Sidley represented E-Star Commercial Management Company Limited (HKEX: 6668) (E-Star Commercial) as Hong Kong counsel in its initial public offering (IPO) and listing on the Main Board of the Stock Exchange of Hong Kong (HKEX). The offering has raised net proceeds of approximately HK$881.3 million (approximately US$115.1 million) before the exercise of over-allotment option. CCB International Capital Limited and China Securities (International) Corporate Finance Company Limited acted as joint sponsors in the transaction.
E-Star Commercial is a leading commercial property operational service provider in the Greater Bay Area with a national presence, ranked first in terms of the number of shopping centers in operation in Shenzhen, as of September 30, 2020.
The Sidley team on this IPO was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan; senior associate Jacob Zhao; senior legal manager Jacky Lei; associates Eric Hung and Hening Zhang; China advisor Jiefei Yao; and senior legal assistants Yaping Li and Chang Cong.
Sidley has advised on more than 26 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 (January 2019 to December 2020), according to the most recent data compiled by Ryanben Capital.