On October 30, 2020, KWG Living Group Holdings Limited (3913.HK) was listed on the Main Board of the Hong Kong Stock Exchange.
Huatai Financial acted as the Joint Sponsor, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for the deal. This was the eighth Hong Kong IPO deal in property management sector underwritten by Huatai Financial, strengthening Huatai’s absolute leading position in Hong Kong property management sector IPO market.
KWG Living Group issued 383 million shares worldwide at an issue price of HK$7.89 per share, raising a total amount of HK$3,479 million (after the exercise of the over-allotment option), making it the largest offering among commercial property management service providers.
The company introduced eight solid cornerstone investors including Hillhouse Funds, Orchid China Master Fund and LMA SPC, Harvest Global Capital Investments, Snow Lake China Master Fund, The Valliance Fund, China Lesso, Oscar and Partners Capital, as well as Aspex Master Fund.
KWG Living is a comprehensive property management service provider in China with a focus on the Greater Bay Area and a rapid growth track record. In 2019, among the property management companies with commercial operational services, the company ranked seventh in China and fifth in the Greater Bay Area in terms of total GFA under management, according to JLL. China Index Academy ranked the company No.17 among the 2020 Top 100 Property Management Companies in China in terms of overall strength.