Kaisa Group IPO
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US$440m | |
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Synopsis Kaisa Group launches IPO on the HKSE | ||
Firm | Client | Role |
King & Wood |
GIssuer | PRC counsel |
Sidley Austin | Issuer | US and Hong Kong counsel |
Conyers Dill & Pearman | Issuer | Cayman Islands counsel |
Haiwen & Partners | Underwriters | PRC counsel |
Fried Frank | Underwriters | US counsel |
Huen Wong & Co | Underwriters | Hong Kong counsel |
King & Wood has been engaged on a US$440m Hong Kong global offering by Shenzhen-based property developer Kaisa Group, after recently advising on the US$2.7bn Sinopec/SABIC joint venture.
Renowned capital markets advisors Haiwen & Partners was also involved in the transaction, representing the underwriters, Credit Suisse and BOCI. The underwriters were also assisted by international firm Fried Frank and associated local firm Huen Wong & Co.
The offering consisted of shares and a concurrent 114A Reg S placement. Kaisa Group has introduced four cornerstone investors in its IPO, who subscribed for US$60m worth of shares from the developer.
Eight other China real estate-related IPOs have raised a combined US$4.9bn in Hong Kong this year, bringing the total number of PRC property-related stocks to 30.
One of the reasons for the optimism in the capital markets was the head-turning launch of Metallurgical Corporation. This launch raised a combined US$5.13bn in Shanghai and Hong Kong, making it the world's second-largest IPO this year after China State Construction Engineering Corporation’s US$7.34 billion offering in July. Other major property players to have listed include mainland developers Glorious Property and Evergrande Real Estate, and Macau casino operator Wynn Resorts.