Hong Kong: Appleby Acted On Four HKEx Listings In October
Last Updated: 10 November 2016

Appleby acted as Cayman counsel to four listings on both the Main Board and Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. Appleby acted for PFC Device Inc. (PFC Device), Goal Forward Holdings Limited (Goal Forward) and Tai Kam Holdings Limited (Tai Kam) in their GEM Board listings on 7 October, 13 October and 28 October, respectively. Appleby also acted for Chong King Group Holdings Limited (Chong Kin) in its listing on the Main Board on 17 October. The aggregate amount raised for the four listings was approximately HK$347 million.

Frances Woo, managing partner in Appleby's Hong Kong office, led the Tai Kam transaction, assisted by Senior Associate Vincent Chan. Judy Lee, a corporate partner also based in Hong Kong, led the PFC Device, Goal Forward and Chong Kin transactions with the assistance of Chris Cheng and Jo Lit, both Counsel, as well as Legal Manager Robert Sit.

Chong Kin is a leading concrete provider in Hong Kong. The company will use the majority of the proceeds from the October 17 Main Board listing for acquiring machinery to enhance their service capacity.

PFC Device manufactures and sells power discrete semiconductors under its own "PFC" brand into China, Taiwan and other Asian regional markets. The majority of the proceeds raised from the 7 October listing will be used to purchase machineries for existing packaging facilities as well as for development of new production lines.

Tai Kam is primarily engaged with slope works in Hong Kong, including landslip preventive and remedial works for improving or maintaining the stability of slopes and retaining walls. The company will invest proceeds from its 28 October listing towards adding machinery, as well as equipment and staff costs.

Goal Forward is a food ingredients supplier with a focus on providing vegetables and fruits to food service operators in Hong Kong. The Group will use the majority of the proceeds from the offering to acquire a new processing base, facilities and equipment, expand its logistics team and strengthen their manpower.

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