Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Sundy Service Group Co. Ltd (stock code: 9608) (“Sundy Service”) in respect of its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
The shares of Sundy Service were listed on the Stock Exchange on 18 January 2021. Sundy Service offered a total of 800 million shares, among which 240 million shares were offered under the Hong Kong public offering and 560 million shares were offered under the international placing (after reallocation). The offer price was HK$0.25 per offer share, and the gross proceeds from the global offering amounted to HK$200 million.
Sundy Service and its subsidiaries (the “Group”) are a reputable integrated property management service provider in the property management industry in Zhejiang province. As at 30 June 2020, it provided property management services to 33 properties covering 14 cities in People’s Republic of China, with a total gross floor area under management of over 6.4 million sq.m.. The Group was ranked 56th among the “Top 100 Property Management Companies in China” (中國物業服務百強企業) in terms of overall strength of property management in 2020. In addition, in 2019, among the Top 100 Property Management Companies headquartered in Hangzhou and Zhejiang province, the Group was ranked 5th and 7th in terms of net profit, respectively.
The sole sponsor of the listing was Cinda International Capital Limited. The joint global coordinators were Cinda International Capital Limited and Elstone Securities Limited, while the joint bookrunners were Cinda International Capital Limited, Elstone Securities Limited, CCB International Capital Limited and Crosby Securities Limited.
Our team was led by our partners Mr. Hank Lo and Mr. Rodney Teoh, supported by team members including Ms. Florence Wai (associate), Ms. Claire Sit (associate) and Ms. Doris Wang (registered foreign lawyer).