Sidley represented Ronshine Service Holding Co., Ltd (HKEX:2207) (Ronshine 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 net proceeds of approximately HK$560 million (US$71.79 million). Haitong International Capital Limited acted as the sole sponsor in the transaction.
Ronshine Service is a comprehensive and fast-growing property management services provider in China, offering diversified property management services for both residential and nonresidential properties. According to the China Index Academy (CIA), it was ranked 19th among the Top 100 China Property Management Companies in terms of overall strength in 2021. It was also recognized by the CIA in 2021 as one of the leading companies among the Top 100 Property Management Companies in China in terms of service quality, marketization, and in providing high-end property management services.
The Sidley team was led by partners Sherlyn Lau and Renee Xiong. Other team members included senior China advisor Linda Ruan, counsels Julia Zhu and Douglas Tsang, associates Sophie Gu, Miao Pan, and Rachel Chan, China advisor Joy Chen, senior legal assistants Jiyan Yan, Amanda Yao, and Jenny Zhang, and legal assistant Krystal Liang.
Sidley has advised on more than 42 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 (July 2019 to June 2021), according to the most recent data compiled by Ryanben Capital.