21 February, 2019
For the third year running, leading offshore law firm Appleby’s Hong Kong office set a record for the volume of IPO work it undertook. In 2018, Appleby Hong Kong advised on 51 listings with aggregate proceeds of more than HKD 9.5 billion, which represents a HKD 1.6 billion increase in value year –on-year from 2017’s total proceeds.
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 led by Hong Kong Co-Managing Partner and Corporate Practice Group Head Judy Lee advised on these transactions alongside Partners Paul Cheuk and Chris Cheng, Counsel Vincent Chan, Associates Robert Sit and Quinton Tse and Legal Executive Connie Wu.
Notable deals include:
- Shandong Gold Mining Co., Ltd.’s (Shandong) HKD 5.2 billion listing on the Main Board. Shandong is a joint stock company incorporated in the PRC with shares currently listed on the Shanghai Stock Exchange. The Group is the largest among the gold producers listed in the PRC and/or Hong Kong.
- Fusen Pharmaceutical Company Limited’s (Fusen) HKD 416 million on the GEM Board. Fusen is the leading Shuanghuanglian-based cold medicine brand in terms of revenue in 2017.
- Time Interconnect Technology Limited’s (Time) HKD 230 million listing on the GEM Board. Time is a well-established supplier of custom cable assemblies with around 20 years of experience. The Group primarily manufactures and supplies cable assemblies on a Content Management System basis, which are produced in accordance with the specifications and designs of individual customers.
- Xin Yuan Enterprises Group Limited’s (Xin Yuan) HKD 150 million listing on the Main Board. Xin Yuan principally provides asphalt tanker chartering services under various types of charter agreement comprising time charters, voyage charters and contract of affreightment.
- Tsit Wing International Holdings Limited’s (Tsit Wing) HKD 149.7 million listing on the Main Board. Tsit Wing International Holdings Limited is a leading integrated B2B coffee and black tea solutions provider in Hong Kong, Macau and the PRC with an established food products business.
The Hong Kong Stock Exchange reported an exceptional year with record high trading activity. This led to the platform for the sixth time in 10 years appearing at the top of the world’s IPO fundraising table.
Judy Lee commented: “2018 was a notable year for our Hong Kong office. This achievement demonstrates our undoubted leading position in this area and the sheer volume of hard work undertaken by the team. The New Listing Rules introduced in Q2 2018 set the stage for a more diverse group of companies to list in Hong Kong and as the Hong Kong Stock Exchange continues to innovate, I am confident that Appleby will continue to be the “go-to” offshore firm for companies that need expert advice on their listing plans.”
