Continual growth: Appleby advises on 20 HKEX listings during 2017
During 2017, Appleby has advised on 20 listings in Hong Kong, representing an aggregate amount of more than HK$5.1 billion. Appleby acted as offshore counsel on both the Main Board and the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange.
The transactions were led by Judy Lee, partner in Appleby’s Hong Kong office, with assistance from Counsels Paul Cheuk, Jo Lit, Chris Cheng, Maggie Kwok and Vincent Chan, Associates Yorkie Au-Yeung, Tiffy Wan and Stephanie Mak as well as colleagues including Robert Sit.
Notable deals include:
- China Everbright Greentech Limited’s HK$3 billion listing on the Main Board
- BGMC International Limited’s HK$265.2 billion listing on the Main Board
- Wealthy Way Group Limited’s HK$200 billion listing on the Main Board
- Royal Deluxe Holdings Limited’s HK$201 million listing on the Main Board
- Kin Shing Holdings Limited’s HK$142.5 million listing on the Main Board
China Everbright Greentech is a leading PRC specialty environmental protection service provider, focusing on the biomass and hazardous waste treatment industries with the fourth largest aggregate biomass power generation designed capacity and the third largest aggregate hazardous waste disposal designed capacity in China as of December 31, 2016 for projects in operation. The proceeds from the offering are mainly for developing its business in PRC, research, development and acquisitions of advanced technologies, general working capital and other corporate purposes.
BGMC International is a construction services company based in Malaysia. The Group will use the proceeds from the offering to finance various prospective construction projects including acquisition of additional machinery and equipment for the purpose of long term savings and appropriately, as general working capital.
Wealthy Way Group is a PRC based financial leasing and advisory services provider. The net proceeds from the offering will be used for expanding the Group’s current financial leasing operation and developing new financial leasing related factoring business, in addition to general working capital.
Royal Deluxe Holdings was established in 1994 as a major subcontractor in formwork business. The proceeds from the offering will be used for initial funding of an existing formwork works project in Hong Kong, acquisition of office premises, investment of the new information system to streamline management process and enhance overall efficiency, repayment of some of the outstanding loans and finance leases and general working capital.
Kin Shing Holdings principally engages in the provision of formwork works and building construction works. Kin Shing will use the proceeds from the offering to acquire additional machineries and equipment including upgrading its aluminium formwork systems, invest in human resources, pay off additional spend on storage for construction materials, machineries and equipment and for general work capital as appropriate.
Judy Lee, Head of the Corporate Practice in Hong Kong, commented: “2017 has continued to be yet another busy and exciting year for Appleby’s Corporate team. Our frequent involvement in IPO work not only speaks for the versatile and high quality services that we offer, but also testifies to the firm’s leading position in this practice area. The team will continue to meet the challenges brought by the ever changing needs of our clients and guide them through the heightened listing and regulatory requirements.”