Sidley represented Dexin Services Group Limited (HKEX:2215) (Dexin Services) as Hong Kong counsel in its initial public offering (IPO) on the Main Board of The Stock Exchange of Hong Kong (HKEX). The offering has raised net proceeds of approximately HK$697.4 million (US$89.8 million). CCB International Capital Limited acted as the sole sponsor and sole global coordinator in the transaction.
Dexin Services received three cornerstone investments, namely JIC Trust, Hangzhou Light Association, and Hangzhou Jintou Shenghan.
Dexin Services is a comprehensive property management service provider headquartered in Hangzhou. For eight consecutive years since 2014, Dexin Services has been recognized as one of China’s “Top 100 Property Management Companies” in terms of overall strength according to China Index Academy (CIA). Dexin Services was also recognized by CIA as the “Leading Property Management Service Provider in East China” in 2020.
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included counsel Iris Yuen, senior associate Scarlet Feng, senior legal manager Jacky Lei, associates Zhentao Hong, Haiyun Chen, and Rachel Chan, summer associate Songbei Li, and senior legal assistants Jianwen Wang and Zoe Wang.
Sidley has advised on more than 42 Hong Kong IPOs by property management companies since 2014. It is the legal adviser with the largest number of deals in this sector. Additionally, Sidley remains the highest ranked legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (July 2019 to June 2021), according to the most recent data compiled by Ryanben Capital.