Slaughter and May is advising China International Capital Corporation Hong Kong Securities Limited (CICC) as financial adviser to Thematic Bridge Investment Pte. Ltd., an investment holding company ultimately controlled by Boyu Group, LLC (Boyu), on its proposed voluntary conditional general cash offer (the Offer) for Jinke Smart Services Group Co., Ltd. (Jinke Services), a company incorporated in the PRC and listed on the Hong Kong Stock Exchange.
The Offer, which will be made at a cash consideration of HK$12 per share, was announced on 27 September 2022. The maximum amount of aggregate cash consideration to be paid to shareholders for all the offer shares under the Offer would be approximately HK$4,763 million (US$606 million).
As at 27 September 2022, approximately 22.69% of the total issued share capital of Jinke Services are held by the Boyu group through Broad Gongga Investment Pte. Ltd. (Broad Gongga) and another vehicle, which are not part of the offer shares under the Offer. The Offer will be subject to conditions including, among others, valid acceptances resulting in the Boyu group holding at least 30.40% of the issued share capital of Jinke Services and anti-trust clearance.
Founded in 2011, the Boyu group is an alternative asset management company with a comprehensive collaborative platform, focusing on private equity investment, listed company investment, venture capital investment and real estate and special opportunity investment. Using a theme-driven and long-term oriented approach, the Boyu group provides growth and transformational capital to leading companies in sectors including high technology, healthcare, consumer and business services.
Jinke Services is a joint stock company incorporated in the PRC with limited liability. Its group is principally engaged in the provision of space property management services, community value-added services, local catering services and smart living technology solutions in the PRC.
This transaction adds to the Firm’s substantial experience in takeovers by PE funds of HK listed companies, including Asia Satellite (by Carlyle), I.T (by CVC Capital Partners), Clear Media (by a consortium including CWG Fund) and Yingde Gases (by PAG).