Fangda advised Baosteel Stainless Steel Co., Ltd. in the subscription of 9.09% new shares of Da Ming International Holdings Limited
Fangda Partners advised Baosteel Stainless Steel Co., Ltd. in the subscription of 9.09% new shares of Da Ming International Holdings Limited (SEHK Stock Code: 01090) (“Da Ming”) for a total subscription price of HK$382.8 million through its QDII trustee, and the entry into a strategic cooperation agreement with Da Ming, on 26 June 2015. The share subscription was issued pursuant to the general mandate granted to the directors of Da Ming by its shareholders at its annual general meeting held on 2 June 2015. The share subscription closed on 8 July 2015. Fangda Partner's Shanghai and Hong Kong corporate teams were involved in the transaction and were led by partners Leo LOU and Vanessa CHEUNG respectively.
Fangda advises Shanghai Tonva on its first H share rights issue and domestic share rights issue.
Fangda has advised Shanghai Tonva Petrochemical Co., Ltd. (HKSE stock code: 01103) on its HK$494.3 million rights issue (consisting of H share rights issue and domestic share rights issue) on both Hong Kong and PRC aspects. Haitong International Capital Limited is the financial advisor to Shanghai Tonva in respect of the rights issue.
Shanghai Tonva is principally engaged in road and bridge construction and trading of petrochemical products, including fuel oil, asphalt and chemical fertilizers in the PRC. Shanghai Tonva proposed to issue 307,928,250 H rights shares at HK$0.78 per share and 324,000,000 domestic rights shares at RMB0.62 per share. The H share rights issue was over-subscribed and the domestic share rights issue has been fully subscribed by the existing domestic shareholders of Shanghai Tonva. Dealing in fully-paid H rights shares has commenced on the Hong Kong Stock Exchange on 1 April 2015.
Partners Leo Lou and Arnold Pang led the Fangda team to service the client in this projhect.
Fangda successfully represented San Want in landmark unfair prejudice proceedings in Hong Kong.
In December 2014, Fangda achieved a significant win for San Want (owned by Taiwanese food manufacturer Tsai Eng-meng) in the Hong Kong Court of First Instance. As a minority shareholder in Asia Television Limited (ATV), one of Hong Kong’s two free-to-air television stations, San Want brought unfair prejudice proceedings against the station and its majority shareholders on the basis that they had excluded it from participating in the management of the station.
A team led by partner Peter Yuen and associate Doris Yeung successfully obtained relief from the court in the form of an appointment of interim managers to the board of ATV and the compulsory sale of part of the majority shareholder’s shares in the station. This marks the first time that such relief has been ordered in Hong Kong.
Fangda advises Morgan Stanley in raising its first RMB Fund
Fangda advised Morgan Stanley in the closing of the Hangzhou Riverbank Equity Investment Partnership, L.P., a RMB-denominated private equity fund with RMB1.7 billion in investment commitments, and the successful completion of the filing with the National Development and Reform Commission.
Fangda Represents hiSoft Technology International Limited in its Proposed Merger with VanceInfo Technologies Inc.
The Firm is representing hiSoft Technology International Limited ("hiSoft") in connection with its proposed merger with VanceInfo Technologies Inc. ("VanceInfo"). Under the terms of the merger agreement, the companies will be combined in a tax-free, all-stock merger of equals with a combined equity value of approximately US$875 million. VanceInfo and hiSoft shareholders will each own approximately 50% of the combined company. The Fangda team for this transaction is led by Jeffrey Ding (M&A - Beijing), Chen Ma (Antitrust - Beijing) and Lily Yin (M&A - Shanghai).