BEIJING - Global law firm Reed Smith advised China Agri-Industries Holdings Limited on its privatization by way of a scheme of arrangement under the Hong Kong Companies Ordinance (“Scheme”) and delisting from The Stock Exchange of Hong Kong Limited. An offer was made by COFCO (Hong Kong) Limited, a controlling shareholder of China Agri-Industries Holdings Limited Holdings Limited, to privatize the company. We advised on matters relating to the Hong Kong Companies Ordinance (including making court applications for sanction of the Scheme), the Takeovers Code and also the Hong Kong Listing Rules.
The matter was particularly complex as the team had to execute and seek court approvals during the time of the COVID-19 crisis, a time when the courts were closed in Hong Kong, causing delays in audit confirmations and resulting in unprecedented waivers and accommodations in relation to the timetable by The Securities and Futures Commission in Hong Kong. The team were the only party to actually be granted a court order by email in a week when the courts were closed.
The project was led by our Hong Kong office partner Denise Jong, May Wong and Beijing office partner Michael Fosh, other team members include Sunny Chan, Mori Cheng and Carol Chui from Hong Kong, Michael Lian and Cindy Xin from Beijing office.