On May 18, 2021, Jiuzi Holdings Inc.(the "Jiuzi", NASDAQ : JZXN), a new energy vehicles franchisor and retailer in China, announced the closing of its initial public offering of 5,200,000 ordinary shares at a public offering price of US$5.00 per share. Surprisingly, Jiuzi stock is rocketing higher with shares climbing about 800% during morning that day in NASDAQ exchange, at a share price of $45.
CAPITAL EQUITY LEGAL GROUP (the “CELG”) acted as Chinese legal counsel, BOUSTEAD SECURITIES, LLC acted as the sole underwriter for the offering, and ORTOLI RESENSTADT LLP acted as NASDAQ counsel to Jiuzi.
CELG is organized into 11 specialized committees, which is capable of providing domestic and foreign customers with a wide spectrum of professional and specialized legal services. This Jiuzi project was coordinated by CELG Regional&International Legal Affairs committee, Securities&Capital Markets committee, and Intellectual Property committee. CELG securities marketing business has covered mainland China, Hong Kong and the United States. CELG will continue to integrate resources to provide customers with high-quality and high-level services.
The company franchise and operate retail stores under brand name “Jiuzi”, which sell new energy vehicles, or NEVs, in third-fourth tier cities in China. The company has built a symbiotic system of “physical stores + service platform” through an integrated online and offline multi-brand authorization system. In this way, Jiuzi has opened supermarkets of new energy vehicles near customers’ home, and provides one-stop and muti-choice slaes scenes for urban consumers. At present, Jiuzi has 27 stores and has more than 100 stores under construction. The marketing channel system with the headquarter in Xiaoshan and 34 branches in major and urban cities has been formed. Jiuzi is the pilot of “New Retail”, and has become the first Chinese new energy super channel share which listed on the international capital market.
The CELG legal team is formed by senior partner Mr.Feng Tao, director of CELG Regional&International Legal Affairs committee, Ms.Wang Anqi, director of the Foreign Legal Affairs department of Ningbo office, Ms. Chen Jiaming, deputy director of Fund Management department, and Ms. Xiao Siyu, lawyer of Intellectual Property committee.
According to Nasdaq report, there was 20 Chinese companies listing on American securities market in 2020. Comparing with that, 14 Chinese companies have listed on Nasdaq and 6 listed on New York Stock Exchange over past three months, aggregate gross proceeds has received about US$4.197 billion. Chinese concept stocks show unprecedented enthusiasm for the pursue of an initial public offering on overseas stock markets under the background of increasingly strict issuing and auditing rules.