Clifford Chance

Clifford Chance advises Haitong Securities on US$715 million acquisition of China leasing business

Hong Kong: Leading international law firm Clifford Chance has advised Haitong International Holdings, a wholly-owned subsidiary of Haitong Securities Co., Ltd, on its proposed acquisition of the China leasing business held by UT Capital Group Co., Ltd for US$715 million from private equity firm, TPG Capital.

The acquisition of UT Capital will allow Haitong to penetrate the fast-growing financial leasing business in China and broaden its financial products and service portfolio. By leveraging on and further developing the business of UT Capital in the finance leasing sector, Haitong will be able to provide an integrated financial service platform to its client base.

UT Capital’s main operating subsidiary is UniTrust Finance & Leasing Corp., which was founded in 2004 and is one of the largest foreign-controlled leasing companies in China. UniTrust provides financial leasing services to a diversified client base of more than 3,000 corporate customers in both public and private sectors across a broad range of industries throughout 260 cities in China.

Corporate partner Cherry Chan who led this transaction commented, "We're delighted to have advised Haitong Securities on this important transaction. SMEs and mid-sized enterprises are an important pillar of China's growth story and this acquisition complements well with Haitong Securities' existing businesses."

Cherry was assisted by Hong Kong associate Wai Mun Au Yeong and supported by Shanghai associates Lorna Lu and Samia Qian.