On July 16th, 2019, ZHONGHUI GROUP HOLDINGS LIMITED (ZHONGHUI GROUP”, stock code: 382HK) was listed on the HKEX mainboard, raising a total of HK$ 629 million by issuing 250 million shares at HK$ 2.85 per share.
ZHONGHUI GROUP operates two private universities – Huashang College (an independent college of Guangdong University of Finance & Economics) and Guangzhou Huashang Vocational College in Guangzhou, China – and operates a private institute, the Global Business College of Australia in Melbourne, Australia. According to the IPO prospectus, in the 2017/18 academic year, ZHONGHUI GROUP was the largest private higher education group in Dawan District in terms of the total number of business majors and the second largest in terms of the total number of majors.
JunHe acted as the People’s Republic of China (“PRC”) legal counsel for the exclusive sponsor and underwriter in this listing, providing due diligence for the issuer’s domestic subsidiary and affiliated schools. JunHe also participated in government interviews about major problems relating to the IPO, drafted, reviewed and revised the relevant application and issuance documents, issued legal opinions on PRC law relating to the IPO, and liaised with the Securities and Futures Commission (“SFC”) and HKEX on the listing application to assist ZHONGHUI GROUP in its successful listing on the HKEX mainboard.