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March 25, 2021 (Cayman Islands time) and the listing of the shares of Huifu Payment on the Hong Kong Stock Exchange was withdrawn on March 29, 2021 (Hong Kong time).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.

The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, with support from associates Crystal Liu and Jessica Lam and legal manager Sharon Guo.

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.