30 Jun 2023

Stevenson, Wong & Co. acted for Neijiang Investment Holding Group Co., Ltd. on its successful issuance of CNY 297 million 7.80% Bonds due in 2028

Stevenson, Wong & Co. acted as international counsel for Neijiang Investment Holding Group Co., Ltd. (the “Issuer”) in its successful issuance of CNY 297 million 7.80% bonds due in 2028.

The Issuer is a state-owned enterprise 90% owned by the State-owned Assets Supervision and Administration Commission of Neijiang Municipal Government and 10% owned by Sichuan Provincial Department of Finance. It is the major investment and financing entity of the development and construction in Neijiang City.

16 Jun 2023

Stevenson, Wong and Co. advises Million Treasure International Holdings Limited in its general offer to acquire GT Steel Construction Group Limited (8402.HK)

Stevenson, Wong & Co. advised Million Treasure International Holdings Limited (the “Offeror”) in relation to (i) the acquisition (the “Acquisition”) of 69.12% of the entire issued share capital of GT Steel Construction Group Limited ( “GT Steel”) and 66,358,999 warrants issued by GT Steel at a total cash consideration of approximately HK$76 million (the “Consideration”); and (ii) the unconditional mandatory cash offers to acquire all the issued shares and outstanding warrants of GT Steel (the “Offers”). The entire issued share capital of GT Steel was valued at approximately HK$110 million.

15 Jun 2023

THE SFC PUBLISHED THE CIRCULAR ON TRANSITIONAL ARRANGEMENTS OF THE NEW LICENSING REGIME FOR VIRTUAL ASSET TRADING PLATFORMS

On 31 May 2023, the Securities and Futures Commission of Hong Kong (the “SFC”) issued a circular (the “Circular”) regarding the transitional arrangements of the new licensing regime for centralised virtual assets trading platforms (“VATPs”) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”), which has come into effect on 1 June 2023. Please see our news update on consultation conclusions on proposed regulatory requirements for VATP operators licensed by the SFC published on 23 May 2023 here.