Clifford Chance

Clifford Chance advises Poly Culture Group on HK$2.57 billion IPO

Beijing, Hong Kong, Shanghai: Leading international law firm Clifford Chance has advised Poly Culture Group Corporation Limited on its HK$2.57 billion (approx. US$ 331 million) global offering and listing on the Main Board of the Stock Exchange of Hong Kong. The Company sold a total of 77,781,000 shares at HK$33.0 each.

Poly Culture Group is a leading culture and art enterprise in China with diversified business operations in three areas, including art business and auction, performance and theatre management, and cinema investment and management. According to ARTRON, in terms of aggregate art auction turnover, Poly Culture Group was the largest art auctioneer in China (including Hong Kong) in 2010, 2011 and 2012 and the six months ended June 30, 2013. As of October 31, 2013, Poly Culture Group was one of the largest theatre management companies in China, in terms of number of theatres in operations.

Corporate partner Tim Wang who co-led the transaction commented, "There is healthy interest in Chinese IPOs this year and we are delighted to assist Poly Culture Group on its successful IPO."

"China has a thriving and rapidly growing art and auction market, and is highly attractive to investors with the listing well oversubscribed," added Corporate partner and co-lead Jean Yu. "We have helped launch several high-profile Hong Kong listings in the past year, including China Galaxy Securities' US$1.1 billion listing, Huishan Dairy's US$1.3 billion listing and Huishang Bank's US$1.19 billion listing."

The Clifford Chance team comprised partners Tim Wang and Jean Yu, senior associate Liu Ning, associates Xiang Tianning and Wu Hao in Beijing. Shanghai partner Jean Thio advised on the US aspects of this transaction and was supported by senior associate Vincent Wang and associate Louis Lim in Hong Kong.