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Selasa, 20 Oktober 2020 06:20:00

KWG Living Announces Proposed Listing on the Main Board of the HKSE

Offer Price at Between HK$7.0 to HK$8.13 per Share to Raise Gross Proceeds up to HK$3.117 billion and to Introduce a Number of Solid Cornerstone Investors
HONG KONG, - 19 October 2020 - KWG Living Group Holdings Limited ("KWG Living" or the Company", together with its subsidiaries, the "Group", HKSE stock code: 3913), a comprehensive property management service provider in China today announces the details of the global offering (the "Global Offering") and the proposed listing of its shares (the "Shares") on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKSE").

The Global Offering is of a total of 383,384,000 Shares (the "Offer Shares"), comprising an international placing of 345,044,000 Shares, including 70,623,355 Reserved Shares under the Preferential Offering (Could be reallocated and Depends on whether the over-allotment option is exercised or not) (the International Placing) and a Hong Kong public offering of 38,340,000 Shares (Could be reallocated) (the "Hong Kong Public Offering"), representing approximately 90% and 10% of the total number of the Offer Shares respectively. The indicative offer price (the "Offer Price") range is HK$7.0 to HK$8.13 per Share.

ABCI Capital Limited and Huatai Financial Holdings (Hong Kong) Limited are the Joint Sponsors of Global Offering. ABCI Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, Credit Suisse (Hong Kong) Limited and Morgan Stanley Asia Limited are the Joint Global Coordinators of Global Offering.

ABCI Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, Credit Suisse (Hong Kong) Limited, Morgan Stanley Asia Limited (in relation to the Hong Kong Public Offering only), Morgan Stanley & Co. International plc (in relation to the International Offering only), BOCI Asia Limited, CGS-CIMB Securities (Hong Kong) Limited, CLSA Limited, CRIC Securities Company Limited, HeungKong Securities Limited are the Joint Bookrunners of Global Offering.

ABCI Securities Limited, Huatai Financial Holdings (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, Credit Suisse (Hong Kong) Limited, Morgan Stanley Asia Limited (in relation to the Hong Kong Public Offering only), Morgan Stanley & Co. International plc (in relation to the International Offering only), BOCI Asia Limited, CGS-CIMB Securities (Hong Kong) Limited, CLSA Limited, CRIC Securities Company Limited and HeungKong Securities Limited are the Joint Lead Managers of Global Offering.

The Group introduced a number of solid cornerstone investors ("Cornerstone Investor"), to subscribe for a certain number of Offer Shares with an aggregate amount of US$120 million. The cornerstone investors agreed that their shares purchased pursuant to their respective cornerstone investors agreement, are subject to the six months Lock-up period following the Listing Date.

The cornerstone investors include Gaoling Fund, L.P and YHG Investment, L.P.("Hillhouse Funds"), Orchid China Master Fund Limited and LMA SPC, Harvest Global Capital Investments Limited, Snow Lake China Master Fund, Ltd., The Valliance Fund , China Lesso Group Holdings Limited, Oscar and Partners Capital Limited, and Aspex Master Fund, of which Hillhouse Funds subscribed for approximately US$50 million, and other cornerstone investors each subscribed for US$10 million.

The net proceeds of the Global Offering, after deducting the underwriting commissions and other estimated expenses in connection with the Global Offering, are estimated to be approximately HK$2,755.5 million, assuming an Offer Price of HK$7.56 per Offer Share, being the midpoint of the proposed Offer Price range, and assuming the Over-allotment Option is not exercised. These proceeds are intended to be applied as follows:

approximately 60% will be used to pursue strategic acquisitions and investment opportunities to further develop strategic alliances, expand business scale and increase market shares in residential property management service market and commercial and other non-residential property management and operational service market;

approximately 25% will be used to upgrade the intelligent service systems in order to further enhance operational efficiency and service quality;

approximately 10% will be used to further diversify value-added services;
approximately 5% will be used for general business purpose and working capital.
KWG Living Group Holdings Limited is a comprehensive property management service provider in China, carrying the company philosophy of ''Careful Housekeeper''.

KWG Living provide comprehensive property management services for both residential properties and commercial properties. Residential property management service segment comprises (i) pre-sale management services; (ii) property management services; and (iii) community value-added services, including (a) property agency services to property developers and property owners; (b) home-living services to property owners and residents; and (c) common area value-added services.

The commercial property management and operational service segment comprises (i)pre-sale management services; (ii) commercial property management services; (iii) commercial operational services; and (iv) other value-added services, primarily including common area value-added services.  (*).