Sidley represented New Hope Service Holdings Limited (HKEX:3658) (New Hope Service) 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$706.8 million (US$90.6 million). ABCI Capital Limited acted as the sole sponsor in the transaction.
New Hope Service received cornerstone investors, including Neptune, Green Better, Peak Re, CSIIL, Keltic, and Golden Star.
New Hope Service is a well-established comprehensive property management and lifestyle service operator in China. In 2020, it was ranked 39th in the Top 100 Property Management Companies in China in Overall Strength by EH consulting. Their excellent service has helped them to be awarded as the 2020 Leading Chinese Brand Company in Professional Service Operations.
The Sidley team on this IPO was led by partners Sherlyn Lau and Carrie Li. Other team members included senior China advisor Linda Ruan, senior legal manager Jacky Lei, associates Scarlet Feng, Vicky Zheng, Peter Liu, Eric Hung, and Yaomin Pan, and senior legal assistants Angie Fan, Amanda Yao, and Jie Lian.
Sidley has advised on more than 34 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 (May 2019 to April 2021), according to the most recent data compiled by Ryanben Capital.