SF Real Estate Investment Trust, formed from spin-off assets and subsidiaries of China’s largest courier provider, SF Holding, raised about HKD2.6 billion (USD334.7 million) through a listing on the HKEX on 17 May, marking the first logistics-focused REIT to list in the city.
King Wood & Mallesons (KWM) and Harneys advised the REIT manager on PRC law, and Cayman Islands and BVI law, respectively, while Baker McKenzie advised on Hong Kong and US law. Hogan Lovells acted as Hong Kong and US counsel, and JunHe as PRC counsel, to the sole listing agent and the underwriters, while Allen & Overy advised the trustee.
Commerce & Finance Law Offices, Sidley Austin and Appleby advised New Hope Service, a property management service provider in China, on its HK$760 million global offering and listing on HKEX. Zhong Lun Law Firm and KWM acted for the sole sponsor and the underwriters.
DeHeng advised Eastroc Beverage, a Chinese energy drink maker, on its IPO on the main board of the SSE, raising about RMB1.85 billion (USD286 million). As of market close on 18 June, the value of the firm’s shares had risen by the exchange’s maximum allowed daily limit for 15 consecutive sessions, to more than five-fold of the IPO price.
Linklaters advised Plus, a Chinese provider of self-driving truck technology, on a proposed business combination with Hennessy Capital Investment, a publicly traded special purpose acquisition company (SPAC), to list on NYSE at a USD$3.3 billion post-combination valuation, which is expected to deliver USD$500 million in gross proceeds to Plus.