Harneys advises on the spin-off of Shimao Services Holdings Limited on the Hong Kong Stock Exchange

Harneys acted as Cayman Islands counsel to Shimao Services Holdings Limited (Shimao Services) on its spin-off and separate listing on the Main Board of the Hong Kong Stock Exchange on 30 October 2020, raising approximately US$730 million in net proceeds. The IPO was sponsored by China International Capital Corporation Hong Kong Securities Limited and Morgan Stanley Asia Limited, who also acted as joint global coordinators alongside Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited.

Shimao Services is a leading comprehensive property management and community living service provider in China. With a track record of over 15 years in providing property management services and various value-added services in China, Shimao Services has grown its presence nationwide, covering 108 cities across 26 provinces in China as of 30 June 2020.

The Harneys team was led by Partner Raymond Ng with support from Legal Manager Denise Chan. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provided registered office and principal share registrar services. Onshore legal counsel to Shimao Services comprised Sidley Austin and Commerce & Finance Law Offices, while Allen & Overy and Tian Yuan Law Firm acted for the joint sponsors, the joint global coordinators and the underwriters.

Raymond commented: “We are pleased to be involved in the separate listing of Shimao Services, which becomes the latest household name to be spun off from traditional property developers. The listing marks the 10th successful IPO for our Asia transactional team this year, affirming our unrivalled expertise and client service in this space.”

Harneys corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.