Deloitte China assists listing of CM Science and Technology Innovation REIT on SSE

Deloitte China has successfully assisted the listing of the China Merchants Science and Technology Innovation Incubator Closed-End Infrastructure Securities Investment Fund (CM Science and Technology Innovation REIT, fund code: 508012) on the Shanghai Stock Exchange (SSE), with trading commencing on 31 December 2024. This was the last listing of a publicly traded infrastructure REIT product in 2024 and the 58th publicly traded infrastructure REIT product to list overall.

In 2024, the number of infrastructure REIT products in China doubled. The successful listing of CM Science and Technology Innovation REIT has made China one of the largest public REIT markets in Asia.

CM Science and Technology Innovation REIT listing ceremony in SSE

Hao Zeng, deputy National Audit & Assurance (A&A) leader for Financial Services Industry of Deloitte China, and Wang Chongbin, A&A senior manager of Deloitte China attend the CM Science and Technology Innovation REIT listing ceremony in SSE

Client overview

The underlying assets of CM Science and Technology Innovation REIT include Building No. 1 and Building No. 3 on Guoding Road, and Building B5 of Bay Valley Park. All of them are in the Yangpu District of Shanghai and are part of the park infrastructure and incubator assets. Shanghai Yangpu Keji Venture Center Co., which is the original assets holder, (“Yangpu Keji Venture”), was founded in 1997. Since its establishment, Yangpu Keji Venture has been taken incubation services as its core competitive strength. The Yangpu Keji Venture Guoding Road Park is the first technology business incubator established near a secondary school in Shanghai and set up outside a high-tech zone in China.

Deloitte’s role

As the professional service organization that provided the special audit for equity transfer and fund verification for CM Science and Technology Innovation REIT, Deloitte China demonstrated its rich industry experience and outstanding professional skills to complete the audit work efficiently.

Deloitte's huge contribution to professional expertise in listing infrastructure REITs

Since the launch of publicly traded infrastructure REITs in China three years ago, Deloitte China has been the leader in professional services for such entities. Following our assistance to the initial public offerings of Hua’an Zhangjiang REIT, Shekou Industrial Park REIT, Guojin Railway Construction Chongqing Suining Expressway REIT, and China AMC Huarun Youcha REIT, and the expansion of Shekou Industrial Park REIT, Deloitte China has assisted the listings of ICBC Hebei Expressway REIT, China AMC Shenzhen International REIT, CM Fund Shekou Rental Housing REIT, and CM Expressway REIT in 2024. Additionally, Deloitte China has been appointed as annual report auditor for the listed Jinmao Commercial REIT and JiaShi JD Warehousing REIT.

Deloitte China has also assisted several publicly traded infrastructure REIT projects with their listing applications. The types of underlying assets include consumer infrastructure, rental housing, transportation facilities, industrial parks, warehousing logistics, environmental protection facilities, municipal infrastructure, and cultural and tourism scenic spots assets. Many partners of Deloitte China have participated as experts in research and discussions on publicly traded infrastructure REITs initiated by regulatory and approval authorities such as the National Development and Reform Commission, China Securities Regulatory Commission, Ministry of Finance, and stock exchanges in Shanghai and Shenzhen.

Deloitte China will continue adhere to the philosophy of “locally rooted, globally connected”, with Chinese characteristics and international practical experience. We will unwaveringly serve at the forefront of China’s reform and opening, economic construction, and innovative financial products, committed to contributing our professional wisdom and strength to the healthy development of a multi-level REITs market with publicly traded infrastructure REITs as the core.

We congratulate CM Science and Technology Innovation REIT on its successful debut on SSE. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.