King & Wood Mallesons (KWM) advised Yuexiu Services Group Limited (Yuexiu Services, Stock Code: 6626) on the spin-off and subsequent listing of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK).
Yuexiu Services has been listed on 28 June 2021. The global offering comprised a total of 369,660,000 shares. Priced at HK$4.88 per share, the listing raised approximately HK$1.8 billion.
Upon completion, Yuexiu Services remains a subsidiary of Hong Kong-listed Yuexiu Property Company Limited (Stock Code: 00123), the first batch of integrated property developers in China with a focus on residential property development and commercial property operations. Yuexiu Services is an urban operation service provider in China and a key market player offering integrated property management services in China’s Greater Bay Area.
This closing marks the eighth Hong Kong listing in the PRC property management sector that the KWM Hong Kong Equity Capital Markets team has advised on in recent years. Over the years, the team has gained momentum in Hong Kong listings for Chinese state-owned property management companies. Recent and high-profile listings include Financial Street Property Co., Limited’s H-share IPO in 2020 and Poly Property Development’s HK$4.68 billion H-share IPO in 2019.
The team was led by partner Anthony Wan, with support from senior associates Candy Tse, Crystal Kwok and Matthew Yim, and associates Rocky Cheung, Keith Wong and Shirley Yeung.
Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China”.