Fangda Partners represented China State-Owned Enterprise Mixed Ownership Reform Fund Co., Ltd (“Mixed-ownership Reform Fund”) on its conditional subscription of up to 10% equity shares in CGN Mining Company Limited (01164.HK). After completion of the subscription by Mixed-ownership Reform Fund and 10 other investors, CGN Mining is expected to raise up to HK$800 million (equivalent to around US$103 million) in total, which is intended to be used as general working capital and for acquisition of uranium resources projects overseas. The transaction was announced on November 28, 2021. Fangda conducted legal due diligence on CGN Mining’s global mining assets, assisted the client in the negotiation and revision of transaction documents and advised the client on issues including compliance with Hong Kong Listing Rules and implications of US sanctions on the transaction. Fangda team was led by partners Joe Zhou Biqing, Wang Yingjie, Edward Bong and Arman Lie. Team members include Wilson Lo, Helen Huang, Ding Hong, Hilky Chau, Nancy Fu, Stephanie Tsang and Tracy Ho. Bai Zemeng and Eric Wang also assisted on this deal.

Mixed-ownership Reform Fund is a SASAC entrusted national fund established in 2020 with a target total scale of RMB200 billion and an initial registered capital of RMB70.7 billion. Shareholders of Mixed-ownership Reform Fund include a number of Chinese central enterprises, local government SOEs and private enterprises. Mixed-ownership Reform Fund focuses its investments in key strategic fields and core technical domains. CGN Mining is a listed subsidiary of China General Nuclear Power Corporation (“CGN Group”), the largest nuclear power operator in China and one of the largest nuclear power constructors in the world. CGN Mining is the international arm of CGN Group focusing on investment and development of uranium mines and facilities around the globe.