M&A

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CBLJ-2021-July-August-M&A

Fangda Partners assisted JP Morgan in becoming the first foreign bank in China to have a sole controlling shareholding in its securities company via acquiring equity from five domestic shareholders, upon recent approval from the China Securities Regulatory Commission. The bank followed a path from 51% to 100%, as China accelerates its opening up process of the financial market.

The merger of two state-owned conglomerates, China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation, entered into a substantial integration stage as the amalgamated new CSSC became the controlling shareholding of 10 listed subsidiaries of the two giants. Upon completion, the new CSSC will be the world’s largest shipbuilding company. Jia Yuan Law Offices advised on the deal.

Zhong Lun Law Firm advised China’s Tianqi Lithium in its UDS1.4 billion deal with IGO, where the Australian nickel miner has taken 49% in Tianqi’s Australian subsidiary. The capital will be used to repay part of Tianqi’s bank loans as the global price for battery metal keeps rising.

Global Law Office advised Xiaomi on its USD200 million acquisition of the remaining 50.09% equity in ZIMI International, making the smartphone accessories manufacturer its wholly owned subsidiary.

Zhong Lun Law Firm advised Guangdong Bluesea Data Development, a subsidiary of Hong Kong-listed Neo Telemedia, on selling its RMB700 million data centre facility to Singapore’s Keppel DC REIT, Asia’s largest data centre REIT.