Slaughter and May, Hong Kong, is advising Purity Investment Limited, which is established by the executive directors of Huifu Payment Limited (“Huifu”), acting as the offeror, in relation to the proposed delisting of Huifu from the Hong Kong Stock Exchange. The proposal will be implemented by way of a scheme of arrangement pursuant to the Companies Act of the Cayman Islands. The scheme consideration includes a cash alternative and a share alternative involving the shares of the offeror.
Irrevocable undertakings to vote in favour of the proposal have been obtained from 6 investors of Huifu holding approximately 63.59% of the total issued share capital of Huifu as at the date of announcement. Upon completion of the proposal, Huifu will apply for the withdrawal of the listing of its shares on the Hong Kong Stock Exchange.
The proposal was announced on 23 Dec 2020. The amount of cash required to implement the proposal is approximately HK$1,251.5 million (US$161 million).
The offeror is an exempted company incorporated in the Cayman Islands with limited liability and is beneficially held by the three executive directors of Huifu.
Huifu is a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the Main Board of the Hong Kong Stock Exchange. Huifu is a leading independent third-payment service provider in China which engages in the businesses of providing merchant payment solutions and fintech enabling services to Internet finance providers and commercial banks.