O’Melveny Worldwide

O’Melveny Represents China VAST in Going Private Transaction

June 15, 2022



HONG KONG, JUNE 15, 2022 —O’Melveny is representing China Vast Industrial Urban Development (6166.HK) and its controlling shareholder, Profit East Limited, in the proposed all-cash take private proposal by China Jinmao Holdings Group Limited (817.HK).

Jinmao currently holds a 29.9% equity interest in China VAST.  The proposed transaction would see Jinmao acquire outstanding shares of China VAST by way of a scheme of arrangement under section 86 of the Companies Act of the Cayman Islands and take the company private. As part of the proposed transaction, Profit East will retain a 9.9% equity interest in China VAST upon completion of the take private under a rollover arrangement.

A large-scale industrial town developer, China VAST is a longtime client of O’Melveny. Last year, the firm represented China VAST and its major shareholder in a US$314 million share sale and convertible bond subscription to Jinmao.  In 2019, O’Melveny represented China VAST in the offering of US$180 million notes, and subsequently the team assisted China VAST in the successful repurchase and redemption of those outstanding notes.

The O’Melveny team for the going private transaction of China VAST is being led by Hong Kong corporate partner Edwin Kwok, with support from counsel Lillian Cheung, associates Yuki Tsang and Edward Poon.

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Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000