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RHTLaw Asia wishes to extend its heartiest congratulations to Kwan Yong Holdings Limited (“Kwan Yong”) on its successful initial public offering (“IPO”) and listing on the Main Board of the Stock Exchange of Hong Kong Limited (“HKEX”).
Kwan Yong’s IPO is the HKEX’s first for 2020, and RHTLaw was the Singapore legal advisor. RHTLaw’s Ch’ng Li-Ling and Jeremiah Huang led the team.
Kwan Yong is a Singapore main contractor with more than 30 years of experience known for quality of work, especially in building construction works for the public sector. Indeed, according to Ipsos Report, in 2018, it was ranked 4th among contractors in the institutional sector in Singapore in terms of the average institution CONQUAS score.
Based on the offer price of HK$0.65 per share, the post-IPO market capitalisation of Kwan Yong is HK$520 million. The IPO raised HK$88.4 million in net proceeds, with the public offering 48.73 times over-subscribed. SPDB International Capital Limited is the sole sponsor and sole global coordinator of the IPO.