Grandblue, China’s leading solid waste processing firm, has completed the privatisation of Canvest Environmental Protection Group, a waste-to-energy company, through a scheme of arrangement valued at around HKD11 billion.
King & Wood Mallesons (KWM), Harneys, Paul Weiss and Conyers Dill & Pearman counselled parties involved in the transaction.
As part of the transaction, A-share listed Grandblue acquired 92.78% of Canvest’s shares through its Hong Kong subsidiary.
On 2 June 2025, Canvest was subsequently delisted from the Hong Kong Stock Exchange.
KWM advised Grandblue on both PRC and international legal matters, while Harneys counselled on Cayman Islands law. Partners Sheldon Tse Hiu Tung in Hong Kong, Cao Yuhui and Wang Lifeng in Shenzhen, and Chai Zhifeng in Shanghai led the KWM transaction team. The Harneys team was led by Calamus Huang, a partner in the Shanghai office.
Paul Weiss served as international legal adviser to Canvest, with Conyers Dill & Pearman advising on Cayman Islands law.
The transaction involved navigating complex legal issues across three jurisdictions and required the processing of state-owned assets.
Grandblue’s ultimate controller is the State-Owned Assets Supervision and Administration Commission of the Nanhai district, Foshan City, Guangdong province. Additionally, two state-owned entities in Guangdong — Hengjian Holding and Guangdong Nanhai Holding Investment — acted as co-investors alongside Grandblue.
