Sidley represented SCE Intelligent Commercial Management Holdings Limited (HKEX:606) (SCE Intelligent Commercial Management) 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$1.85 billion (US$240 million). Joint sponsors include Merrill Lynch Far East Limited and UBS Securities Hong Kong Limited.
SCE Intelligent Commercial Management received cornerstone investors, including He Sheng Overseas Holdings, King Terrace Limited, Ms. Lam Yuen Ying and TX Capital Value Fund.
SCE Intelligent Commercial Management is a comprehensive property management service provider managing both commercial and residential properties in China. It has a large contracted property management portfolio encompassing 55 cities across 18 provinces, municipalities, and autonomous regions in China. Their properties under management include a wide spectrum of property types including commercial properties (such as shopping malls and office buildings) and residential properties. As of December 31, 2020, their total GFA under management ranked 15th among property management companies with commercial property management and operational services in.
The Sidley team on this IPO was led by partners Sherlyn Lau and Carrie Li. Other team members included counsel Claudia Yu, senior associate Jia Li, associates Congsi Wu, Peter Liu, China advisor Jiefei Yao, and senior legal assistants Wendy Ho and Alan Louey.
Sidley has advised on more than 39 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 highest ranked legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (June 2019 to May 2021), according to the most recent data compiled by Ryanben Capital.