Linklaters advises Baijiayun on its proposed NASDAQ listing through a business combination with NASDAQ-listed Fuwei Films

Linklaters is advising Baijiayun, a video-centric technology service provider with core expertise in SaaS/PaaS solutions, on its proposed NASDAQ listing through a business combination with Fuwei Films (Holdings) Co. Ltd. (NASDAQ: FFHL).

Baijiayun and Fuwei Films have entered into an agreement and plan of merger (merger agreement), pursuant to which Baijiayun will merge with a wholly-owned subsidiary of Fuwei Films. The combined company will come to hold 100% of the shares of Baijiayun and continue to be listed on the NASDAQ. Upon completion of the transaction, the existing Baijiayun and Fuwei Films shareholders are expected to own approximately 96.79% and 3.21%, respectively, of the equity securities of the combined company.

The Linklaters team is led by corporate partner Xiaoxi Lin, who specialises in private equity investments and listed company M&A (including privatisations and SPAC transactions), with support from managing associate Benran Huang from Zhao Sheng Law Firm, Linklaters’ joint operation partner in China.

Linklaters’ corporate partner Xiaoxi Lin, commented:

“We are honoured to have had the opportunity to support Baijiayun on this pioneering, milestone transaction, and feel privileged to have the opportunity to help leading Chinese companies like Baijiayun explore alternative methods to access the US capital markets. Our team looks forward to continuing to support Baijiayun on this transaction and other exciting opportunities in the future.”

Baijiayun and Fuwei Films anticipate that the transaction will be completed in the fourth quarter of 2022, subject to the satisfaction of closing conditions in the merger agreement, including among other things, receipt of Fuwei Films’ shareholder approval, necessary regulatory approvals (if applicable) and the continuous listing of Fuwei Films on the NASDAQ.