Somerley acted as co-sponsor to the listing of Wharf Real Estate Investment Company Limited (stock code: 1997) (“Wharf REIC”), the shares of which have been listed on the Main Board of the Stock Exchange on the 23 November 2017.
The listing of Wharf REIC’s shares took place by introduction through a spin-off of Wharf REIC from Wharf (Holdings) Limited (stock code: 4) by way of distribution in specie. Wharf REIC owns and operates premium quality properties in Hong Kong, including the flagship properties Harbour City and Times Square.
The market capitalisation of Wharf REIC reached approximately HK$151.8 billion at a closing price of HK$50.0 per share on its first trading day, the largest market capitalisation of any Hong Kong listing in 2017 to date. As a constituent of the Hang Seng Index, Wharf REIC is one of the major listed entities that operates in the property sector in Hong Kong.
The listing ceremony of Wharf REIC was held at the Stock Exchange on the 23 November 2017 where representatives from Wharf REIC, Somerley and other professional parties celebrated the successful listing of the company.