On June 28, 2021, Yuexiu Services Group Limited (“Yuexiu Services”; Stock Code: 06626.HK) completed its listing on the Main Board of the Hong Kong Stock Exchange. The global offering of 369.66 million shares priced at HKD 4.88 per share raised net proceeds of approximately HKD 1.7 billion (before any exercise of Over-allotment Option). ABCI Capital Limited, China Securities (International) Corporate Finance Company Limited, CCB International Capital Limited and Yuexiu Financial Holdings Group Co., Ltd. are the co-sponsors of the listing. Jingtian & Gongcheng served as the Chinese legal adviser to the issuer. 

Yuexiu Services is a property management services provider spun off from the parental Yuexiu Property Company Limited (Stock Code: 00123.HK). Listed on HKEX in December 1992, Yuexiu Property Company Limited is one of China’s leading real estate developers and also an SOE under Guangzhou Municipal Government. Yuexiu Services is a top-tier integrated property management services provider in the Guangdong-Hong Kong-Macao Greater Bay Area with leading floor area under management and profits. In November 2020, Yuexiu Services completed its “metro environmental engineering + metro property management” integrated property management profile through the acquisition of Guangzhou Metro Environmental Engineering Co., Ltd. and Guangzhou Metro Property Management Co., Ltd. from its strategic investor - Guangzhou Metro Group. The move further strengthens the company’s edge in its unique TOD integrated property management model and secures its leading position as a TOD integrated property management services provider in China. 

As the Chinese legal adviser to the issuer, Jingtian & Gongcheng's legal team offers practical and effective advice on the spin-off of Yuexiu Services from Yuexiu Property, and was acting with strong support and assistance in implementing the spin-off. Aside from the spin-off, Jingtian & Gongcheng's legal team has provided comprehensive legal services to assist the company through the listing including Chinese legal due diligence, analyzing and resolving of critical legal issues, participating in the preparation of listing application documents, answering inquiries from the regulator and guiding Yuexiu Property and Yuexiu Services in the post-listing filing at China Securities Regulatory Commission.