Sidley represented Lushang Life Services Co., Ltd. (HKEX: 2376) (Lushang Life 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$138.4 million (US$17.636 million). ABCI Capital Limited acted as sole sponsor in the transaction.
Lushang Life Services Co., Ltd. is a comprehensive property management service provider with a market leading position in Shandong Province and a proven track record of rapid growth. According to CIA, it was ranked 41st among the 2022 Top 100 Property Management Companies in China in terms of overall strength and recognized as an “Outstanding Enterprise in the Property Management Industry with Diversified Operations in 2021” and one of the “Leading Property Management Brands in Specialized Operations in 2021. ”
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan, senior associate Kevin Chan, senior managing associate Liming Xu, senior legal manager Jacky Lei, managing associates Vicky Zheng and Sophie Gu, China advisor Jiefei Yao, associate Linfei Li, senior legal assistants Jianwen Wang, Suyang Ma, Sancy Chen and Joanna Yan, and trainee solicitor Kelly Kan.
Sidley has advised on more than 44 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 (June 2020 to May 2022), according to the most recent data compiled by Ryanben Capital.