Deh-Siang Marine Transportation successfully listed in Hong Kong, becoming the first **** shipping company to be listed in Hong Kong.

2024年11月1日，来自台湾台北的货柜航运公司德翔海运有限公司 T.S. Lines Limited （以下简称“德翔海运”）(02510.HK)，成功在香港联合交易所主板挂牌上市，成为首家在香港上市的台湾航运企业。

德翔海运此次IPO，全球发售2.5094亿股，占发行完成后公司全部股份的15.20%，每股发售价4.18港元，募集资金总额约10.49亿港元，所得款项净额约9.41亿港元。

德翔海运另有15%的超额配股权，若超额配股权悉数行使，最多可额外发行3764.10万股，额外募资最多约1.57亿港元。

德翔海运此次招股公开发售获12.09倍认购，国际发售获2.22倍认购。

德翔海运是次IPO招股引入6基石投资者，合共认购约1.19亿股发售股份(约6387万美元，合约4.96亿港元)的发售股份，其中长和(00001.HK)旗下和记港口认购1500万美元，洪绮励女士(洪英正先生的妹妹)认购1300万美元，林杰先生旗下的环世物流认购9999万港元(约1287万美元)，张顺吉先生及其家族全资拥有的Metro Shine认购900万美元，王意分女士(洪英正先生的弟媳)认购800万美元，联兴物流创始人洪英正先生全资拥有的Crane Movement(为德翔海运目前持股2.12%的股东)认购600万美元。基石投资者认购股份占全球发售股份的47.32%，全球发售完成后股份的7.19%。

招股书显示，德翔海运在上市后的股东架构，陈氏家族集团(陈德胜、庄壮丽夫妇，以及他们的子女陈劭翔先生、陈依琦女士)，通过Maritime Legacy合计持股37.49%；Sharafuddin先生通过Vision Investments持股37.49%；吴尚鹰先生直接及通过Kentship Holdings合计持股7.76%；洪英正先生通过Crane Movement持股1.80%；周宜强先生通过CICHK持股0.27%；全球发售股东持股15.20%。

德翔海运，成立于2001年，作为一家专注于亚太地区的货柜航运公司，在亚太地区中，专注于提供由大湾区出发的频繁服务，在该地区开展业务已有20年。根据德路里报告，截至2024年4月30日，按船队规模计，公司在专注于亚太地区的货柜航运公司中排名第6，市场份额2.3%，在全球货柜航运公司中排名第21，市场份额0.3%。截至2024年4月30日，德翔海运的货柜航运网络覆盖全球21个国家及地区、56个主要港口，经营9条独立航线服务、22条联营航线服务、15条通过仓位互换安排经营的航线服务及两天通过仓位租赁安排经营的航线服务。截至2024年4月30日，德翔海运拥有合共46艘船舶，包括36艘自有船舶及10艘租用船舶，总运力为111,011 TEU。

德翔海运(02510.HK)是次IPO上市的中介团队主要有：

摩根大通、招商证券国际为其联席保荐人、整体协调人、联席全球协调人、联席账簿管理人、联席牵头经办人；

富途证券、元大证券、利弗莫尔证券为其联席账簿管理人、联席牵头经办人；

毕马威为其审计师；

海问、安理谢尔曼思特灵为其公司中国律师、公司香港及美国律师；

金杜、史密夫斐尔为其券商中国律师、券商香港及美国律师；

德路里航运咨询为其行业顾问。

德翔海运招股书链接：

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1024/2024102400037_c.pdf

On November 1, 2024, T.S. Lines Limited (02510.HK), a container shipping company from Taipei, Taiwan, successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first **** shipping company to be listed in Hong Kong.

In this IPO, T.S. Lines Limited offered a global sale of 0.25094 billion shares, representing 15.20% of the total shares after completion of the issuance. The offer price per share was 4.18 Hong Kong dollars, raising approximately 1.049 billion Hong Kong dollars in total funds, with net proceeds of around 0.941 billion Hong Kong dollars.

T.S. Lines Limited also has an additional 15% of over-allotment option. If fully exercised, it can issue up to an additional 37.641 million shares, raising additional funds of up to approximately 0.157 billion Hong Kong dollars.

In this IPO, T.S. Lines Limited received a subscription of 12.09 times for the public offering and 2.22 times for the international offering.

In this IPO, T.S. Lines Limited introduced 6 cornerstone investors, collectively subscribing for approximately 0.119 billion shares (about 63.87 million US dollars, approximately 0.496 billion Hong Kong dollars) of the offering. This includes ckh holdings (00001.HK) subsidiary Hutchison Port Holdings subscribing for 15 million US dollars, Ms. Hung Chak Lai (sister of Mr. Horace Hui, Hung Ying Ching) subscribing for 13 million US dollars, Mr. Lam Kit's subsidiary Hoi Sei Logistics subscribing for 99.99 million Hong Kong dollars (approximately 12.87 million US dollars), Mr. Cheung Shun Kit and his family-owned Metro Shine subscribing for 9 million US dollars, Ms. Wong Yee Foon (sister-in-law of Mr. Horace Hui, Hung Ying Ching) subscribing for 8 million US dollars, and the founder of Union Logistics, Mr. Horace Hui, as the sole owner of Crane Movement (a current shareholder of T.S. Lines Limited) subscribing for 6 million US dollars. The cornerstone investors' subscription accounts for 47.32% of the global offering and 7.19% of the shares after the global offering.

According to the prospectus, De Xiang Shipping's post-listing shareholder structure includes the Chan Family Consortium (Mr. Chan Tak-Sing, Mr. Chuang Chuang-Li, and their children Mr. Chan Siu-Cheong, Ms. Chan Yi-Qi) holding a total of 37.49%; Mr. Sharafuddin holds 37.49% through Vision Investments; Mr. Ng Sheung-ying holds 7.76% directly and through Kentship Holdings; Mr. Hung Ying-Ching holds 1.80% through Crane Movement; Mr. Chow Yee-Keung holds 0.27% through CICHK; global offering shareholders hold 15.20%.

Established in 2001, De Xiang Shipping, as a container shipping company focused on the Asia-Pacific region, provides frequent services starting from the Greater Bay Area in the Asia-Pacific region, operating for 20 years in the region. As of April 30, 2024, according to Drewry report, the company ranks 6th in container shipping companies focused on the Asia-Pacific region in terms of fleet size, with a 2.3% market share, and ranks 21st among global container shipping companies with a 0.3% market share. As of April 30, 2024, De Xiang Shipping's container shipping network covers 21 countries and regions globally, 56 major ports, operates 9 independent routes, 22 joint routes, 15 routes operated through slot exchange arrangements, and two routes operated through slot leasing arrangements. As of April 30, 2024, De Xiang Shipping owns a total of 46 ships, including 36 self-owned ships and 10 chartered ships, with a total capacity of 111,011 TEU.

The main intermediaries for the IPO listing of T.S. Lines Limited (02510.HK) are:

JPMorgan, China merchants international serve as its joint sponsors, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers;

Futu Securities, Yuanta Securities, Livermore Securities serve as its joint bookrunners and joint lead managers;

KPMG serves as its auditor;

Haiwen, Allen & Overy, Sidley Austin serve as its company China lawyers, company Hong Kong and USA lawyers;

King & Wood, Smith Fidler serve as its brokerage China lawyers, brokerage Hong Kong and USA lawyers;

Deloitte Shipping Consulting serves as its industry advisor.

Link to the Detai Marine Transportation prospectus: