Sidley represented Roiserv Lifestyle Services Co., Ltd. (HKEX:2146) (Roiserv) as Hong Kong counsel in its initial public offering (IPO) and listing of H shares on the Main Board of the Stock Exchange of Hong Kong (HKEX). The offering has raised gross proceeds of approximately HK$1.27 billion (equivalent to approximately US$160 million) before the exercise of over-allotment option by the underwriters. Huatai Financial Holdings (Hong Kong) Limited acted as the sole sponsor in the transaction.
Roiserv is a comprehensive property management service provider deeply rooted in the Bohai Economic Rim with a service network across China strategically covering core geographical areas such as the Yangtze River Delta region and the Greater Bay Area. The listing will constitute a spin-off from RiseSun Real Estate Development Co., Ltd., one of Roiserv’s controlling shareholders and a joint stock company with limited liability listed on the Shenzhen Stock Exchange.
The Sidley team on this IPO was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan; counsels Claudia Yu and Julia Zhu; associates Leonard Lou, Anne Cai, and Peter Liu; legal manager Jacky Lei; senior legal assistants Grace Hua and Chang Cong; and legal assistant Jianwen Wang.
Sidley has advised on more than 25 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 No. 1 legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (January 2019 to December 2020), according to the most recent data compiled by Ryanben Capital.