Baker McKenzie advised Yuexiu Property Company Limited ("Yuexiu Property") on its HKD 8.36 billion rights issue. This transaction is the first rights issue in Hong Kong SAR after China's new regulations on overseas securities offerings and listings of PRC companies《境内企业境外发行证券和上市管理试行办法》took effect on 31 March 2023.

Proceeds from the rights issue will be used for the company's further investment in core cities in the Greater Bay Area, the Eastern China Region and other key provincial capital cities, as well as for working capital.

Yuexiu Property is principally engaged in property development and investment, deepening the implementation of the "1+4" national strategic layout and deep cultivation of the Greater Bay Area market, and focusing on expanding its business in Eastern China, Central China, Northern China and Western China.

The Baker McKenzie team was led by Private Equity/ M&A Partner Dorothea Koo in Hong Kong and Capital Markets Partner Wang Hang in Beijing. Other team members include Special Counsel Janice Wong and Associate Ray Chan in Hong Kong. 

Commenting on the deal, Dorothea said: "We are very pleased to have been able to assist our long-standing client Yuexiu Property on this important transaction, which has provided the funding our client needs for its future growth. We look forward to continuing to assist our client with their legal needs as they expand their property and investment portfolio in the Greater Bay Area and also across China."

CLSA Limited, Goldman Sachs (Asia) L.L.C., Morgan Stanley Asia Limited, DBS Asia Capital Limited and China International Capital Corporation Hong Kong Securities Limited acted as the joint underwriters for the transaction.
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