On October 18, 2019, Sichuan Languang Justbon Services Group Co., Ltd. (Stock Code: 2606.HK, “Justbon”) was successfully listed on the Main Board of the Hong Kong Stock Exchange (“HKEX”). Under this offering, Justbon raised a total of approximately HK$ 1.4795 billion by issuing 2,916,200 shares at the price of approximately HK$ 37 per share.
Justbon is a leading property management service provider in Southwest China and Sichuan Province. According to the China Index Academy, Justbon ranked 1st in the Sichuan Province and 11th in China in the 2019 Comprehensive Competitiveness Ranking of Top 100 Property Management Enterprises.
JunHe, acting as the Chinese legal counsel for Justbon, assisted the client in conducting domestic due diligence, drafting, reviewing and revising application submissions and prospectuses related to its IPO. JunHe also assisted in issuing legal opinions on PRC laws and responded to the feedback from the China Securities Regulatory Commission (“CSRC”), the Securities and Futures Commission (“SFC”) and the HKEX on the listing application. JunHe’s efficient and sophisticated legal services won high recognition from Justbon, the sponsor and other professional intermediaries. With the assistance of JunHe, Justbon successfully completed its IPO on the Main Board of HKEX.
1. This project marks the first IPO on HKEX which was a spin-off listing of A-shares of a mainland Chinese real estate company. It also stands as one of the representative spin-off listing cases undertaken by JunHe under the Circular on Issues Relevant to Regulating Offshore Listing of Securities of Domestic Listed Companies released by the CSRC. Due to this project, JunHe further consolidated its leading position in the field of spin-off listings. JunHe will continuously pay attention to the latest policy developments on spin-off listings in China and around the world, and continue to offer clients efficient and high-quality legal services.
2. In this project, the company delisted its shares from the National Equities Exchange and Quotations (“NEEQ”) and listed its H-shares on the HKEX instead.