Deacons advises on the spin-off and Main Board IPO of another PRC property management service provider
December, 2019 - United States of America
We advise the sole sponsor Haitong International Capital Limited and underwriters in relation to the spin-off of Times Neighborhood Holdings Limited from Times China Holdings Limited (stock code: 1233) for separate listing on the Main Board of the Stock Exchange by way of distribution in specie and global offering, seeking to raise up to approximately HK$939 million.
Times Neighborhood Holdings is one of the leading and fast-growing comprehensive property management service providers in China. In 2019, it were ranked 13th among the Top 100 Property Management Companies in terms of overall strength by China Index Academy. In 2018, it were ranked 11th among the top 100 property management companies of China (????????????TOP 100) in terms of overall strength by China Property Management Institute (????????).
The company published its IPO prospectus on 9 December 2019. Dealings in its shares on the Main Board of the Hong Kong Stock Exchange are expected to commence on 19 December 2019.
Our team is led by Ronny Chow, Head of our Corporate Finance Practice Group.
We also advised on the debut of another PRC property management service provider, Yincheng Life Service CO., Ltd., on the Main Board of the Hong Kong Stock Exchange last month. Rhoda Yung was the lead partner advising the sole sponsor ICBC International Capital Limited and underwriters in that case.
