Dechert Advised CICC and CLSA (in Alphabetical Order) as Joint Financial Advisers to Yue Xiu Enterprises in the Privatization of Chong Hing Bank

 
October 18, 2021

Global law firm Dechert has advised China International Capital Corporation Hong Kong Securities Limited (“CICC”) and CLSA Capital Markets Limited (“CLSA”) (in alphabetical order) as joint financial advisers to Yue Xiu Enterprises (Holdings) Limited in its offer to privatize Chong Hing Bank Limited by way of a scheme of arrangement for approximately HK$5.1billion.

The scheme of arrangement became effective on 27 September 2021. Chong Hing Bank was subsequently delisted from the Hong Kong Stock Exchange on 30 September 2021.

Founded in Hong Kong in 1948, Chong Hing Bank offers comprehensive commercial banking and financial services to individual and corporate customers. Yue Xiu Enterprises is a subsidiary of Yuexiu Group and has been the controlling shareholder of Chong Hing Bank since 2014.

Stephen Chan, Hong Kong-based partner at Dechert, who was lead counsel on the deal, commented, “We are delighted to have advised CICC and CLSA (in alphabetical order) in this high-profile take-private offer. We have been actively involved in a number of successful privatizations for Hong Kong listed companies in recent years, and this transaction further highlights our strong capabilities in this field.”

The Dechert team advising on this transaction included partner Stephen Chan and associate Charles Lam in Hong Kong.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.

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