King & Wood Mallesons (KWM) acted as Hong Kong* counsel to the sole sponsor, Orient Capital (Hong Kong) Limited, and other underwriters on the initial public offering (IPO) of Xinyuan Property Management Service (Cayman) Ltd. (Xinyuan Property Management, SEHK Stock Code: 1895) on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK).
Xinyuan Property Management was listed on the Main Board of the SEHK on 11 October 2019. The IPO comprised a total of 125,000,000 shares. Priced at HK$2.08 per share, the IPO raised a gross amount of HK$260 million.
Xinyuan Property Management is a fast growing property management company that manages properties in over 35 cities in China, including Zhengzhou, Jinan, Xi’an, Chengdu, Suzhou, Beijing and Shanghai. Xinyuan Property Management was ranked 12th in terms of a comprehensive index rating determined by, among others, the gross floor area under management, financial performance, property owners’ satisfaction and number of accredited projects among property management companies in China in 2018.
The KWM team was led by partner Anthony Wan, with support from senior associate Matthew Yim and associates Wallace Wong, Anna Wong and Rhoda Tsang.
*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”