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O’Melveny Represents China VAST and its Major Shareholder in US$314 Million Share Sale and Convertible Bond Subscription by China Jinmao

July 19, 2021

 

FOR IMMEDIATE RELEASE

HONG KONG—JULY 19, 2021—O’Melveny recently represented China VAST Industrial Urban Development Company Limited and its major shareholder, Profit East Limited, in the sale of approximately US$191 million of shares (accounting for 29.9% of China VAST’s holdings) to China Jinmao Holdings Group Limited (817.HK). China VAST also issued 6% convertible bonds of US$123 million with a 36 month maturity date to China Jinmao. Together the two transactions are valued at US$314 million.

China VAST is a leading developer and operator of large-scale industrial towns in China. China Jinmao is a developer and operator of quality large scale real estate projects in China. This transaction did not trigger any general offer obligations under the Hong Kong Takeovers and Mergers Code, and neither party to the transaction needed to convene an extraordinary general meeting of shareholders, allowing for the transaction to be completed quickly from signing to closing.

Huatai International acted as financial advisor to China VAST and Profit East. CICC acted as financial advisor to China Jinmao.

China VAST is a long time client of O’Melveny. In 2019, O’Melveny represented China VAST in the offering of US$180 million notes. Recently, the O’Melveny team assisted China VAST in the successful repurchase and redemption of these outstanding notes.  The O’Melveny team also recently assisted China VAST and China Wan Tong Yuan (Holdings) Ltd (6966.HK) in completing a related party loan transaction of RMB100 million.

The O’Melveny team for the China VAST share sale and convertible bond transaction was led by Hong Kong corporate partner Edwin Kwok, and included counsel Lillian Cheung, associate Hilda Leung, and trainee solicitors Dave Chan and Jeffrey Hang. In addition to this team, others who have assisted Kwok on the notes repurchase and redemption and various projects for China VAST have included Winnie Chan, Ella Ge, and Edward Poon.

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Contact:

Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com