MoFo News Item

Morrison & Foerster Advised on Two Hong Kong Takeover Code Transactions


Morrison & Foerster represented Science City (Hong Kong) Investment Co. Limited in connection with a proposed unconditional mandatory cash offer for up to HK$2,118,430,031 (about US$269.98 million) by ABCI Capital Limited to acquire issued shares of Royale Furniture Holdings Limited (Stock Code: 1198). Under the proposed general offer, Science City will acquire all of Royale Furniture’s issued shares, except those that are already owned or agreed to be acquired by a consortium of joint offerors and their concert parties.

Science City is a PRC state-owned enterprise based in Guang-zhou, which is engaged in construction, real estate development, and property management businesses in China.

The MoFo deal team was led by Hong Kong Corporate partner Vivian Yiu, and included Hong Kong Corporate associates Jimmy Jin and Victoria Yip, as well as Hong Kong trainees Katrina Tsoi and Wyatt Zhang.

MoFo also represented Ascendent Automation (Cayman) Limited, wholly owned by Ascendent Capital Partners, as one of the Joint Offerors, in its offer to privatize China Automation Group Limited (Stock Code: 0569) by way of a scheme of arrangement for HK$391,998,649.50 (about US$50.06 million).

China Automation Group is a China-based company principally engaged in the provision of safety and critical control system and control valves specialized for petrochemical industries, along with related maintenance and engineering services.

The team was led by Corporate partner Vivian Yiu, Private Equity partner Marcia Ellis, Finance partner Yemi Tépé, and included Hong Kong Corporate associates Marshall Chu, Jimmy Jin, Olivia Tang, as well as Hong Kong trainees Katrina Tsoi and Wyatt Zhang, and Singapore associate Elaine Zhou.



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