Global law firm Norton Rose Fulbright has advised HSBC Corporate Finance (Hong Kong) Limited and Morgan Stanley Asia Limited as joint sponsors to the spin-off and separate listing on the Main Board of the Hong Kong Stock Exchange of the shares of Sunac Services Holdings Limited (Sunac Services).
Sunac Services is the fastest-growing large-scale property management service provider with a leading market position in China, and is engaged in three business lines: property management services, value-added services to non-property owners, and community value-added services. Sunac Services is a subsidiary of Sunac China Holdings Limited, one of the leading property developers in China.
Psyche Tai, partner and head of Hong Kong, who led on the deal, commented:
“We are delighted to have advised the sponsors on this deal. Property management sector IPOs have been active in Hong Kong and across Asia with the segment remaining highly attractive to Chinese investors, in particular.”
The Hong Kong team also included partners Doris Ng and Harold Tin and associates Timothy Lam, Jane Yau, Patrick Wong and Tracy Ding.
The firm’s Hong Kong office has advised in relation to a number of property management IPOs in recent years including the HK$5.4 billion (US$692.9 million) listing of Poly Property Development Co (Poly Property) on the Main Board of the Hong Kong Stock Exchange in 2019.