Our Hong Kong team advises GMM Grammy

Led by SRPP Ltd. (SRPP), who acted as the international deal counsel of GMM Grammy on this transaction, our assistance to GMM Grammy mainly focused on the Hong Kong law aspects of the transaction.

The investment in JOOX Thailand is part of a wider strategic partnership between GMM Grammy and TME, whereby TME acquired 10% stake in GMM Music, a subsidiary of GMM Grammy, at a valuation of US$700 million, with part of the consideration being settled by way of the transfer of the minority stake in JOOX Thailand from TME (via its subsidiary) to GMM Grammy.   

Listed on the Stock Exchange of Thailand (SET: GRAMMY), GMM Grammy is the largest entertainment and media conglomerate in Thailand. Apart from its music business, GMM Grammy’s other businesses include concert production, artist management, film and television production.

Dual-listed on the New York Stock Exchange (NYSE: TME) and The Stock Exchange of Hong Kong Limited (SEHK: 1698), TME is the leading online music and audio entertainment platform in China, and is the music streaming unit of tech giant, Tencent. TME operates highly popular and innovative music apps in China, including JOOX, offering a comprehensive suite of online music entertainment products to its users.

The collaboration with TME is a significant milestone for both GMM Grammy and GMM Music, as they continue to leverage their strengths in the Thai music industry, capitalise on global leading industry expertise and invest in innovations to maintain a competitive edge in the global music industry. This transaction also signifies GMM Grammy’s expansion into other markets in Asia, in particular China and its huge market potential. 

The team was led by our Head of Corporate, Hong Kong and Partner, Dickson Ng. Dickson was supported by Senior Associate Alvin So, Associate Loretta Lo and Trainee Solicitor Janice Lam of the Hong Kong Corporate Team. SRPP acted as the lead deal counsel and the Thai legal adviser for GMM Grammy on this transaction.

Dickson Ng, Head of Corporate, Hong Kong, said:

“We are thrilled to have supported both GMM Grammy on this important transaction. The investment marks a crucial milestone in our client’s expansion in Asia, and we look forward to  supporting their continuous growth in the regional and global markets. This transaction also serves to strengthen our collaboration with leading Thai law firm SRPP. It has been an absolute delight working alongside SRPP team on this eventful project, and we are excited to further cultivate our prosperous relationship when bilateral transactions between Chinese and Thai businesses continue to thrive.”