Appleby acted as offshore counsel in listings on both the Main Board and the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. The Capital Markets team is led by Hong Kong Co-Managing Partner and Local Corporate Practice Group Head Judy Lee alongside Partners Paul Cheuk and Chris Cheng, Counsel Vincent Chan, Senior Associate Robert Sit, Associates Quinton Tse and Huiyan Liew, and Legal Executive Connie Wu.
Notable Cayman Islands, Bermuda and BVI deals in the first half of 2019 that Appleby worked on include:
- Shenwan Hongyuan Group Co., Ltd.’s HKD 9.24 billion listing on the Main Board.
- Xinyi Energy Holdings Limited’s HKD 3.895 billion listing on the Main Board by way of spin-off.
- Yincheng International Holding Co., Ltd’s HKD 843 million listing on the Main Board.
- Analogue Holdings Limited’s HKD 420 million listing on the Main Board.
- China Everbright Water Limited’s HKD 310.87 million listing on the Main Board, resulting in the company having dual primary listing status in both Singapore and Hong Kong.
Speaking on the uplift, Judy Lee commented: “Over the past three years, we have continually set new records for the deal value on listing deals at Appleby. This, alongside the increase in work from the PRC is a testament to the hard work and expertise of our team, who consistently deliver great results for our clients. This achievement further demonstrates our leading position as the “go-to” offshore firm for issuers that need expert advice for their listing plans.”
Companies from the Cayman Islands and Bermuda currently make up more than 70% of all entities listed on the main board of the Hong Kong Stock Exchange, almost all of which also maintain British Virgin Islands entities as part of their group.
In the first half of 2019, 92% of the total deal value worked on by Appleby was contributed by five significant PRC IPOs. During this period, Appleby also saw a 30% increase in Chinese based companies going to them for offshore legal advice for their Hong Kong Stock Exchange listing compared to the same period in 2018. Appleby’s Hong Kong team practises the laws of Bermuda, Cayman Islands and the British Virgin Islands and is fluent in English, Cantonese and Mandarin and therefore well positioned to support companies in PRC, Hong Kong, Singapore and more widely across Asia with their IPO transactions.