Guantao Assists Hutchison Harbour Ring for Its Sale of Shares to Oceanwide Holdings-北京观韬律师事务所

Guantao Assists Hutchison Harbour Ring for Its Sale of Shares to Oceanwide Holdings

2016-10-14

HOME > GUANTAO NEWS > Deals > Guantao Assists Hutchison Harbour Ring for Its Sale of Shares to Oceanwide Holdings

On 6 November 2014, Hutchison Harbour Ring Limited ("Hutchison Harbour Ring") made an announcement on the Hong Kong Stock Exchange, declaring the completion of the sale of approximately 71.36% of its shares to Oceanwide Holdings International Co., Ltd. at a total consideration of HK$3,822,558,103. On 27 November 2014, Hutchison Harbour Ring issued a circular under the HK Takeovers Code regarding the unconditional mandatory cash offer by the offeror and parties acting in concert with it.

Hutchison Harbour Ring, an affiliated company to Hutchison Whampoa, incorporated in Bermuda with limited liability whose shares are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 00715.HK), is principally engaged in property investments in the PRC. The offeror, incorporated in BVI, is an indirect wholly-owned subsidiary of Oceanwide Holdings Co., Ltd. ("Oceanwide Holdings") whose shares are listed on the Shenzhen Stock Exchange (Stock Code: 000046.SZ) and whose businesses are mainly in the PRC property development and management. This acquisition will facilitate Oceanwide Holdings to establish an overseas investment and financing platform.

Guantao Law Firm ("Guantao") , together with the HK-based law firm Woo Kwan Lee & Lo, provided PRC legal services to Hutchison Harbour Ring for this deal. During the acquisition, major changes have taken place in the Chinese overseas investment law, Guantao played an important role in the design and argumentation of the acquisition structure at the preliminary stage, especially when two listed companies (in HK and Shenzhen) were involved in this deal. Guantao partners Ms. Xu Ling, Mr. Wang Wei and Ms. Su Bo led the team to provide PRC legal advice for the whole process of the deal.

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