Hong Kong IPOs

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Hong Kong IPOs, 香港上市

Toy maker Pop Mart, a decade-old company that sells popular figurines, went public on the Main Board of the Hong Kong Stock Exchange on 11 December 2020, raising about HK$5.2 billion (US$670.8 million) in capital, with its share price rising 100% when the trading officially kicked off, and its market capitalisation surpassing HK$100 billion.

Jingtian & Gongcheng acted as China counsel to Pop Mart, while Davis Polk provided legal opinion on Hong Kong and US laws, and Maples Group advised on Cayman Islands counsel. Simpson Thacher acted as Hong Kong and US counsel to the sponsors and underwriters, while King & Wood Mallesons (KWM) advised on PRC counsel law.

On 2 December 2020, Evergrande Property, the property services segment of property developer Evergrande Group, launched its IPO through a spin-off and was listed on the Main Board of the Hong Kong Stock Exchange, raising a total of about US$1.84 billion, the largest listing in the property management industry to date.

KWM acted as Evergrande Property’s PRC counsel, while Sidley Austin advised on Hong Kong and US laws, and Conyers acted as Cayman Islands counsel. Freshfields acted as Hong Kong and US counsel to the sponsors and underwriters, while Commerce & Finance Law Offices advised on PRC law.