On December 19, 2019, Poly Property Development Co., Ltd. ("Poly Property") (stock code: 06049), a spin-off of Poly Development Holdings Group Co., Ltd. (stock code: 600048), was listed successfully on the main board of Stock Exchange of Hong Kong (SEHK), at a price of HK$ 35.10 per share. Nearly 133 million shares were issued before the Green Shoe, raising HK$ 4.68 billion in total (about $600 million), making it the biggest IPO ever for a property management company in the SEHK history.
Poly Property has been engaged in property management in China for over 23 years, especially in first and second-tier cities, in all the five state-level urban agglomerations. It is a leading comprehensive property management service provider affiliated with a central SOE in China. According to the 2019 rankings of comprehensive strength issued by China Index Academy, Poly Property ranks fourth among the top 100 property service companies in China, and the first among those affiliated with central SOEs. In 2018, its brand was valued over RMB 9 billion. As of June 30, 2019, Poly Property had established presence in 148 Chinese cities, contracted more than 450 million square meters and currently has over 260 square meters under management.
As the legal counsel for Poly Property in the Mainland China, the DeHeng team of its Beijing and Shenzhen offices was led by partners Liu Zhenguo, Pu Hong and Zhu Min, with primary support from lawyers Zheng Jie, Fang Yan and Zeng Shiqin as well as assistance from He Xuehua, Chen Xuguang, Pang Tianhong and Sun Meng. The team worked closely with Poly Property and its overseas legal counsel, joint bookrunners and their legal counsels at home and abroad, providing comprehensive, professional and efficient legal services for the project. They were highly recognized and praised by the client and other professional service providers with their solid working attitude and professional services.
This was the second IPO on SEHK that DeHeng advised as a domestic legal counsel for a Chinese major property management company, following Country Garden Services Holdings Company Limited's (stock code: 06098) IPO on SEHK in 2018. These two companies that Deheng has provided legal services on IPO are both among the top four of China's 100 best property service providers.