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Pursuant to the resumption proposal of a Hong Kong listed company in provisional liquidation (the “Company”), the Company intended to acquire the Target Company, which shall constitute a reverse takeover involving a new listing application of the Target Company.


The Stock Exchange expressed concern over the integrity of the Target Company’s controlling shareholder as a result of possible non-compliance of the controlling shareholder as inferred in the court judgment on the conviction against a former government official for corruption and was of the view that the controlling shareholder was not considered to be suitable to serve as a director of a listed company and that the Target Company would not be considered suitable for listing.


Chungs Lawyers (in association with DeHeng Law Offices) advised the Target Company in the review hearing and assisted in making submissions to the Listing Appeals Committee and successfully persuaded together with other professional parties the Listing Appeals Committee of overturning the decision of the Stock Exchange. As such, the Company and the Target Company are able to proceed with application for the new listing application and the resumption.


Chungs Lawyers (in association with DeHeng Law Offices) advised the joint lead managers on the issuance of US$67,000,000 5.80% Bonds due 2022 by Dongtai Communication Investment And Construction Group Co., Ltd. (the “Issuer”), which is listed on the Hong Kong Stock Exchange (stock code: 40565).

The Issuer is a state-owned enterprise located in Dongtai City that is entrusted by the Dongtai Municipal Government to undertake construction of transportation infrastructure, municipal roads and bridges, water conservancy facilities and public and social welfare facilities within or around Dongtai City.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 29 January 2021.

On 15 January 2021, Roiserv Lifestyle Services Co., Ltd. (“Roiserv”) successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock code: 2146).


In this project, Chungs Lawyers (in association with DeHeng Law Offices), as the Hong Kong legal counsel to the Sole Sponsor and Sole Global Coordinator, Huatai Financial Holdings (Hong Kong) Limited, and 15 underwriters, formed a project team consisting of more than 10 solicitors and legal professionals to fully participate in and promote the project.


The global offering of Roiserv consisted of 94,000,000 H shares. The final offer price is determined at HK$13.46 per H share. The gross proceeds from the global offering is approximately HK$1,265 million, assuming that the over-allotment option is not being exercised.


Roiserv is a comprehensive property management service provider deeply rooted in the Bohai Economic Rim with a service network across China strategically covering core geographical areas such as the Yangtze River Delta region and the Greater Bay Area and was ranked 19th among the Top 100 Property Management Companies in terms of overall strength of the China Index Academy.


Besides, DeHeng Law Offices, as the issuer’s PRC counsel, formed a project team led by Partner Zhu Min, Lawyers Tian Yuan, Cui Manzhang, Zheng Jie, Sun Meng and Li Qi Xing Yan as the core project team members. Together with Chungs Lawyers (in association with DeHeng Law Offices), the two project teams worked closely and actively with the issuer and the professional parties (including the issuer’s overseas counsel and the sponsor) to provide professional, comprehensive and efficient legal services for this project.