Clifford Chance

Clifford Chance advises Shanghai Jin Jiang Capital on privatisation

Leading international law firm Clifford Chance advised Shanghai Jin Jiang Capital Company Limited (Jin Jiang Capital) on its privatisation by the offeror company, Jin Jiang International Holding Company Limited. The privatisation was implemented by way of merger by absorption. The merger has become effective on 5 May 2022, with the H shares of Jin Jiang Capital subsequently delisted from the Hong Kong Stock Exchange on 5 May 2022.

The team was led by partners Tim Wang and Tommy Tam, with support from associate Anson Wong, and trainee Timothy Nip. This is the fourth merger by absorption advised by Clifford Chance over the past year, after the successful privatisation of Shanghai Prime Machinery, China Machinery Engineering and Beijing Capital Land.

The amount of aggregate cancellation price required to cancel the H Shares held by the H Shareholders (representing 25% of the issued share capital of Jin Jiang Capital) under the privatisation is approximately HK$4.3 billion.

Jin Jiang Capital is a company incorporated in the PRC and is principally engaged in full service hotel operation and management, select service hotel operation and franchising, restaurant operation, passenger transport logistics, travel agency and other related businesses.