Leading global law firm Herbert Smith Freehills has advised China Resources Capital Management Limited on the completion of its HK$1.5 billion acquisition of City Super, which operates an Asian premium food and lifestyle supermarket chain in Hong Kong, Shanghai and Taiwan.
Working jointly with Asia Food Growth Fund, the investment management arm of China’s largest conglomerate acquired a combined 65% shareholding in City Super from Fenix Group Holdings Limited, Lane Crawford Joyce Group and other existing shareholders.
Upon completion, City Super Group will continue to operate independently under the city’super and LOG-ON brands, led by the existing management team.
"Premium retail brands are increasingly attractive to Chinese buyers as China's growing segment of affluent middle-class consumers look for diverse products and services,” said Hong Kong partner Tommy Tong, who led the team advising China Resources.
"A growing number of international and Chinese retailers have restructured their businesses since the outbreak of the pandemic, which has affected revenue, employees and supply chains, but these types of acquisitions also reflect long-term business strategies,” said Nanda Lau, head of the firm's Shanghai office.
City Super had attracted several Mainland China buyers after announcing its sale intentions at the beginning of this year.
Tommy was assisted by senior associate Paul Fan, associate Aaron Li and trainee Joanna Ku in Hong Kong. Specialist advice was provided by senior associate Sherry Lai (real estate), senior consultant Tess Lumsdaine (employment) and tax consultant Susan Leung. Competition advice was provided by partner Adelaide Luke and associate Frederick Good in Hong Kong.
Partner Nanda Lau led a Shanghai corporate team on the deal, assisted by senior associate Angela Zhao and associate Tianchan Li, while associate Alvin Zheng from the Herbert Smith Freehills Kewei joint operation provided support on Chinese law aspects.
In New York, corporate partner James Robinson, senior associate Danielle MacGillivray and visiting attorney Paola Ordonez advised on corporate and US law issues.
全球领先的律师事务所史密夫斐尔为华润资本管理有限公司以15亿港元牵头收购City Super母公司股权提供法律服务。City Super旗下经营亚洲高端食品和生活方式连锁超市，遍及上海、香港和台湾。
华润资本管理有限公司是中国最大企业集团之一华润集团的投资管理部门，此次与Asia Food Growth Fund合作，从Fenix Group Holdings Limited、Lane Crawford Joyce Group和其他现有股东收购City Super总共65%的股份。
City Super 自今年年初宣布出售意向后，吸引了数位中国内地买家。
合伙人唐镇邦率领的香港办公室团队主要成员包括樊乐生(Senior Associate)、李肇伦(Associate)和顾晓怡(Trainee)。黎翠芬(Senior Associate)针对房地产、Tess Lumsdaine (Senior Consultant)针对雇佣法，以及梁苏珊(Tax Consultant)针对税法提供专家支持。合伙人陆雅丽Adelaide Luke和Frederick Good (Associate)就竞争法提供建议。
纽约办公室公司事务合伙人James Robinson、Danielle MacGillivray (Senior Associate)以及Paola Ordonez (Visiting Attorney)就美国法方面提供咨询。