Sidley represented Ling Yue Services Group Limited (HKEX:2165) (Ling Yue 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 approximately HK$293.3 million (US$37.8 million). CCB International Capital Limited acted as the sole sponsor in the transaction.
Ling Yue Services is a property management company based in Sichuan Province with a well-established position in Western China and a presence across China. In 2020, it was ranked 55th among the Top 100 Property Management Companies in China in terms of Overall Strength by EH Consulting, and 12th among Western China’s Top 50 Property Management Service Enterprise by China Index Academy. Ling Yue Services is primarily engaged in property management services, value-added services to non-property owners, and community value-added services.
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan, counsel Iris Yuen, senior associate Jia Li, associates Ashley Deng and Peter Liu, legal manager Zoe Yang, senior legal assistant Longfeng Zhong, and legal assistant Krystal Liang.
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.