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Herbert Smith Freehills advises China’s Great Wall Gas on HK$539 million strategic acquisition of Binhai Investment / 史密夫斐尔为长城燃气5.39亿港元战略收购滨海投资股份提供法律服务

12 October 2020 | China
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Leading global law firm Herbert Smith Freehills has advised Sinopec Great Wall Gas Investment Co., Ltd on its HK$539 million acquisition of a 29.99% stake in LNG distributor Binhai Investment Company Limited.

Under the terms of agreement, Great Wall Gas subscribed for 178 million shares at a price of HK$1.33 from Hong Kong-listed Binhai Investment (02886.HK) and purchased 228 million shares at the same price from TEDA Hong Kong Property Company Limited, the controlling shareholder of Binhai Investment. Great Wall Gas now holds 29.99% equity as the second-largest shareholder in Binhai Investment.

"We are delighted to have advised Great Wall Gas on its largest investment in China's urban gas sector since its founding,” said Tom Chau, Herbert Smith Freehills' Head of Beijing. “This transaction adds to the success of our decade-long partnership with Sinopec and its subsidiaries.”

Great Wall Gas, a wholly-owned subsidiary of Sinopec Corporation, invests in natural gas terminal utilisation. The company has expanded the terminal gas market since its founding in 2017, through strategic cooperation agreements with China Resources Gas, Towngas China, Kunlun Energy, China Gas, ENN Energy and other energy companies.

"Our hands-on experience for over two-decades in capital market makes us a natural choice to help clients in these complex transactions,” said Tom.

Tom led the team, assisted by senior associate Shell Chen and paralegal Shaw Gong in Beijing.

全球领先的律师事务所史密夫斐尔为中石化长城燃气投资有限公司以5.39亿港元收购液化天然气分销商滨海投资有限公司29.99%股权提供咨询。

根据协议条款,长城燃气向滨海投资以1.33港元的价格认购1.78亿股股份,并向滨海投资 (02886.HK) 的控股股东泰达香港地产有限公司以相同价格购买2.28亿股股份。长城燃气现持有29.99%股权,为滨海投资第二大股东。

史密夫斐尔北京办事处管理合伙人兼首席代表邹兆麟表示:“我们很高兴为长城燃气提供法律服务,这是该公司成立以来在城市燃气行业的最大一笔投资。这笔交易是我们与中石化及其子公司十多年合作伙伴关系的又一次成功体现。”

长城燃气是中石化集团的全资子公司,从事终端燃气行业。该公司自2017年成立以来,不断拓展市场,已与华润燃气、港华燃气、昆仑能源、中国燃气、新奥能源等多家企业达成战略合作。

邹兆麟表示:“凭借我们团队于过去二十多年在资本市场积累的经验,史密夫斐尔成为了客户在复杂交易中的天然选择。”

合伙人邹兆麟率领律师团队为此次交易提供法律服务,主要团队成员包括北京办公室陈小小 (Senior Associate) 和巩韩潇 (Paralegal)。

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Sally Greig, Head of Communications, Asia

Hong Kong
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VIVIAN HUANG, COMMUNICATIONS MANAGER, CHINA

Beijing
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