Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Macquarie Capital Securities Limited (“Macquarie”), The Hong Kong and Shanghai Banking Corporation Limited (“HSBC”) and Nomura International (“Nomura”) as the underwriters in Top Spring International Holdings Limited’s (“Top Spring”), a Shenzhen-based Chinese property developer, US$200 million Hong Kong Initial Public Offering (IPO). The listing comprised a Hong Kong public offering and a Reg S/Rule 144A international offering.
The majority of the proceeds of the offering will be used to acquire new projects for development on the Chinese mainland. Approximately 10% will be used for general corporate and working capital purposes.
Raymond Li, chair of the Greater China practice at Paul Hastings in Hong Kong, commented: “We are delighted to have worked with Macquarie, HSBC and Nomura on Top Spring’s IPO which marks the first Chinese property developer to list on the SEHK this year. Despite stringent regulations companies in China’s real estate market face, we are pleased to have played a part in helping Top Spring successfully raise capital. We look forward to working with more overseas real estate companies listing in Hong Kong in the future.”
Sammy Li, Partner in the Hong Kong office, added: “This is an important IPO because it is the first in Hong Kong to provide a mixed media offering (MMO). MMOs allow the issuer to make available the application forms without them being accompanied with a printed prospectus whilst prospectuses are given to people who specifically request them”.
The Paul Hastings team was led by capital markets partners Sammy Li and David Grimm who were assisted by Dane Johansen, Edwin Kwok, May Lun and Catherine Chu.
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