Evergrande Property Services Group Limited’s HK$14.3 Billion IPO

Sidley Austin LLP advised Evergrande Property Services Group Limited on the deal.

Evergrande Property Services Group Limited (HKEX: 6666) announced its initial public offering (IPO) on the Main Board of the Stock Exchange of Hong Kong (HKEX). The offering has raised approximately HK$14.3 billion (approximately US$1.9 billion). Assuming the exercise in full of the over-allotment option, the value of the offering will amount to approximately HK$16.3 billion (approximately US$2.1 billion). Huatai Financial Holdings (Hong Kong) Limited, UBS Securities Hong Kong Limited, ABCI Securities Company Limited, CCB International Capital Limited, CLSA Capital Markets Limited and Haitong International Securities Company Limited acted as joint sponsors in the transaction.

The listing is a spinoff of the property management business from China Evergrande Group (HKEX: 3333) (China Evergrande).

Evergrande Services is one of the largest and fastest-growing comprehensive property management service providers in China. According to China Index Academy, it is ranked second among Top 100 Property Management Companies by number of cities covered by its projects and ranked third by total revenue, total gross profit and net profit.

The Sidley team on this IPO was led by Constance Choy (Picture), a member of Sidley’s Management Committee and Executive Committee and the managing partner for the Asia Pacific region, and partners Carrie Li and Sherlyn Lau. Other team members also included counsels Auyeung Hon and Claudia Yu, senior associates Kevin Chan and Charlie Gu, China advisor Joy Chen, associates Jacob Zhao, Vicky Zheng, Jason Shen, Yuhang Li, and Peter Liu, legal manager Charmaine Wong, senior legal assistants Grace Hua, Angie Fan, and Jenny Zhang, and legal assistant Jiefei Yao. The pre-IPO investment was led by partner Christopher Cheng, with the support of senior associate Charlie Gu, associate Jason Shen, and registered foreign lawyer Ruby Kong.

Involved fees earner: Hon Auyeung – Sidley Austin LLP; Kevin Chan – Sidley Austin LLP; Joy Chen – Sidley Austin LLP; Christopher Cheng – Sidley Austin LLP; Constance Choy – Sidley Austin LLP; Charlie Gu – Sidley Austin LLP; Grace Hua – Sidley Austin LLP; Ruby Kong – Sidley Austin LLP; Sherlyn Lau – Sidley Austin LLP; Carrie Li – Sidley Austin LLP; Yuhang Li – Sidley Austin LLP; Peter Liu – Sidley Austin LLP; Jason Shen – Sidley Austin LLP; Claudia Yu – Sidley Austin LLP; Jacob Zhao – Sidley Austin LLP; Vicky Zheng – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Evergrande Property Services Group Ltd;

Author: Michael Patrini