According to the new overseas listing and filing regulations for domestic companies that came into effect on March 31, 2023, companies chose to list H-shares in Hong Kong. The original path of big and small is a thing of the past. Companies listed overseas can directly submit a prospectus, and the roadmap will be replaced by a “filing notice”.
On February 6, the International Cooperation Department of the China Securities Regulatory Commission issued a filing notice on the overseas issuance and listing of Shenye Property Operation Group Co., Ltd. (China Cooperation Letter [2024] No. 313).
The details of the filing notice are as follows:
Shenye Property Operation Group Co., Ltd.:
We have received the filing materials for your company's overseas issuance and listing. According to the “Securities Law of the People's Republic of China” and “Trial Measures on the Administration of Overseas Issuance and Listing of Securities Issued by Domestic Enterprises”, etc., I will give the following notice on filing matters:
1. Your company intends to issue no more than 51,980,514 overseas listed common shares and list them on the Hong Kong Stock Exchange.
2. From the date this filing notice is issued until the end of this overseas issuance and listing, if important matters occur in your company, it shall be reported through the China Securities Regulatory Commission's filing management information system in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises.
3. Within 15 working days after your company has completed overseas issuance and listing, you should report the issuance and listing status through the China Securities Regulatory Commission's Filing Management Information System. Your company should strictly abide by relevant domestic and foreign laws, regulations and rules during the overseas issuance and listing process.
4. If your company has not completed overseas distribution and listing within 12 months from the date of issuance of this filing notice and plans to proceed further, the filing materials should be updated.
This filing notice only confirms the company's overseas issuance and listing registration information. It does not indicate that the China Securities Regulatory Commission has made a substantive judgment or guarantee on the investment value of the enterprise's securities or investors' returns, nor does it indicate that the China Securities Regulatory Commission guarantees or determines the authenticity, accuracy, or completeness of the enterprise's filing materials.
China Securities Regulatory Commission International Cooperation Department
February 5, 2024
According to the Hong Kong Stock Exchange listing rules, companies are required to submit a “Notice of Filing” at least 4 business days before the date of approval of the hearing, which means that Shenye Property has obtained the preliminary requirements for the Hong Kong listing hearing, or will soon hold a listing hearing on the Hong Kong Stock Exchange.
Shenye Property submitted its prospectus on August 25, 2023 on the Hong Kong Stock Exchange. Its main intermediary teams include: CICC, CITIC Securities, and CCB International as co-sponsors; PricewaterhouseCoopers as its auditors; KWM and King & Wood (Hong Kong) are its Chinese lawyers and Hong Kong lawyers respectively; Commerce, and most recently its Chinese lawyers and Hong Kong lawyers; Frost Sullivan is its industry advisor.
Shenye Property, a company under the Shenzhen State-owned Assets Administration Commission, has been providing property management services since 1985. As a nationally renowned full-service property management, commercial operation and urban service provider, it is deeply involved in the Greater Bay Area. Since its establishment in Shenzhen for 30 years, its footprint has continued to cover the Chinese market. As of June 30, 2023, the total contracted construction area of Shenye Properties is about 75.6 million square meters, the total number of projects under management is 480, and the total construction area under management is about 71.8 million square meters, covering 47 cities and 14 provinces in China. According to the Frost & Sullivan Report, in terms of revenue in 2022, Shenye Property ranked 9th among all Chinese property management, commercial operations and urban service providers, and 5th among all state-owned property management, commercial operations and urban service providers. According to the report of Kerui Property Management and the China Institute of Materials Research, in terms of overall strength in 2022, Shenye Property ranked 7th among China's state-owned property service providers; according to the China Index Research Institute, Shenye Property ranked 20th in the 2022 China Top 100 Property Service Companies list.
Shenye Property submitted a prospectus to be listed in Hong Kong and co-sponsored by CICC, CITIC and CCB International
Link to Shenye Property Prospectus:
