7 August, 2012
Baker & McKenzie recently advised CITIC Securities Company Limited (“CITICS”) on Hong Kong regulatory issues in connection with the purchase of a 19.9 percent interest in CLSA by CITIC Securities International Company Limited (“CITICS International), a wholly-owned subsidiary of CITICS, for a cash consideration of US$310.32 million from Crédit Agricole Corporate & Investment Bank.
Concurrently, CITICS International has entered into an agreement with Crédit Agricole Corporate & Investment Bank in relation to the irrevocable granting of an option for it to sell to CITICS International the remaining 80.1% interest in CLSA for a cash consideration of US$941.68 million.
CITICS International has become a minority shareholder of CLSA and Crédit Agricole Corporate & Investment Bank remains as the controlling shareholder of CLSA. Mr Yin Ke, Vice Chairman of CITICS and CEO of CITICS International will join the board of CLSA.
The Baker & McKenzie team was led by Hong Kong-based securities partner Rossana Chu. The team had lead responsibility Hong Kong regulatory issues in connection with the acquisition.
CITIC Securities Company Limited is a leading full service investment bank in China. It is listed on the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. It operates across the principal business areas of securities brokerage, investment banking, and asset management.
CITIC Securities Company Limited is one of the constituents stocks of both SSE 50 and MSCI China Index, as well as one of the top five constituents stocks in FTSE/Xinhua A50 China Index. It is also a constituent stock of the Hang Seng China H-Financials Index, Hang Seng China AH Index Series, Hang Seng Global Composite Index, Hang Seng Composite Index, Hang Seng Composite Industry Index – Finance, and the Hang Seng Composite MidCap index.
For further information, please contact:
Jamie Kar, Baker & McKenzie
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