Sidley has represented Shougang Concord Grand (Group) Limited (HKEX: 0730) (Shougang Concord Grand) on several transactions including the acquisition of 43.62 percent stake in Beijing West Business Factoring Company Limited for approximately RMB75 million; the acquisition of 85.71 percent in Jingji Cooperative Development Demonstration Zone (Tangshan) Fund Management Co., Limited for RMB1.5 million and; a capital contribution of RMB200 million in Beijing Jingxi Supply Chain Management Co., Limited. (Beijing Jingxi), which increased Shougang Concord Grand’s shareholding in Beijing Jingxi from 10 percent to 70 percent.
Additionally, Sidley has also represented Shougang Concord Grand in relation to its rights issue on the basis of one rights share for every two existing shares held on the record date. Shougang Concord Grand proposed to raise approximately HK$250 million before expenses by issuing new shares to qualifying shareholders by way of the rights issue.
Shougang Concord Grand is one of the earliest listed red-chip companies listed on the Stock Exchange of Hong Kong Limited and is principally engaged in finance leasing businesses.
The Hong Kong-based Sidley team was led by partner Constance Choy, with support from counsel Hon Auyeung and associate Amy Fok.