Hogan Lovells Advises on Landmark Financing Relating to Cayman Islands Merger
02 May 2011
HONG KONG, 2 May 2011 - Hogan Lovells acted as Hong Kong and New York law counsel to the lender on the financing of the acquisition and delisting from the NYSE of Tongjitang Chinese Medical Company ("Tongjitang") by Tonsun International, a Cayman Islands exempted company controlled by Hanmax Investment Limited and Fosun Industrial Co.
Tongjitang is a leading specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China.
The acquisition was originally announced on 1 November 2010 and was completed on 14 April 2011. Tongjitang continued its operations as a privately held company owned solely by Hanmax and Fosun, until it was de-listed its US Depository Shares from the NYSE on 21 April 2011. This was the first take private transaction to be effected under the new Cayman Islands merger statute.
Hogan Lovells was advising CITIC Bank International as lender on Hong Kong law, NYSE regulatory issues and PRC matters. Walkers was serving as Cayman Islands legal advisor to CITIC Bank International.
The Hogan Lovells team was led by Head of Hong Kong Banking Practice Gary Hamp, assisted by key team member Senior Associate Jenny Yim.
Commenting on the transaction Gary Hamp said:
"We were very pleased to have advised on this landmark transaction which gave us the opportunity to demonstrate our ability to provide seamless advice on Hong Kong law, NYSE regulatory issues and PRC matters. There are a number of potential transactions out there involving structures of this nature and I am pleased that this deal as shown that such transactions are bankable in the current market."
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