The listing is a spinoff of the property management business from China Evergrande Group (HKEX: 3333) (China Evergrande). Sidley also advised Evergrande Services on its HK$23.5 billion (US$3 billion) pre-IPO investments from 14 strategic investors, including the controlling shareholder of Chinese Estates Holdings Limited, Sequoia Capital, Yunfeng Capital, Tencent, CITIC Capital, ABC International, China Everbright Limited, Huatai International Greater Bay Area Investment Limited, and others.
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, 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.
Sidley has advised on more than 23 Hong Kong IPOs by property management companies since 2014. Sidley is the legal adviser 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 (November 2018 to October 2020), according to the most recent data compiled by Ryanben Capital.