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Zhong Lun Advises Sansheng Hongye Investment (Group) Co., Ltd. on Acquisition of Zhongchang Marine Co., Ltd.
Zhong Lun Advises Sansheng Hongye Investment (Group) Co., Ltd. on Acquisition of Zhongchang Marine Co., Ltd.
On May 24, 2010, China Securities Regulatory Commission conditionally approved the acquisition and major assets reorganization of China Zhongchang Marine Company Limited (“Zhongchang Marine") by Shanghai Sansheng Hongye Investment (Group) Co., Ltd. (“Sansheng Hongye") On August 25, the commission granted formal approval of issuance of stocks by Zhongchang Marine to Sansheng Hongye.
Zhong Lun Law Firm acted as legal advisor for the acquirer Sansheng Hongye, Attorneys-at-law Machael Gu and Xiang Jin provided full legal services. Huatai United Securities acted as the acquirer’s financial advisor.
Established in June 1993, Zhongchang Marine, formerly Guangdong Hualong Groups Limited Company, is a China-based company principally engaged in shipping services. Due to losses for three consecutive years, the company was suspended from listing in May 2007. The reorganization by Sansheng Hongye has helped Zhongchang Marine get out of the financial difficulties and resume listing. During the year ended December 31, 2009, shipping services contributed approximately 100% of the company’s total revenue.
Shanghai Sansheng Hongye Investment (Group) Co., Ltd., through its subsidiaries, operates in the shipping, real estate, and biotechnology sector. The company was founded in 1993 and is based in Shanghai, China.
