Capital on its successful listing on SEHK. 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.

Stay tuned for more exciting listing news of our clients.