Galaxy Payroll is a reputable payroll outsourcing service, employment, consultancy and market research service provider based in Hong Kong which provides services through its indirectly wholly-owned subsidiaries to customers mainly categorized as (i) global human resources’ service providers engaged by companies/organizations to handle payroll and/or employment-related matters for their branch offices in different regions; (ii) end-users which are mainly multinational companies/organizations that outsource their payroll and/or employment functions to Galaxy Payroll directly; and (iii) end-users consulting Galaxy Payroll for their future expansion worldwide.

Our Partners, Hank Lo and Gordon Tsang, together with Associate Gary Kwok, acted as the Hong Kong legal counsel for R. F. Lafferty in the Nasdaq Listing.

Please contact Hank Lo or Gordon Tsang for any enquiries or further information about this transaction.

The Issuer is a state-owned enterprise 90% owned by the State-owned Assets Supervision and Administration Commission of Weifang City and 10% owned by Shandong Caixin Asset Operation Co., Ltd.  The Issuer is a major water supply, investment and construction entity in Weifang City. The main businesses of the Issuer and its subsidiaries include engineering construction and housing sales, water sales, financing and factoring, trade and others.

Fortune Origin Securities Limited (formerly known as AMC Wanhai Securities Limited), Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Haitong International Securities Company Limited, Head & Shoulders Securities Limited, Dongxing Securities (Hong

Kong) Company Limited, Tung Yat Securities Limited, Raising International Securities Limited, Yuan Tong Global Securities Limited, TFI Securities and Futures Limited, Orient Securities Limited, Integrity Construction & Development Securities Group Limited and Mango Financial Limited acted as the placing agents in this issuance.

Our team was led by Partner Mr. Rodney Teoh, supported by team members including Associates Ms. Angela Lau and Ms. Audrey Ng, Trainee Solicitor Mr. Leo Choi and Paralegal Mr. Jay Lee.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

Stevenson, Wong & Co. acted as international counsel for the placing agents in the successful issuance of CNY107.5 million 8.0% bonds due 2025 by Liaocheng Guotai Dongchang Urban Construction & Development Group Co., Ltd. (the “Issuer”).

The Issuer is a state-owned enterprise wholly-owned by the Liaocheng Dongchangfu Finance Bureau. The Issuer is major land development and urban construction entity and a state-owned asset operator supported by the Liaocheng Dongchangfu District People’s Government. The main business of the Issuer and its subsidiaries is to undertake the investment, financing, implementation, and operation of affordable housing projects, with a focus on the demolition and resettlement of such projects.

Fortune Origin Securities Limited (formerly known as AMC Wanhai Securities Limited) and Haitong International Securities Company Limited acted as the joint global coordinators, joint lead managers and joint bookrunners. BOCOM International Securities Limited, TFI Securities and Futures Limited, Tung Yat Securities Limited and Shenwan Hongyuan Securities (H.K.) Limited acted as the joint lead managers and joint bookrunners.

Our team was led by Partner Mr. Rodney Teoh, supported by team members including Associates Ms. Angela Lau and Ms. Audrey Ng, Trainee Solicitor Mr. Leo Choi and Paralegal Mr. Jay Lee.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

The Issuer is a state-owned enterprise wholly-owned by the Weihai Nanhai New District Management Committee.  The Issuer is one of the crucial state-owned investment and operating entities in the Weihai Nanhai New District, principally engaged in the businesses of agent construction, sales of products and water supply.  Fortune Origin Securities Limited, Tung Yat Securities Limited and China Galaxy International Securities (Hong Kong) Co., Limited acted as the placing agents in this issuance.

Our team was led by Partner Mr. Rodney Teoh, supported by team members including Associates Ms. Angela Lau and Ms. Audrey Ng, Trainee Solicitor Mr. Leo Choi and Paralegal Mr. Jay Lee.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

Garden Stage through its wholly-owned operating subsidiaries, are licensed to conduct Type 1 (dealing in securities) regulated activities, Type 4 (Advising on Securities) regulated activities and Type 9 (Asset Management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The operating subsidiaries are Hong Kong-based financial services’ roviders principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; and (iii) asset management services.

Our Partners, Hank Lo and Gordon Tsang, together with Associate Gary Kwok, acted as the Hong Kong legal counsel for Garden Stage in the Nasdaq Listing.

Please contact Hank Lo or Gordon Tsang for any enquiries or further information about this transaction.

Stevenson, Wong & Co. acted as international counsel for the placing agents in the successful issuance of CNY497 million 7.9% bonds due 2026 by Sichuan Naxing Industrial Group Co., Ltd. (the “Issuer”).

The Issuer is a state-owned enterprise 90% owned by the State-owned Assets Supervision and Administration Commission of the People’s Government of Luzhou and 10% owned by the Sichuan Provincial Department of Finance.  The Issuer is principally engaged in infrastructure construction agent, property sales, asset leasing and commodity sales businesses in Luzhou City.

Carlyon Securities Limited and Hong Kong Main Fund Securities Limited acted as the joint global coordinators, joint lead managers and joint bookrunners. Zhongtai International Securities Limited, CCB International Capital Limited, Essence International Securities (Hong Kong) Limited, Donghai International Securities (Hong Kong) Limited, CNI Securities Group Limited and Blackwell Global Securities Limited acted as the joint lead managers and joint bookrunners.

Our team was led by our Partner Mr. Rodney Teoh, supported by team members including Associates Ms. Angela Lau and Ms. Audrey Ng, and Trainee Solicitor Mr. Leo Choi.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.