Slaughter and May advised CMB International Capital on the USD51 million issuance and sale of shares of Shandong Fengxiang Co., Ltd
Slaughter and May, Hong Kong, advised CMB International Capital Limited (“CMBI”) as the sole overall coordinator in relation to the issuance of new H shares in Shandong Fengxiang Co., Ltd. (“Shandong Fengxiang”), raising approximately HKD280 million (approximately USD36 million), and the sale of the existing H shares held by Falcon Holding LP, the controlling shareholder of Shandong Fengxiang, raising approximately HKD120 million (approximately USD15 million).
The issuance of new H shares and the sale of the existing H shares are for Shandong Fengxiang to restore its public float and resume the trading of its H shares. The net proceeds raised by Shandong Fengxiang from its issuance of new shares will be used to improve its liquidity position and replenish working capital.
Shandong Fengxiang is the largest white-feathered broiler meat exporter and the leading retail enterprise of chicken meat food in China. It has been listed on the Main Board of The Stock Exchange of Hong Kong since 2020 (stock code: 9977).
CMBI is a licensed corporation under the SFO licensed to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities