Freshfields advises on IPO of Evergrande Property Services in Hong Kong
Freshfields Bruckhaus Deringer (‘Freshfields’) has provided Hong Kong and US law advice to the joint sponsors, joint global coordinators and joint bookrunners in the global offering and listing of shares of Evergrande Property Services Group Limited (‘Evergrande Property Services’) on the Hong Kong Stock Exchange (‘HKSE’). The offering raised proceeds of US$1.84bn, making it Hong Kong’s highest-value IPO by a property management issuer. Trading in the shares commenced today (2 December 2020).
Evergrande Property Services is one of the largest and fastest-growing comprehensive property management service providers in China. Among the country’s top 100 property management companies, it ranks second in terms of the number of cities covered by its projects, and third in terms of total revenue, total gross profits and total net profits. It manages a diverse portfolio of properties, including mid- to high-end residential properties, office buildings and commercial properties, and others including theme parks, industrial parks, healthcare complexes, themed towns and schools.
The Freshfields team advising on the transaction was led by partner and China chairman Teresa Ko, partner and head of China ECM Richard Wang and partner Calvin Lai. They were supported by counsel Steven Hsu. Partner Claude Stansbury and counsel Dennis Caracristi advised on US tax matters.
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