Appleby served as Cayman counsel on both 11 March 2015

Appleby advised on two initial public offerings, both listed on the Hong Kong Stock Exchange on 11 March. Appleby acted as Cayman counsel to both Suchuang Gas Corporation Limited (Suchuang Gas) and KTL International Holdings Group Limited (KTL International) on their respective listings.

Hong Kong-based Corporate Partner Judy Lee led the Appleby team on both transactions, assisted by Senior Associate Jo Lit on both and Associate Liesl Richter in the listing of KTL International.

The net proceeds of the Suchuang Gas listing were approximately HK$452 million. The majority of proceeds will be used for the expansion of Suchuang Gas’ pipeline network and the sale of natural gas to customers, the acquisition of CNG and LNG refuelling stations from Suzhou Suling Automobile Service, and for the construction of additional refuelling stations. Suchuang Gas is a dominant piped natural gas operator in Taicang of Jiangsu Province, with an exclusive right to sell and transmit piped natural gas to users.

The KTL International listing raised approximately HK$73 million, with a majority of the proceeds to be used for the fitting out and decoration of Yuwotou Premises (a property based in Guangzhou, China) as well as for purchasing of raw materials including diamonds. KTL International is an integrated fine jewellery provider and an original design manufacturer in Hong Kong engaged in designing, manufacturing and exporting fine jewelleries to jewellery wholesalers and retailers mainly in Russia, Americas and other European countries.

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Appleby advised ICO Group on its Hong Kong listing
ICO Group listing on GEM Board of HKEx with gross proceeds of approximately HK$100 million
Hong Kong 18 March 2015

Appleby acted as Cayman counsel for ICO Group Limited (ICO Group) in relation to its listing on the Growth Enterprise Market of the Hong Kong Stock Exchange on 18 March, with gross proceeds of approximately HK$100 million. A majority of the proceeds will be used for purchasing new office space and renovating existing offices, as well as for strategic business growth through merger, acquisition or business collaboration.

The Appleby team was led by Judy Lee, a corporate partner in the Hong Kong office, assisted by Senior Associate Chris Cheng. Tso Au Yim & Yeung Solicitors advised ICO Group as to Hong Kong law, while Zhong Lun Law Firm was the company’s PRC legal adviser. Fairbairn Catley Low & Kong served as legal adviser to the sponsor and the underwriter as to Hong Kong law.

ICO Group is a Hong Kong-based IT service provider offering application and solution development, secondment services, maintenance and support, and IT infrastructure solutions.