2019.12.19

Times Neighborhood Holdings Limited (Times Neighborhood, stock code 09928.HK), a subsidiary of Times China Holdings Limited (01233.HK), was officially listed on the main board of the Hong Kong Stock Exchange at nine-thirty on the morning of December 19, 2019, thus heralding its successful entry to the international capital market.

Mr. Shum Chiu Hung, the controlling shareholder of Times Neighborhood and chairman of the Board of Times China; Mr. Bai Xihong, the board chairman of Times Neighborhood; Mr. Wang Meng, the executive director and CEO of Times Neighborhood; independent non-executive directors Mr. Lei Shengming and Mr. Huang Jiangtian of Times Neighborhood; and other executives of Times China and Times Neighborhood attended the ceremony. Together with representatives from Haitong International Securities Group Limited, the sole sponsor and global coordinator of the IPO; HeungKong Securities Limited, the joint lead manager for the IPO; and guests from various listing guidance organizations, they witnessed the moment in its glory and exuberance.

▲ Mr. Shum Chiu Hung, the controlling shareholder of Times Neighborhood and board chairman of Times China, and Mr. Bai Xihong, the board chairman of Times Neighborhood, struck the gong to open the market.

Times Neighborhood (09928.HK) issued 161,820,000 shares, each with a trading price of HKD 5.15 at the initial offering. Among the total shares, 16,182,000 were offered to Hong Kong investors and 145,638,000 were made available to global investors. As of that day, the total market cap of Times Neighborhood was approximately HKD 4.68 billion.

Before Times Neighborhood was listed, it was popular on the stock market and was oversubscribed on multiple occasions, thus demonstrating the strong confidence that international capital market had in regard to the development strategy and business prospects of Times Neighborhood. Times Neighborhood has officially gained access to the international capital market and stepped onto a new stage of corporate growth. Thus it will strive to develop more deeply and extensively, doing so on the basis of professionalism.

▲ Times Neighborhood strikes the gong to open the market

Established in 1998, Times Neighborhood has extended its property-service coverage to Guangdong, Hunan, Guangxi, Hebei, Sichuan, Guizhou, Zhejiang and other provinces, in the process becoming one of the top 100 in that sector. It is now a leading provider of comprehensive property-management services in China, offering non-owner value-added services, community value-added services, intelligent engineering services, elevator services and municipal sanitation.

Times Neighborhood has a total of 223 projects under management, constituting a contracted area in excess of 57.1 million square meters. During the years 2016 to 2019, the compound annual growth rate of net profit was 83.4%.

The company has 20 years of management experience and a reputation as an industry-leading community business model. Appropriately, it has been included among the "Top 100 Property Service Enterprises in China" on several occasions. With a brand valued at 4.532 billion, Times Neighborhood ranked eleventh in terms of comprehensive strength among Chinese property-service companies in 2018. Of the top 100 property-service companies in China, Times Neighborhood rose from no. 38 in 2015 to no. 13 in 2019.

Times China was listed on the Hong Kong Stock Exchange in 2013. Six years later, Times Neighborhood was also listed on the stock exchange but as an independent group. Accordingly, Times Neighborhood will grow in partnership with Times China. The spin-off will allow Times China and Times Neighborhood to develop through improved focus, strategic planning and resource allocation in their respective segments. Then, in cooperation with Times China and other developers, Times Neighborhood will have more opportunities to offer its property-management services.

▲ Times Neighborhood Chairman Bai Xihong gives a speech

At the ceremony, Board Chairman Bai Xihong at Times Neighborhood stated that the official listing of Times Neighborhood on the Hong Kong Stock Exchange served as a milestone in the company's development. Since its establishment 20 years ago, Times Neighborhood provided the utmost in property-management services for the benefit of owners and customers. It is deeply rooted in the Greater Bay Area, having established a good market reputation, a solid business foundation and rich industry experience. Thus, Times Neighborhood will continue in cooperation with Times China but will also work with independent third-party developers to continue the expansion of its territory and business scale so as to improve its profitability and bring valuable dividends to shareholders.

Grasping the IPO as an opportunity, Times Neighborhood will always adhere to the corporate mission of "offering more people a better life" and the operating principle of “Superior Quality and Dedicated Service." Times Neighborhood will be continuously fine-tuning service quality and actively implementing social responsibilities, to create a beautiful, dynamic community that satisfies the desire for a better life in every sense. Times Neighborhood will relentlessly strive toward its destiny as a "globally excellent life-service platform."