Appleby recently acted as Cayman Islands counsel to China Baofeng (International) Limited, a Cayman Islands company with shares previously listed on the Main Board of the Hong Kong Stock Exchange, in relation to its privatisation by way of scheme of arrangement.
The scheme was approved at the meeting of scheme shareholders on 17 August 2020 and became effective on 4 September 2020. The total amount of consideration payable for the cancellation of the scheme shares pursuant to the scheme is approximately HKD540 million.
China Baofeng group is engaged in photovoltaic power generation projects and the sale of lighting products, lamp shades, furniture sets and other home accessory products.
The Appleby Hong Kong corporate team was led by Counsel Vincent Chan and the Hong Kong dispute resolution team was led by Partner Eliot Simpson and assisted by Legal Manager Jonathan Lee. The teams were also supported by Cayman Partner Tony Heaver-Wren who led on the Cayman court process and appeared before Mr Justice Parker at the directions hearings and final sanction hearing of the Scheme in the Grand Court of the Cayman Islands.
Commenting on the transaction, Hong Kong Managing Partner Cameron Adderley said “Our team regularly works with companies around the globe to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions. This transaction is a testament to our capability in this area.”
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