Privatization of Huifu Payment by Way of a Scheme of Arrangement
Hong Kong – Paul Hastings, a leading global law firm, announced that it has advised Huifu Payment Limited (“Huifu Payment”) on the proposal for delisting from the Hong Kong Stock Exchange by Purity Investment Limited by way of a scheme of arrangement under Section 86 of the Companies Act of the Cayman Islands (the “Scheme”). The amount of cash required to implement the proposal is approximately HK$1.25 billion (US$160 million). The Scheme became effective on March 25, 2021 (Cayman Islands time) and the listing of the shares of Huifu Payment on the Hong Kong Stock Exchange was withdrawn on March 29, 2021 (Hong Kong time).
Huifu Payment is a leading independent third-party payment service provider in the PRC, focusing on four business directions including integrated merchants acquiring, SaaS service, industry solution as well as cross-border and international business. The company was listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 1806.HK) in 2018. Paul Hastings has been advising Huifu Payment in relation to compliance matters under the Hong Kong Listing Rules, Takeovers Code and the Securities and Futures Ordinance.
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