Freshfields advises China Shanshui Cement Group Limited on resumption of trading on HKSEFreshfields Bruckhaus Deringer ('Freshfields') has advised China Shanshui Cement Group Limited (‘Shanshui’) on the resumption of trading of its shares on the Hong Kong Stock Exchange (‘HKSE’). Trading in Shanshui’s shares was suspended in April 2015. In May 2018, the HKSE’s Listing Committee set a deadline of 31 October 2018 for Shanshui to take remedial action in respect of the trading suspension of its shares.
The Freshfields team worked under extreme time pressure to resolve the trading suspension. Freshfields’ cross-practice work included:
(i) formulating and implementing a resumption plan;
(ii) assisting Shanshui on early conversion of their convertible bonds and placing of new shares;
(iii) assisting Shanshui in obtaining a specific mandate to issue new shares;
(iv) assisting Shanshui in dealing with audit issues with respect to its historical accounts;
(v) assisting Shanshui in relation to the winding-up litigation in Cayman Islands and Hong Kong.
By following the resumption plan, Shanshui successfully complied with all of HKSE’s conditions for the resumption of trading. HKSE then approved the resumption of trading effective 31 October 2018.
The cross-practice Freshfields team was led by partner and China chairman Teresa Ko and partner Philip Li. Partner Andrew Heathcote and Head of China Debt Capital Markets Bing Guan provided advice on finance aspects, and partner John Choong and counsel Nick Stern and Jonathan Wong provided advice on winding-up litigation aspects.
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