Slaughter and May advised Alibaba on its investment in China International Capital Corporation Ltd. (CICC)19 Feb 2019
Slaughter and May, Hong Kong, advised Alibaba Group Holding Limited (Alibaba) on its investment, through its indirect wholly-owned subsidiary Des Voeux Investment Company Limited, in China International Capital Corporation Ltd. (CICC). On 19 February 2019, it was announced that Alibaba had acquired a further 117 million existing CICC shares at an average price of HK$15.50 per share on 14 February 2019, in addition to the 85 million existing CICC shares that Alibaba had previously purchased at an undisclosed price. The total number of shares acquired by Alibaba represented as at 19 February 2019 approximately 4.84% of CICC’s total issued shares and 11.74% of CICC’s total issued H shares.
CICC was the first joint venture investment bank in China. It is a premier investment bank headquartered in China with an international presence, and is listed on the Hong Kong Stock Exchange (Stock Code: 3908).
Alibaba is a company incorporated in the Cayman Islands and its businesses comprise core commerce, cloud computing, digital media and entertainment and innovation initiatives. Alibaba’s shares are listed on the New York Stock Exchange.
Benita Yu (partner), Nicola Lui (associate)
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