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诺顿罗氏律师事务所(以下简称“诺顿罗氏”)是一家领先的国际律师事务所,在香港资本市场开展业务已有近20年的历史。其公司及并购团队汇集了10名合伙人和30多位法律功底深厚、执业经验丰富的律师,擅于在股票资本市场、债券发行、并购合资以及其他企业融资领域为客户提供专业独到的法律意见和切实有效的解决方案。诺顿罗氏持续深耕香港资本市场,迄今已助力包括碧桂园服务、德视佳、中集集团、大悦城地产、北京汽车、融创中国、蒙牛乳业在内的70多家中外知名企业成功在香港上市。

201912月,诺顿罗氏协助保利物业发展股份有限公司成功登陆香港主板,并以此入围2020ALB中国法律大奖年度中级股票市场交易大奖。保利物业是一家规模领先、具有央企背景优势的综合业态物业管理公司。保利物业上市成就了港股史上物业管理板块最大发行规模的IPO 在本次专访中,诺顿罗氏香港主管任兼资本市场主管合伙人戴志珊 (Psyche Tai) 律师以及资本市场合伙人吴一帆 (Doris Ng) 律师与ALB共同探讨了有关香港资本市场的热点话题,并分享了保利物业港股上市这一开创性项目中的更多细节及亮点。

受访律师:

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戴志珊 
诺顿罗氏香港主
资本市场主管合伙人

吴一帆
诺顿罗氏香港
股票资本市场合伙人

ALB恭喜贵所入围本次大奖!可否介绍一下贵所在香港资本市场的优势与经验?

戴律师和吴律师:诺顿罗氏自2002年开始在香港资本市场开展业务,至今已有近20年的历史。我们以企业融资为主,成功处理了包括香港市场首次公开发行、资本市场融资、企业并购、私有化在内等各类项目,涉及房地产、物业管理、教育、医疗、金融科技等诸多行业。我们的客户中有很多是行业龙头企业,这一次也非常荣幸可以参与保利物业港股上市的项目。

我们形成了强大稳定的团队,在多年服务客户的过程中,我们也与这些企业共同成长,在积累了丰富经验的同时,也与客户建立了紧密互信的关系。未来,我们将立足国际律所的资源优势,一如既往地致力于为客户提供专业、高效、可靠的法律服务。

ALB近来港股市场都有哪些热点行业,其主要市场推动力有哪些?

戴律师和吴律师:在香港资本市场,物业管理是近期最为热门的行业之一。以我们的团队就这一行业的经验来看,物管IPO将在接下来的一段时间继续保持热度。此外,教育、生物科技和医药医疗保健以及金融科技板块在港股市场也非常活跃。较高的估值水平是这些行业企业选择赴港上市的主要原因之一。同时,受中美关系等国际形势的影响,这些行业中亦有不少中概股选择从美国退市后转战香港上市;而联交所新修订的《上市规则》正式实施,进一步扩大优化了上市制度,也吸引了许多在美国上市的企业选择香港为二次上市地。

值得一提的是,其中一些热门行业发展速度极快,导致监管制度设计上存在一定的滞后性,经营环境也存在一些法律上的“真空”地带,因此我们律师在为客户提供法律服务时,经常会面临各种新型的法律风险和问题,这给我们的工作带来了一定的挑战。不过,凭借多年的经验,我们往往能准确预判风险、设计方案并及早与监管机构及各方沟通,最终推动这些问题得到妥善解决。正是依托这些优势,我们能够在帮助客户实现商业目标的同时,取得多方共赢的结果。

ALB今年的疫情和复杂的国际形势将对港股市场带来怎样的影响?未来一段时间摆在香港上市公司面前的将有哪些机遇,您和团队将怎样运用自身的经验帮助这些公司抓住机遇?

戴律师和吴律师: 尽管今年爆发了新冠疫情,但香港股市并未因此陷入低迷,从IPO数量、规模及恒生指数表现等方面来看,香港资本市场韧性十足、依旧活跃。此外,正如前面所说,中美关系紧张所导致的国际形势动荡也在客观上让香港资本市场从中受益。我们认为香港资本市场具有巨大的潜力,能为企业融资提供良好的机遇。

当然,市场环境也存在着一定的起伏。目前与A股相比,一些同业公司在港股市场的市值偏低,这对于一些有退市或私有化计划的上市公司来说也意味着这是比较合适的时机。

无论是上市还是退市或私有化,我们都设有专门的团队为企业客户提供相应的法律支持,同时也会为投行提供法律意见。另外债券资本市场方面,受环境影响融资成本持续走低,一些公司也选择通过发债的形式获得融资。而我们也会和律所内部的债券业务团队密切配合,发挥协同效应,为客户提供全方位服务。

整体而言,我们对香港资本市场非常有信心,它在亚洲的地位依然无可取代。我们也期待在未来帮助更多的企业把握香港市场的机遇。

案例分享

保利物业是中国物业管理行业的标杆,在2020中国物业服务百强企业名单中排行第三,在具有央企背景的中国物业服务百强企业中排名首位。

保利物业在香港联交所首次公开发行H股分拆上市是香港资本市场史上最大规模的物业公司IPO。凭借母公司保利发展控股和央企物业领先品牌的双重背书,保利物业香港公开发售募集资金达46.8亿港元,获超额认购高达约222倍,申购冻资1300余亿港元,并引进GIC Private Limited、高瓴、中国国有企业结构调整基金、中交国际四位重量级基石投资者,是2019年度香港联交所的重点新上市项目。

保利物业上市项目推进非常迅速,诺顿罗氏律师事务所资本市场团队自接手这个项目并正式进场处理法律事宜,后续代表保荐人向联交所提交上市申请、通过上市聆讯及完成整个公开发售流程,历时不到一年时间。诺顿罗氏资本市场团队充分配合央企背景的保利发展控股各种政策需求快速推进项目,就香港监管机构对上市公司结构及与控股股东之间的业务关系、同业竞争等问题提供解决方案,在过程中,协助保荐人团队对业务进行尽职调查、撰写招股书文件、同时代表公司及保荐人与联交所沟通积极解决上市过程中遇到的问题,发挥公司、保荐人及监管机构之间的桥梁作用。

此次交易对公司乃至整个行业均有里程碑式的重要意义。首先,保利物业从母公司保利发展控股中分拆上市,在房地产行业融资政策日益收紧的背景下,为房企拓宽了融资渠道。同时,保利物业获得高倍认购、上市首日股价大涨约29%的表现,体现了港股投资者对优质物业企业的持续热忱,也为整个行业赴港上市起到了示范和带动作用。受此鼓舞,业内众多公司都在酝酿或筹备港交所上市,预计物业服务资本赛道将愈加热闹。

With nearly 20 years under its belt, global law firm Norton Rose Fulbright is one of the longest-standing international law firms in Hong Kong. The firm counts more than 30 lawyers in its Corporate & Securities team, which is led by 10 partners who have extensive expertise and experience in advising on a wide range of transactions including equity and debt capital markets deals, mergers and acquisitions, joint ventures and general corporate financing.

The firm advises on a high volume of Hong Kong IPOs and listings for Chinese conglomerates and large multinationals, representative clients that have successfully raised funds on the Hong Kong Stock Exchange include Country Garden Services, EuroEyes, CIMC Vehicles, Joy City Property, BAIC Motor, Sunac China and China Mengniu Dairy.

In December 2019, NRF advised on the H-share listing of Poly Property Development Co., Ltd. on the Main Board of the Hong Kong Exchange. Poly Property Development is a leading property management service provider in China. Its controlling shareholder, Shanghai-listed Poly Developments, is majority-owned by state-run China Poly Group. The debut of Poly Property Development marked the largest ever Hong Kong IPO in the property management sector. The deal was therefore shortlisted in the category of Equity Market Deal of the Year Midsize in this years ALB China Law Awards.  Norton Rose Fulbright Head of Hong Kong Psyche Tai and Hong Kong partner Doris Ng led on this deal. In this interview, they share with us their experience in advising on Poly Property Developments successful H-share listing, and their observations and insights to the vitality of Hong Kongs capital markets.

A DIALOGUE WITH:

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Psyche Tai
Head of Norton Rose Fulbright Hong Kong
Head of Capital Markets

Doris Ng
Partner, Equity Capital Markets
Norton Rose Fulbright Hong Kong

ALBCongratulations on your shortlisting. Would you please tell us about your advantages and experience practicing in HK capital market?

Psyche and Doris: We have been advising on capital markets deals in Hong Kong since 2002. For nearly 20 years, we have honed our expertise and as a result have advised on many successful Hong Kong IPOs, corporate financings, M&As and privatisations.

Over the years, we have also developed significant expertise in advising clients operating in key industries including real estate, property management, education, pharmaceuticals and life sciences, and FinTech. Many of our clients are sector leaders - Poly Property Management is a great example of that - and weve been honoured to have been drafted in to assist on its successful listing.

As a practice, we have grown alongside our clients, and over the years, we have accumulated crucial experience and gravitas in the market, we take great pride in that. Our team today is strong, most of us have worked together for many years. Together we are dedicated and constantly strive towards providing top quality client service, one that is professional, reliable and highly efficient.

ALBWhat are the hot industries in HK stock market? What are the market driving forces?

Psyche and Doris:  Property management has definitely been one of the hot sectors in relation to Hong Kong capital markets, listings and IPOs in recent months.  We have advised on several property management company listings and expect continued growth in that space. Other active sectors have included education, pharmaceutical and life sciences, and FinTech.

There are several reasons as to why Hong Kong continues to been seen as an attractive listing venue across many sectors. Firstly, the high valuations that listed companies receive is a key factor. The other contributing factor is the general uncertainty created by the trade tensions between China and the US. That has been a driver for companies that have delisted in the US to relist in Hong Kong. Additionally, Hong Kong has in recent years implemented significant reforms of its listing rules, which have largely been perceived as welcoming the US listed companies to and prompted a wave of secondary listings in Hong Kong.

That all said, there is an interesting point to make in relation to the trend of listings, many of these active sectors have gone through rapid and significant developments, yet in a way, legislation and the legal industry more generally have not quite caught up. A consequence of that is the gap between sector reforms and the existing laws that govern the sectors, which presents certain legal risks that we as advisors have had to help our clients pre-empt. Weve always been committed to resolve these challenges and achieve a win-win outcome, one that ultimately helps our clients achieve their business goals and objectives.

ALBHow will this year's epidemic and complex international situation affect the Hong Kong stock market? What are the opportunities ahead for Hong Kong listed companies in the coming years and how will you and your team use your experience to help them seize the chances?

Psyche and Doris: If you were to look at the volume, funding size and activity of corporate IPOs and the Hang Seng Index, you will notice that Hong Kongs stock market has been resilient and has bucked the negative ripple effects of the COVID-19 pandemic. As mentioned before, Hong Kong capital markets has also benefited from uncertainties created by the US-China trade tensions.

We believe that the market will continue in that trajectory and the HKEx will continue to be seen as a strong platform for corporate financing and capital raising.

There are of course inevitable fluctuations in the market and this has been the case for Hong Kong for many years, going through up- and downwards cycles. For now, the market capitalisation of some Hong Kong listcos may be lower than the A-shares of some of their peers, but this only presents opportunities for listed companies who have been considering the delisting or privatisation route.

As a firm with a deep bench strength and experience in advising on capital markets deals, we are definitely well placed to advise both issuers and underwriters alike on raising funds either by IPOs, secondary listings or bonds offerings. We have great synergies and operate collaboratively across our sector-focused, equity and debt capital markets teams, which means we are primed to deliver top quality, holistic legal advice and solutions for our clients.

We are confident in Hong Kongs standing as Asias capital markets leader, as one of the worlds top listing venues, we certainly look forward to being able to assist our clients on their listing and fund-raising endeavours.

CASE SHARING

Poly Property Development is a leading property management service provider in China. It was ranked third by China Index Academy in 2020 among the Top 100 Property Management Companies in China in terms of overall strength, and ranked the first place among the Top 100 Property Management Companies in China with state-owned background.

The H-share listing of Poly Property Development marked the largest property management IPO in Hong Kongs history. It was not a straight forward one as it involved a spin-off from its controlling shareholder, a major SOE Poly Developments and Holdings Group Co., Ltd. Via the IPO, Poly Property Development raised HK$4.68 billion, with the deal nearly 222 times over-subscribed by retail investors. In the deal, Poly Property Development secured a high-profile list of cornerstone investors including Singapores sovereign wealth fund GIC, Gaoling Fund, the China Structural Reform Fund and CCCC International.

Due to its state-owned status, Poly Property Developments needed to fulfil various compliance requirements within a tight framework.

Norton Rose Fulbright was engaged by the sponsors and global coordinators to advise on this deal. They advised on the IPO structure, and the relationship and non-competition undertakings between the listco and the controlling shareholder. They also conducted extensive due diligence investigations and drafted the prospectus and represented the listco and sponsors in discussions with the Hong Kong Stock Exchange. The entire process - which also included the application submission, listing hearing, and the subscription and allocation of shares - was completed in less than 12 months.

The deal was a significant milestone for Poly Property and the real estate industry not least because that the successful spin-off and listing presented a new funding option for real estate businesses. Additionally, the heavy over-allotment and sharp share price increase of 29% indicated significant appetite from market investors in premium property services companies. This deal sets a remarkable precedent for the wider property management sector, and Norton Rose Fulbright certainly expects to see more of similar capital raising deals by the industry.

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诺顿罗氏香港企业融资团队
Corporate Finance Team
Norton Rose Fulbright Hong Kong

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戴志珊 Psyche Tai
诺顿罗氏香港主管
资本市场主管合伙人
Head of Norton Rose Fulbright Hong Kong
Head of Capital Market
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陈曼姿 Margie Chan
债券资本市场合伙人
Partner, Debt Capital Markets

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陈颖仪 Winnie Chan
股票资本市场合伙人
Partner, Equity Capital Markets

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林嘉琪 Vicky Lam
股票资本市场合伙人
Partner, Equity Capital Markets

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刘博海 Terence Lau
股票资本市场合伙人
Partner, Equity Capital Markets

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吴一帆 Doris Ng
股票资本市场合伙人
Partner, Equity Capital Markets

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田志豪 Harold Tin
股票资本市场合伙人
Partner, Equity Capital Markets