Clifford Chance

Clifford Chance advises on establishment of JV management company as part of Central and Eastern European investment fund

Leading international law firm Clifford Chance advised the Industrial and Commercial Bank of China on the establishment of a Hong Kong asset management joint venture company in connection with a Fund focused on projects in Central and Eastern Europe targeting €10 billion. This deal follows on from work advising ICBC on the establishment of a European investment fund which is part of China's 'One Belt One Road' initiative and was formally announced at the China and CEE Countries Summit in Riga, Latvia on 5 November 2016. The JV management company completed its establishment on 13 December 2016, and will act as the investment manager to the Fund.

China Co-Managing Partner Tim Wang and partner Ying White coordinated this matter amongst various offices globally. Ying and associate Kenny Yu provided expertise on the establishment of the joint venture with support from associate Angela Liu and trainee Bernice Lin. In Hong Kong, partner Mark Shipman and consultant Helen Fok advised on regulatory issues.

Ying said, "Clifford Chance's work on this matter comprised a large number of different work streams across jurisdictions. We had great teamwork with outstanding practices across the network including in Central and Eastern Europe. The successful establishment of the joint venture platform marks an important chapter in the formation of the Fund. It has been a wonderful opportunity to be a part of this important One Belt One Road initiative."

The fund will focus on developing the infrastructure, high-tech manufacturing and consumer goods industries in the CEE countries with the intention of promoting more economic interaction between the Chinese and the European markets. The size of the fund is expected to reach €10 billion and expected investors include governmental investors from of CEE countries, as well as Asian institutional investors.