Hogan Lovells advised on three Hong Kong Main Board IPOs: Tai Hing, ManpowerGroup Greater China, and S.A.I. Leisure
Hong Kong, 22 July 2019 - In the past month Hogan Lovells has advised in relation to the Hong Kong IPOs of three companies, Tai Hing Group Holdings Limited ("Tai Hing"), ManpowerGroup Greater China Limited ("ManpowerGroup Greater China"), and S.A.I. Leisure Group Company Limited ("S.A.I. Leisure") on the Main Board of the Stock Exchange of Hong Kong. The Hogan Lovells team, based in Hong Kong and led by partner Sammy Li and senior associate Samson Suen, worked tirelessly to ensure the success of these IPOs.
The high volume of IPO work being undertaken by the Hogan Lovells team is testament to their depth of experience, and knowledge of the sectors in which their clients and the issuers operate. Despite market volatility in the first half of this year, the team is currently advising on further deals, at least three of which are expected to close by year end.
Further details about each completed IPO are set out below.
Tai Hing
Hogan Lovells advised BOCOM International (Asia) Limited (as sole sponsor), BOCOM International Securities Limited, Nomura International (Hong Kong) Limited, and China Tonghai Securities Limited (as joint global coordinators and underwriters) in the initial public offering and listing of Tai Hing on the Main Board of the Stock Exchange of Hong Kong.
Tai Hing is a leading multi-brand casual dining restaurant group originating from Hong Kong, with over 190 restaurants across Hong Kong, China, Taiwan, and Macau. Its brands include its flagship Tai Hing brand, as well as TeaWood, Trusty Congee King, Men Wah Bing Teng, Pho Le, Tokyo Tsukiji, Fisher & Farmer, Rice Rule, and Hot Pot Couple.
In 2017 Tai Hing was the largest self-operated casual dining restaurant group in Hong Kong in terms of revenue, as well as the largest Taiwanese casual dining group in Hong Kong in terms of number of restaurants, and second largest in the self-operated casual dining restaurant market in China in terms of revenue, according to Frost & Sullivan.
Tai Hing raised HK$750m, and its shares began trading on the Main Board of the Stock Exchange of Hong Kong on 13 June 2019 under the stock code 6811.
The Hogan Lovells team was led by partner, Sammy Li, and supported by senior associate Samson Suen, and associate Tiffany Lam. Tai Hing's listing is the latest addition to Sammy Li's capital markets experience in the food and beverage sector, having previously advised in relation to the IPOs of other notable groups, including Tsui Wah, Tenwow, Hung Fook Tong, Fulum, and 1957 & Co.
ManpowerGroup Greater China
Hogan Lovells advised Huatai Financial Holdings (Hong Kong) Limited (as sole sponsor), Huatai Financial Holdings (Hong Kong) Limited, CLSA Limited, and Orient Securities (Hong Kong) Limited (as joint global coordinators), and the other underwriters in the initial public offering and listing of ManpowerGroup Greater China on the Main Board of the Stock Exchange of Hong Kong.
ManpowerGroup Greater China was the largest workforce solutions provider in the Greater China region (being China, Hong Kong, Taiwan, and Macau) by revenue in 2018, according to China Insights Consultancy. The workforce solutions provided by ManpowerGroup Greater China include headhunting, flexible staffing, recruitment process outsourcing services, and other human resources services. Its largest shareholder is ManpowerGroup Inc., a New York Stock Exchange-listed world leader in workforce solutions and services and a Fortune 500 company with a long history of over 70 years.
ManpowerGroup Greater China raised HK$495m, and its shares began trading on the Main Board of the Stock Exchange of Hong Kong on 10 July 2019 under the stock code 2180.
The Hogan Lovells team was led by partner, Sammy Li, and supported by senior associate Samson Suen, and associate Isabella Wong.
S.A.I. Leisure
Hogan Lovells advised BOCOM International (Asia) Limited (as sole sponsor), BOCOM International Securities Limited, China Everbright Securities (HK) Limited, and Haitong International Securities Company Limited (as joint global coordinators), and the other underwriters in the initial public offering and listing of S.A.I. Leisure on the Main Board of the Stock Exchange of Hong Kong.
S.A.I. Leisure is a leading leisure tourism group in Saipan and Guam, and operates a diversified and full-range leisure tourism business in Saipan, Guam, and Hawaii that is segmented into the hotels & resorts sector, luxury travel retail sector, and destination services sector.
In 2017 S.A.I. Leisure's hotel & resorts business was ranked first in terms of revenue, number of properties, and number of rooms sold in Saipan, while its luxury travel retail business was a market leader in terms of number of boutiques and number of brands, according to Frost & Sullivan.
S.A.I. Leisure raised HK$318.6m, and its shares began trading on the Main Board of the Stock Exchange of Hong Kong on 16 May 2019 under the stock code 1832.
The Hogan Lovells team was led by partner, Sammy Li, and supported by senior associate Samson Suen, and associate Tiffany Lam.
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