Poly Property Development Co., Ltd. (Poly Property, stock code: 06049.HK) completed its initial public offering and listed on the main board of the Hong Kong Stock Exchange on December 19, 2019. Poly Property got 222.68 times subscription for this public offering, and the portion allocated for international investment institutions was also significantly oversubscribed. The final offering price was HK$ 35.1 per share, with 133 million shares sold worldwide and HK$ 4.6683 billion (about US$ 600 million) raised. It was the largest IPO of a property management company in the history of the Hong Kong Stock Exchange.
Poly Property is a leading comprehensive property management service operator with the background of central state-owned enterprise. According to the comprehensive strength ranking of property management companies in 2019 released by the China Index Academy, Poly Property is ranked No.4 among China's top 100 property service companies. Since 2014, it has maintained the top five in the ranking of the comprehensive strength of China's top 100 property service companies and ranked first among the top 100 property service companies with the background of central state-owned enterprise.
As the legal advisor to the sponsor in China, Jingtian & Gongcheng has provided a full range of legal services to Poly Property including assisting with conducting domestic & overseas third-party due diligence, legal due diligence, issuing legal opinions to underwriters, and assisting with responding to regulatory issues. Jingtian & Gongcheng has participated in the whole process of listing and won high recognition from the clients.
Jingtian & Gongcheng has rich legal service experience in the property service industry and has successively assisted many property services companies with their IPO/listing in domestic and overseas securities markets. Other representative projects include: Xinyuan Property (01895.HK), Hevol Services Group Co., Ltd. (06093.HK), Country Garden Service (06098.HK), Ocean Homeplus (837149.NEEQ), Clifford Modern Living Holdings Limited (03686.HK), New Ming China Holdings Limited (02699.HK), China Overseas Property Management Co.,Ltd. (02669.HK), Zhong Ao Home Group Limited (01538.HK), Yida China Holdings Limited (03639.HK), etc. Jingtian & Gongcheng will make every effort to provide professional and precise legal services for more property enterprises, to protect their investment and financing activities in the capital market for further development.
