Dechert Advises New Century Hotel on IPO in Hong Kong

Dechert LLP advised Zhejiang New Century Hotel Management Co., Ltd. (New Century Hotel) on its HK$ 1.16 billion global offering and initial public offering on the Main Board of the Hong Kong Stock Exchange. China Galaxy International Securities (Hong Kong) Co., Limited and BOCOM International (Asia) Limited acted as joint sponsors for the IPO.

New Century Hotel is a unit of New Century Group and is also affiliated to Hong Kong-listed New Century REIT. As of August 31, 2018, New Century Hotel engaged in the operation and management of 140 mid-scale to upscale hotels throughout 22 provinces, municipalities and autonomous regions in China. These funds are intended to be utilized by New Century Hotel for developing its upscale business and resort hotels and mid-scale hotels, brand promotion, recruitment and staff training and developing its IT system.

The Dechert team advising on the matter was led by partner Stephen Chan, with support from associates Denise Tsui, Charles Lam and Jacqueline Foo. Mr. Chan, whose practice specializes in corporate finance transactions, commented, “We are delighted to have advised one of the largest domestic hotel groups in China on its IPO in Hong Kong. Dechert is well-equipped to guide organizations through high-profile and complex transactions such as this.”

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Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.