Global law firm Norton Rose Fulbright advised Sino-Ocean Service Holding Limited (Sino-Ocean Service) on the spin-off and separate listing of its shares on the Main Board of Hong Kong Stock Exchange (HKSE). Citigroup Global Markets Asia Limited and China International Capital Corporation Hong Kong Securities Limited acted as the joint sponsors.
Sino-Ocean Service is a reputable property management service provider with extensive geographic coverage in China, and is engaged in three main business lines, namely property management services; value-added services to non-property owners; and community value-added services. Sino-Ocean Service is a subsidiary of Sino-Ocean Group Holding Limited, a leading large-scale national property developer, with developments in rapidly growing Chinese cities and metropolitan regions in China.
Psyche Tai, partner and head of Hong Kong, who led on the deal, commented:
“The property management sector continues to be highly attractive to investors, and we are delighted to have advised on this spin-off and listing of Sino-Ocean Service. The Hong Kong team has been particularly busy throughout 2020 with spin-offs, listings and IPOs, demonstrating the strength of the market, despite turbulent conditions.”
The Hong Kong team also included partners Doris Ng, Harold Tin and associates Virginia Lee, Winnie Cheng, Alisha Hung and Ryan Ho.
The team have recently 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).