King & Wood Mallesons (KWM) advised Poly Property Development on its HK$4.68 billion (US$600 million) initial public offering (IPO) and the listing of its H shares on the main board of Hong Kong Stock Exchange. The listing of 133,333,400 shares was priced at HK$35.1 per share.
The listing involved a spin-off from Poly Developments and Holdings Group, the controlling shareholder of Poly Property. Poly Developments and Holdings is listed on the main board of the Shanghai Stock Exchange.
The KWM team was led by partner Anthony Wan, with support from senior associates Matthew Yim, Candy Tse, Wallace Wong and Jason Choi.
The underwriters’ counsel were Norton Rose Fulbright (for Hong Kong law), Jingtian and Gongcheng (on PRC law). The issuer’s counsel were KWM (Hong Kong law) and DeHeng Law Offices (PRC law).
Poly Property Development is a property management service provider focusing on first-tier and second-tier cities and covering the five national-level urban areas in China.
It was ranked fourth by the China Index Academy in 2019 among the Top 100 Property Management Companies in China, and ranked first among the Top 100 Property Management Companies in China with a state-owned background.