Appleby acted as BVI counsel to Shenwan Hongyuan Group Co., Ltd. (Shenwan Hongyuan) in relation to its global offering and listing on the Main Board of the Hong Kong Stock Exchange on 26 April 2019, with net proceeds of approximately HKD 9.24 billion, the largest Hong Kong IPO so far this year.
Shenwan Honyuan is a joint stock company incorporated in China with A shares currently listed on the Shenzhen Stock Exchange. The Group is a leading investment holding group focused on securities businesses in China, providing comprehensive financial services, including enterprise finance, personal finance, institutional services and trading as well as investment management. It is the seventh largest securities firms in China by net assets as at the end of 2018 and its revenue and net profits in 2018 ranked fifth and seventh, respectively, in China.
The Group will use the proceeds for developing its securities business, making principal investments and further developing its international business. The transaction was led by Vincent Chan, Counsel based in Appleby’s Hong Kong office.
In January 2015, the group emerged from the merger between Shenyin & Wanguo Securities and Hong Yuan Securities, which was the largest merger in the PRC securities industry at that time. Appleby Hong Kong also provided BVI counsel during this merger, with Vincent Chan also acting on the transaction.
Vincent commented: “Our capital markets team is a market leading practice and often the “go to” offshore firm for companies looking for expert advice on their listing plans. We were proud to be chosen by our client to provide BVI counsel on this high value deal, further demonstrating our expertise in this area.”