On October 18, 2022, Flowing Cloud Technology Ltd ("Flowing Cloud") (06610.HK), was successfully listed on the Main Board of the Stock Exchange of Hong Kong. Flowing Cloud issued 271.5 million shares (before the exercise of over-allotment option) at an issue price of HK$2.21 per share, raising total proceeds of approximately HK$600 million. It is the first metaverse-related stock listed in Hong Kong.

Flowing Cloud is a leading supplier of the metaverse scenario application tier in China. Armed with technologies like AR/VR development engines, AI algorithms, and platform technologies, Flowing Cloud helps clients build metaverse scenario applications and ecosystems.

Shenwan Hongyuan Capital (H.K.) Limited is the exclusive sponsor of this project, with Jingtian & Gongcheng and Deacons as its PRC legal advisor and Hong Kong legal advisor respectively.

Hylands Law Firm, Morrison & Foerster acted as legal counsel to the issuer in this project and provided professional legal services to it in respect of PRC and Hong Kong law respectively.