China Shipping Seeks to Raise US$1.7 Billion through Proposed Non-Public Issuance of A-Shares

February 01, 2017

Hong Kong - Paul Hastings, a leading global law firm, announced today that it is representing COSCO SHIPPING Development Co., Ltd (formerly known as China Shipping Container Lines Company Limited) (the “Company”) on its proposed non-public issuance of A shares to not more than 10 specific target subscribers, including the Company’s controlling shareholder, China Shipping (Group) Company (“China Shipping”), which will raise gross proceeds of up to US$1.7 billion.

The transaction involved several complex legal issues under the Takeovers Code. The subscription by China Shipping would trigger an obligation to make a mandatory general offer under Rule 26.1 of the Takeovers Code. In addition, as the proposed non-public issuance of A shares is not capable of being extended to all shareholders, it constitutes a special deal under Rule 25 of the Takeovers Code. As such, a whitewash waiver and the consent to the special deal have been obtained from the SFC with the assistance of Paul Hastings. The transaction has already been approved by the independent shareholders and is pending approval from the relevant governmental authorities in the PRC.

The Paul Hastings team is being led by

, partner and Chair of Greater China, and of counsel , with support from associates and , trainee and paralegal Gao Yang.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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