Three Property Management Companies Debut in Hong Kong IPO
Hong Kong – Paul Hastings, a leading global law firm, announced that it has advised three Chinese property management companies this week on their global offerings and IPOs on the Main Board of the Hong Kong Stock Exchange. The firm has represented Kangqiao Service Group Limited in its US$82.9 million IPO, the sole sponsor and the sole global coordinator in the US$98.5 million IPO of Dexin Services Group Limited, and the sole sponsor and underwriters in the US$37.8 million IPO of Ling Yue Services Group Limited.
Based in Henan Province, Kangqiao Service Group is a comprehensive property management service provider which manages various residential properties and non-residential properties, including commercial properties, office buildings, industrial parks and public properties.
Headquartered in Hangzhou, Dexin Services Group is a comprehensive property management service provider under Dexin Group, a leading Chinese real estate conglomerate. CCB International Capital Limited acted as the sole sponsor and the sole global coordinator for its Hong Kong IPO. Earlier in 2019, Paul Hastings has advised on Dexin China Holdings’ US$189 million Hong Kong IPO.
Rooted in Sichuan Province, Ling Yue Services Group is a property management company primarily engaged in property management services, value-added services to non-property owners and community value-added services. CCB International Capital Limited acted as the sole sponsor, sole global coordinator and joint book-runner for its Hong Kong IPO, while CMB International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, Seazen Resources Securities Limited, Vision Capital International Holdings Limited, Shenwan Hongyuan Securities (H.K.) Limited and CMBC Securities Company Limited acted as the joint book-runners.
The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, and corporate partners Jean Yu, Vincent Wang and Chaobo Fan, with support from associates Crystal Liu, Eric Wong, Penny Chen, Phoebe Chow and Samson Tong, China associates Irina He and Sara She, China advisor Jessica Li, trainee solicitors Alex Chan, Beatrice Wun, Helen Cheung and Kristy Wong, legal manager Albert Tang, Ivy Chung and Ruby Chong, and paralegal Flora Huang.
With an industry-leading real estate practice and expertise in Hong Kong capital markets, Paul Hastings has recently represented some of the most significant Chinese real estate and property management companies in their listings in Hong Kong, including Redsun Services Group Limited, Leading Holdings Group Limited, Radiance Holdings (Group) Company Limited, Midea Real Estate Holding Limited, DaFa Properties Group Limited and Redsun Properties Group Limited.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.