Norton Rose advises China Daye Non-Ferrous Metals on reverse takeover
13 March 2012
International legal practice Norton Rose Hong Kong has advised China Daye Non-Ferrous Metals Mining Limited, a company listed on the Hong Kong Stock Exchange, on the acquisition of four copper mines in China from an entity ultimately controlled by the Hubei Provincial Government for a total consideration of around US$900 million, which was satisfied by the issue of new shares and convertible notes.
The transaction resulted in the reverse takeover and deemed new listing of China Daye. This is one of the few significant reverse takeovers to have been successfully completed in Hong Kong in recent years. The transaction involved complicated legal and regulatory issues, both in Hong Kong and the PRC.
Julian Chung, Partner at Norton Rose Hong Kong, commented:
“We are delighted to have completed this significant transaction with China Daye Non-Ferrous Metals. While it will contribute to enhancing the company’s leading position, it also demonstrates Norton Rose Group’s strength in its corporate practice in the mining sector.”
Our team was led by Julian Chung in the Hong Kong office, with assistance from Natalie Cheng, Tiffany Ip, Cynthia Mao, Pearl Yeung, Carmen Cheng, Clement Chui, Tracy Ding and Paul Wang. Additional assistance was provided by Ji Liu, Sarah Guo, Ming Fang, Camille Jojo and David Lee.
J.P. Morgan acted as the financial adviser to China Daye and the sponsor of its new listing.
For further information please contact:
Lorraine Lee, regional marketing and communications manager, Norton Rose Hong Kong
Tel: +852 3405 2324