Hogan Lovells advises on US$280 million Voluntary Conditional Cash Offer To Acquire all H Shares of Jingwei Textile
19 August 2015
HONG KONG, 19 AUGUST 2015 – Hogan Lovells advised UBS AG Hong Kong Branch ("UBS") as the financial adviser to China Hi-Tech Holding Company Limited, a subsidiary of China Hi-Tech Group Corporation ("CHTC"), in respect of a US$280 million voluntary conditional cash offer to acquire all of the issued H shares of Jingwei Textile Machinery Company Limited ("Jingwei Textile").
The unique feature of the deal is that no comparable offer is required to be made to the holders of A shares listed on Shenzhen Stock Exchange under the Code on Takeovers and Mergers after confirmation from the China Securities Regulatory Commission and Shenzhen Stock Exchange is obtained.
CHTC is one of the leading textile machinery manufacturers in China and is supervised by the State-owned Assets Supervision and Administration Commission of the State Council. Jingwei Textile, a subsidiary of CHTC, is the biggest spinning manufacturer in China and is listed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange.
The Hogan Lovells team advising UBS was led by Hong Kong partner Nelson Tang, supported by associates Don Chan and Jeffrey Lee.