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.

Dec 17, 2020

Advised managers/trustee on issue of US$100m listed and guaranteed bonds by Goucheng International

Advised the joint lead managers and trustee on the issuance of US$100 million listed bonds by Goucheng International Co., Ltd. unconditionally and irrevocably guaranteed by Ninghai City Investment Group Ltd. (寧海縣城投集團有限公司).

Chungs Lawyers (in association with DeHeng Law Offices) advised the joint lead managers and the trustee on the issuance of US$100,000,000 3.5% guaranteed bonds due 2023 by Goucheng International Co., Ltd. (the “Issuer”), which is unconditionally and irrevocably guaranteed by Ninghai City Investment Group Ltd. (寧海縣城投集團有限公司) (collectively with its subsidiaries and the Issuer, the “Group”) and listed on the Hong Kong Stock Exchange (stock code: 40513).

The Group is one of the primary state-owned assets management and infrastructure construction platforms of the Ninghai Municipal Government focusing on primary land development, resettlement housing and price-capped housing and water supply and water treatment in Ninghai and is indirectly controlled by Ninghai SAMC. Established in 2000 and designated to carry out the Ninghai Municipal Government’s blueprint for municipal development in Ninghai, the Group has established itself as a leading state-owned asset management company in Ninghai and plays an important role in the urbanisation of Ninghai.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 17 December 2020.

Dec 4, 2020

Advised the managers on the issue of US$190m listed bonds by Xi’an Port Industrial Co., Limited

Chungs Lawyers (in association with DeHeng Law Offices) advised the joint lead managers on the issuance of US$190,000,000 5.8% Bonds due 2023 by Xi’an Port Industrial Co., Limited (the “Issuer”), which is listed on the Hong Kong Stock Exchange (stock code: 40496).

The Issuer is a state-owned enterprise located in Xi’an City that plays a crucial role in infrastructure construction and urban development in Xi’an City. The Issuer is the primary investment platform of the Xi’an Municipal Government to implement its development plans within the Xi'an International Trade & Logistics Park that are of strategic importance to the economic and urban development of Xi’an City.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 3 December 2020.

Dec 2, 2020

Advised Rowen International Co., Limited on its issuance of US$80 million listed bonds

Chungs Lawyers (in association with DeHeng Law Offices) advised Rowen International Co., Limited on its issuance of US$80,000,000 6.8% Guaranteed Bonds due 2021 which is listed on the Hong Kong Stock Exchange (stock code: 40491).

The guarantor of the Bonds, Weihai Wendeng District Bluesea Investment & Development Co., Ltd, is the largest state-owned enterprise by asset size and a dominant development, construction and operation platform that focuses on infrastructure construction and affordable housing in the Wendeng District, Weihai City, Shandong Province, the People’s Republic of China.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 26 November 2020.