Global law firm Norton Rose Fulbright has advised Haitong International Capital Limited (Haitong International) as financial advisor to Skyway Securities on its takeover by China Minsheng and China Huarong. This entailed a HK$1,933 million investment by China Minsheng Banking Corporation Limited (China Minsheng) and China Huarong Asset Management Co., Limited in Skyway Securities Group Limited, a listed platform for securities investment, brokerage, securities margin financing services and other investment holdings.
Haitong International is the financial adviser to Skyway Securities and advised on the structure of the transaction. The transaction also involves a reorganization, which is structured to primarily comprise of a distribution in its current form by Skyway Securities of listed securities held as available-for-sale investments. It also includes a proposed special deal with respect to the sale of assets and property by Skyway Securities to a substantial shareholder, and a proposed disposal of subsidiaries of Skyway Securities except for three licensed corporation. The making of the offer is subject to the approval by independent shareholders of Skyway Securities in the general meeting of the reorganization and a specific mandate for the issue of new shares under the subscription.
China Minsheng is acquiring and subscribing for the shares in Skyway Securities in this transaction through its indirect subsidiary, CMBC International Investment Limited, which is a wholly-owned subsidiary of CMBC International Holdings Limited and in turn a subsidiary of China Minsheng. China Huarong is acquiring and subscribing for shares in Skyway Securities through its 51% subsidiary, China Huarong Overseas Investment Holdings Company in this transaction.
The team was led by Psyche Tai, assisted by Rachel Chan and Charles Lam.
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