Dechert served as legal advisor to China Financial Services Holdings Limited, a Hong Kong listed company (together with its subsidiaries, the “China Financial Group”) in connection with the sale and purchase of certain loan portfolio and certain equity interests from The Bank of East Asia, Limited (“BEA”, a Hong Kong listed company) and Credit Gain Finance Company Limited, a wholly-owned subsidiary of BEA. The aggregate consideration for the acquisitions is approximately HK$1,079 million.
The asset purchase is expected to be completed by December 2017 and the equity transfer is expected to be completed no later than April 30, 2018. The acquisitions represent an important strategic move for the China Financial Group, as it will add a well-known consumer finance brand to the portfolio of the China Financial Group. Upon completion of the acquisitions, the China Financial Group will become a multi-regional and multi-product financial services group with presence in Beijing, Shenzhen, Chongqing, Chengdu, Shanghai and Hong Kong.
China Financial Services Holdings Limited, an investment holding company, provides diversified financing services in the People’s Republic of China. The company, led by Luo Rui, Xue Ling Guan and Chai Hong Cheung, is based in Beijing.
The Dechert team includes corporate partner Stephen Chan (Picture) and associate Nicole Wong in Hong Kong.
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