Sidley represented Redco Healthy Living Company Limited (HKEX: 2370) (Redco Healthy Living) 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$255 million (US$32.6 million). The listing constitutes a spinoff from Redco Group (HKEX: 1622). ABC International acted as the sole sponsor in the transaction.
Redco Healthy Living is a property management service provider with a leading position in Jiangxi Province and a service network strategically covering core regions such as the Yangtze River Delta Region, the Greater Bay Area, the Bohai Rim Region and the Central China Region. It has been recognized as one of the Top 100 Property Management Companies in terms of overall strength by China Index Academy (CIA) since 2018, and its ranking has risen from 68th in 2018 to 40th in 2021.
The Sidley team was led by partners Constance Choy, Sherlyn Lau and Carrie Li. Other team members included partner Claudia Yu, counsels Hon Auyeung and Julia Zhu, senior associates Dennis Chan and Liming Xu, associates Choy Jay and Weiya Mu, and senior legal assistants Kristine Zhang and Wendy Ho.
Sidley has advised on more than 43 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 (March 2020 to February 2022), according to the most recent data compiled by Ryanben Capital.