Sidley represented Suxin Joyful Life Services Co., Ltd. (HKEX: 2152) (Suxin Services), as Hong Kong counsel in its initial public offering (IPO) and H-share listing on the Main Board of The Stock Exchange of Hong Kong (HKEX). The offering has raised proceeds of approximately HK$230 million (US$29.5 million). BOCOM International (Asia) Limited acted as the sole sponsor in the transaction.
Established in 1994, Suxin Services was named as one of the 2022 “Top 100 Property Management Companies in China” by CIA. It is a subsidiary of Suzhou Sugaoxin Group Co., Ltd., a leading city developer and operator headquartered in Suzhou, Jiangsu Province. In 2021, Suxin Services ranked first in Suzhou in both the property management service market and the city service market by total revenue, according to Frost & Sullivan.
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan; managing associate Vicky Zheng; senior legal manager Jacky Lei; China advisor Jiefei Yao; associates Yaomin Pan and Linfei Li; senior legal assistants Lang Chen, Krystal Liang, and Adrienne Wang; and trainee solicitor Kelly Kan.
Sidley has advised on more than 45 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 No. 1 legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (August 2020 to July 2022), according to Ryanben Capital.