RECENT NEWS | DEHENG HONG KONG

19 Nov 2024

Advised Huaibei GreenGold Industry Investment Co., Ltd.* (淮北綠金產業投資股份有限公司) on deemed disposal of equity interest in its subsidiary

DeHeng Hong Kong advised Huaibei GreenGold Industry Investment Co., Ltd.* (淮北綠金產業投資股份有限公司) (“Huaibei GreenGold”) on the capital injection and deemed disposal of equity interest in Huaibei Tongming Mining Co., Ltd.* (淮北通鳴礦業有限公司) (“Huaibei Tongming”), a subsidiary of Huaibei GreenGold, at a consideration of approximately RMB84 million (the “Capital Injection”). The principal business of Huaibei Tongming is mining and processing of aggregate products.

The Capital Injection constituted a major transaction under Chapter 14 and a connected transaction under Chapter 14A of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”). The Capital Injection was exempted from independent shareholders’ approval pursuant to Rule 14A.101 of the Listing Rules and was approved by way of a written shareholders’ approval in lieu of holding a general meeting pursuant to Rule 14.44 of the Listing Rules.

Huaibei GreenGold is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 2450). Huaibei GreenGold is a construction materials provider with state-owned background located in Huaibei City, Anhui Province and one of the four largest construction aggregate producers in Huaibei City and its surrounding cities (including Suzhou City and Bozhou City) in 2023.

The deal is led by lead partners Ernest Chung and Stephen Kei of DeHeng Hong Kong, and supported by the team members including Phoebe Lo and Daniel Ting. DeHeng Hong Kong maintained a close connection with Huaibei GreenGold and other professional parties in this deal and provided professional, comprehensive and efficient legal services for this deal.

Jun 20, 2022

Advised Zhoushan Islands New Area Penglai State Asset Investment Group Co., Ltd. on bonds issuance

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Zhoushan Islands New Area Penglai State Asset Investment Group Co., Ltd. (舟山群岛新区蓬莱国有资产投资集团有限公司) (the “Issuer”, together with its subsidiaries, the “Group”) on its issuance of US$150,000,000 3.90% credit enhanced bonds due 2025 supported by an irrevocable standby letter of credit provided by Bank of Hangzhou Co., Ltd. Zhoushan Branch and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

Established in 1999, the Issuer is a state-owned enterprise located in Daishan County, Zhoushan City, Zhejiang Province, China, substantially controlled by the Daishan County Finance Bureau. The Group is the core operating entity responsible for sales of resettlement housing and affordable housing, as well as land development and consolidation in Daishan County, serving the dual purposes of supporting the social and economic development of Daishan County and achieving business growth. Relying on the robust economic growth of Daishan County and the favourable local and national strategies, the Group has undertaken and completed a large number of urban development projects in Daishan County, playing a significant role in the development of Daishan County.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 15 June 2022 (Stock code: 5299).

The Partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang and Janice Yang.

Jun 20, 2022

Advised Charmacy Pharmaceutical Co., Ltd on its H share full circulation program

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Charmacy Pharmaceutical Co., Ltd (stock code:2289) (“Charmacy”) on the full circulation of its H shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

On 14 June 2022, the Company has successfully applied for the approval of the listing of and permission to deal in 80,000,000 H shares of the Company (representing the maximum number of the unlisted shares of the Company) by the Stock Exchange. Upon completion, all 80,000,000 domestic shares of Charmacy will be converted into H shares for full circulation on the Main Board of the Stock Exchange.

Charmacy is a company listed on the Main Board of the Stock Exchange. Charmacy is principally engaged in pharmaceutical distribution business.

The Partners of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Ernest Chung and Boaz Cheung, led the team includes Crystal Wong, Chloe Yuen, Sally Lam and Elvis Lee.

Jun 20, 2022

Advised Yangzhou Jiangdu Yanjiang Development Co., Ltd. as guarantor for an issuance of bonds

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Yangzhou Jiangdu Yanjiang Development Co., Ltd. (扬州市江都沿江开发有限公司) (the “Guarantor”, together with its subsidiaries, the “Group”) on the issuance of US$30,000,000 3.20% credit enhanced guaranteed bonds due 2023 issued by Hong Kong Yanjiang International Industrial Co., Limited (the “Issuer”) supported by an irrevocable standby letter of credit provided by China Zheshang Bank Co., Ltd. Nanjing Branch.

Established in May 2003, the Guarantor is a state-owned enterprise located in Yangzhou City, Jiangsu Province, China, wholly owned by the State-owned Assets Supervision and Administration Office of the People’s Government of Jiangdu District, Yangzhou City. The Group has long been the core operating entity responsible for land development, infrastructure construction, and resettlement housing in Jiangdu District, Yangzhou City. Relying on the development of Yangzhou City, strong shareholder support, and diversified group business, the Group has undertaken and completed a large number of urban development projects in Yangzhou City, playing an important role in the development and construction of Yangzhou City.