Slaughter and May is advising Rainbow Capital as financial adviser to Worth Glory Limited on the proposed privatisation of Sinosoft Technology Group Limited

Slaughter and May is advising Rainbow Capital (HK) Limited (Rainbow Capital) as financial adviser to Worth Glory Limited (Offeror), on the proposed privatisation of Sinosoft Technology Group Limited (Sinosoft), a company listed on the Hong Kong Stock Exchange (stock code: 1297). The privatisation will be implemented by way of a scheme of arrangement pursuant to the Companies Act of the Cayman Islands. Upon completion of the privatisation, the Offeror will hold 100% of the shares in Sinosoft, and Sinosoft will apply for withdrawal of the listing of its shares on the Hong Kong Stock Exchange.

The privatisation proposal was announced on 14 December 2023. The total amount of cash required to implement the privatisation proposal is approximately HK$210 million (US$27 million).

Sinosoft is incorporated in the Cayman Islands and has been listed on the Main Board of the Hong Kong Stock Exchange since 9 July 2013. It is a provider of application software products and solutions in the PRC and is principally engaged in the development and related services of big data software and low carbon and ecology software for government agencies.

The Offeror is a company incorporated in the British Virgin Islands and is wholly-owned by Sinosoft’s chairman and controlling shareholder.

Benita Yu, lead partner, comments, “We are pleased to have the opportunity to work with Rainbow Capital and the controlling shareholder of Sinosoft on this take private transaction in the information technology industry, and look forward to joining hands with the other advisers for a smooth implementation of the scheme.”