Appleby acted as Cayman counsel for Oi Wah Pawnshop Credit Holdings Limited in relation to its listing on the Main Board of the Hong Kong Stock Exchange with gross proceeds of approximately HK$98 million.
Oi Wah is a financing service provider in Hong Kong mainly providing short-term secured financing, including pawn loans and mortgage loans.
A majority of the proceeds from the offering will be used primarily for expanding mortgage loan portfolio and broadening customer base. Other proceeds from the offering will be used for expanding pawn loan portfolio and establishing a new customer service centre.
The Appleby team was led by Judy Lee, a Corporate Partner in Appleby’s Hong Kong office, assisted by Associate, Chris Cheng and Jo Lit. Pang & Co. (in association with Loeb & Loeb LLP) advised the Company as to Hong Kong law. Cinda International Capital Limited acted as the sole sponsor, with Deacons advising them as to Hong Kong law.
About the company
Oi Wah is regarded as the largest pawn loan service provider in Hong Kong in terms of loan amount granted and number of pawnshops. The Company has 12 pawnshops located in various locations in Hong Kong and is one of the few financing service providers in Hong Kong having both the Pawnbrokers Licences and the Money Lenders Licence which provide them with flexibility in granting pawn loans with different interest rates, loan amounts and terms depending on their customers’ needs.
