Yue Xiu To Pay $1.5B For Hong Kong's Chong Hing Bank

Law360, New York (October 25, 2013, 1:01 PM ET) -- Yue Xiu Group Ltd., the trading arm of Guangzhou municipal people's government, has agreed to buy up to 75 percent of Chong Hing Bank Ltd. for about 11.64 billion Hong Kong dollars ($1.5 billion) as part of its push into Hong Kong, the companies announced in a joint statement Friday.

Under the terms of the transaction, Yue Xiu Financial Holdings Ltd. will make a voluntary conditional cash partial offer to acquire a maximum of 326,250,000 Chong Hing Bank shares at a price of HK$35.69 per share. If...
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