Appleby acted as Cayman counsel in the initial public offerings of Wan Kei Group Holdings Limited (Wan Kei Group) and Pak Wing Group (Holdings) Limited (Pak Wing). Both foundation companies listed on the Hong Kong Stock Exchange this month.
Judy Lee, a corporate partner in Appleby’s Hong Kong office led both transactions, assisted by Senior Associate Chris Cheng. Kingsway Capital Limited and Shenwan Hongyuan Capital (H.K.) Limited were the sponsors to Wan Kei Group and Pak Wing, respectively. Loong & Yeung and D.S. Cheung & Co. acted for Wan Kei Group and its sponsors as to Hong Kong law. CFN Lawyers in association with Broad & Bright and Francis & Co. in association with Addleshaw Goddard were the Hong Kong legal advisers to Pak Wing and its sponsors.
Wan Kei Group focuses on foundation work, especially the construction of socketed H-piles, mini piles, soldier piles, pipe piles and king posts, as well as ground investigation field work in Hong Kong. Wan Kei Group raised approximately HK$170 million, and a majority of the net proceeds will be used for expansion of machinery and equipment, recruitment and repayment for certain outstanding finance leases.
Pak Wing is principally engaged in the foundation business in Hong Kong and operates the business on a project-by-project basis. The target customers principally comprise main contractors and subcontractors. The net proceeds of the Pak Wing listing was approximately HK$70 million. The majority of proceeds will be used for acquiring machinery for expansion of its scale and capabilities; as well as strengthening of manpower.
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