Sidley represented Excellence Commercial Property & Facilities Management Group Limited (HKEX: 6989) (“Excellence Commercial Property”) as Hong Kong and U.S. counsel in its initial public offering (IPO) on the Main Board of the Stock Exchange of Hong Kong. The offering raised net proceeds of HK$3.06 billion (US$392 million). Haitong International Capital Limited and CMB International Capital Limited acted as joint sponsors for the offering.
Excellence Commercial Property received cornerstone investments from a number of investors, including Tencent Mobility Limited, Gorgeous Tulips Limited, China Southern Asset Management, Co., Ltd., Snow Lake China Master Fund, 3W Fund Management Limited, OP Capital, GSC Fund 1 and Vision Fund 1, J-Stone Capital Limited, and Matthews Funds. Tencent Mobility Limited and Gorgeous Tulips Limited are fully owned subsidiaries of Tencent and JD.com respectively.
Established in 1999, Excellence Commercial Property is a leading commercial property management service provider in China. According to a Frost & Sullivan Report, it is ranked fourth by revenue from basic property management services provided to commercial properties in 2019, and second among the commercial property management service providers in the Greater Bay Area. It has more than 330 projects under management in 34 cities and provides comprehensive services covering the full lifecycle of properties, including basic property management services, asset services, corporate services, and specialized value-added services.
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan, senior associate Jia Li, and associates Xiaoman Xu, Vicky Zheng, and Peter Liu.
Sidley has advised on more than 21 Hong Kong IPOs by property management companies since 2014. Sidley is the legal advisor with the most number of deals in this sector. Additionally, Sidley remains the number one legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (October 2018 to September 2020), according to the most recent data compiled by RyanBen Capital.