Recently, China Jinmao Holding Group Co., Ltd. (hereinafter referred to as "China Jinmao") acquired 29.9% shares of China VAST Industrial Town Development Co., Ltd. (hereinafter referred to as "China VAST") at a consideration of about 191 million US dollars, and subscribed for its convertible bonds with a face value of about 123 million US dollars (hereinafter referred to as "this transaction"), with a total transaction consideration of 314 million US dollars.
China VAST Development has been listed on the main board of the Hong Kong Stock Exchange since 2014, mainly engaged in industrial town development, property development and property leasing business; China Jinmao is a developer and operator of large-scale high-quality real estate projects under Sinochem Group, with rich experience in operation and management and strong financial strength.
The completion of this transaction will help strengthen the urban operation sector of Jinmao while improving the management level of VAST Development in industrial towns. This transaction will bring potential business synergy to both parties.
Tian Yuan Law Firm work as the Chinese legal adviser of China Jinmao in this transaction. The team led by partners Chen Zhusha and Shi Danbo provided various legal services throughout the whole transaction process, including due diligence of Chinese laws, consultation and suggestions on Chinese legal issues involved in the transaction plan, writing and reviewing Chinese legal provisions of transaction documents, and cooperating with business negotiations.