ZJLD’s $5.3 Billion Offering and Primary Listing in Hong Kong

April 27, 2023

Cleary Gottlieb represented Goldman Sachs and CSCI, as the joint sponsors, and Goldman Sachs, CSCI, and CICC, as the overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers, in the $5.3 billion (excluding overallotment option) global offering of ordinary shares and primary listing of ZJLD Group Inc. (ZJLD) on the Main Board of the Hong Kong Stock Exchange.

This deal is expected to be one of the largest initial public offerings in Hong Kong in 2023. ZJLD is the first baijiu company listed on the Main Board of the Hong Kong Stock Exchange.

The offering priced on April 20, 2023, and closed on April 27, 2023. Shares of ZJLD began trading on the Hong Kong Stock Exchange on April 27, 2023.

ZJLD is a baijiu company in China devoted to offering premium baijiu products featuring sauce aroma profile. It operates four major baijiu brands in China, including our flagship brand Zhen Jiu, a thriving brand Li Du, as well as two regional leading brands Xiang Jiao and Kai Kou Xiao. ZJLD achieved strong growth and outstanding profitability in 2020, 2021, and 2022. As of December 31, 2022, it collaborated with 6,618 distributors in 31 provincial areas across China to promote and sell baijiu products.