Locke Lord advised the Mongolia Investment Group Limited in its acquisition of the relevant interests involving a group of companies known as the Peace Map Group, which covers the geographical information systems industry chain in the People's Republic of China and holds several unique licenses and operations certificates. This is a substantial acquisition within the meaning of the Hong Kong Listing Rules. The completion of the transaction marks the successful establishment of a VIE structure for an industry where foreign investment is prohibited by the foreign investment catalogue issued by the Ministry of Commerce of the People's Republic of China. Hong Kong Partner Wing Cheung led the Locke Lord team of Roger Wong – Of Counsel and Max Hui – Trainee Solicitor in the transaction which was valued at approximately US$200 million and was completed on August 2, 2013. The representation included giving advice to the purchaser on Hong Kong laws, particularly in relation to the Sale and Purchase Agreement and the Placing Agreement, and the Listing Rules implications.
Posted August 12, 2013