Sidley represented KWG Living Group Holdings Limited (HKEX: 3913) (KWG Living) as Hong Kong 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$2.89 billion (US$373 million). ABCI Capital Limited and Huatai Financial Holdings (Hong Kong) Limited acted as joint sponsors for the offering.
KWG Living introduced a number of solid cornerstone investors, including Hillhouse Funds, Orchid China Master Fund Limited and LMA SPC, Harvest Global Capital Investments Limited, Snow Lake China Master Fund, Ltd., The Valliance Fund, China Lesso Group Holdings Limited (HKEX: 2128), Oscar and Partners Capital Limited, and Aspex Master Fund.
KWG Living is China’s leading property management service provider. According to data from Jones Lang LaSalle Incorporated (JLL), it is ranked sixth among the property management companies with commercial operational services in the PRC by total revenue in 2019. It is also ranked seventh in China and fifth in the Greater Bay Area by total gross floor area under management. KWG Living is one of China’s Top 100 Property Management Companies in 2020 by China Index Academy (CIA).
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included counsels Iris Yuen and Hon Auyeung, senior associate Jia Li, associates Alex Yiu, William Lau, and Eric Hung, senior legal assistants Wendy Ho and Zoe Yang, legal assistant Le Li and project manager Hannah Wong.
Sidley has advised on more than 21 Hong Kong IPOs by property management companies since 2014. Sidley is the legal advisor with the largest 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.