Cayman Islands: Cayman Asia M&A Report H1 2017

 We are pleased to present this Cayman Asia M&A Market Report which recaps merger and acquisition activity involving Cayman public companies listed on the Stock Exchange of Hong Kong ("SEHK") in the first half of 2017.

Conyers is particularly active in this space, leading the Asian market in advising on Mergers & Acquisitions. The first six months of 2017 saw 68 equity acquisitions among SEHK listed companies, with an aggregate deal value of HK$45.72 billion (US$5.858 billion). Active industry sectors included Construction & Engineering, Consumer Services and Technology.

Growth in Asian M&A activity remains slow, with both deal volume and value declining. The same is true globally, where strategic M&A transactions have decreased. This is not surprising given geo-political uncertainties. However, consortium bids led by private equity have offset some of this decline.

This report provides details of transactions and statistical information about the size and growth of the Cayman public companies market in Asia, which we hope will be of interest to our clients and Cayman market followers.

JANUARY

  • HNA Ecotech (HK) Co. Limited acquired a 61.39% equity stake in Advanced Card Systems Holdings Limited (SEHK:2086) for HK$536.04 million (US$69 million).
  • Investor(s) acquired an equity stake in China Hanya Group Holdings Limited (SEHK:8312) for HK$336.24 million (US$43.45 million).
  • Investor(s) acquired an equity stake in Global Link Communications Holdings Limited ( SEHK:8060) for an undisclosed sum.
  • Investor(s) acquired an equity stake in Hanbo Enterprises Holdings Limited (SEHK:1367) for HK$246.51 million (US$32 million).
  • Cititrust Private Trust (Cayman) Limited acquired a 2.3% equity stake in Modern Land (China) Co. Limited (SEHK:1107) for an undisclosed sum.
  • Jumbo Grand Enterprise Development Limited acquired a 0.24% equity stake in New Concepts Holdings Limited (SEHK:2221) for an undisclosed sum.
  • Investor(s) acquired a 20% equity stake in Newton Resources Ltd. (SEHK:1231) from Faithful Boom Investments Limited for an undisclosed sum.
  • Power View Group Limited acquired a 75% equity stake in Odella Leather Holdings Limited (SEHK:8093) from Quality Century Limited, Design Vanguard Limited and Olson Global Limited, for an undisclosed sum.
  • Investor(s) acquired an equity stake in On Real International Holdings Limited (SEHK:8245) for an undisclosed sum.
  • Investor(s) acquired an equity stake in Vision Fame International Holding Limited (SEHK:1315) for an undisclosed sum.
  • Rexell Technology Company Limited acquired an equity stake in Wai Chi Holdings Company Limited (SEHK:1305) for HK$41.17 million (US$5.3 million).

FEBRUARY

  • China Fund Limited acquired a 15% equity stake in China U-Ton Holdings Limited (SEHK:6168) from Jiang Changqing for HK$226.51 million (US$29.21 million).
  • Hao Tian Development Group Limited (SEHK:474) acquired a 75% equity stake in Clear Lift Holdings Limited (nka: Hao Tian International Construction Investment Group Limited) (SEHK:1341) from Tang J F T Company Limited for HK$592.5 million (US$76.4 million).
  • Choi Chui Fai Stanley acquired a 64.77% equity stake in International Entertainment Corp (SEHK:1009) from Mediastar International Limited for HK$1.558 billion (US$200.85 million).
  • Investor(s) acquired an equity stake in Kaisa Group Holdings Ltd. (SEHK:1638) for HK$499.63 million (US$64.4 million).
  • State Energy HK Limited acquired a 14.74% equity stake in LC Group Holdings Limited (nka: Royal China International Holdings Limited) SEHK:1683) from Chew Christina Mooi Chong for HK$127.33 million (US$16.4 million).
  • Shangtex Holding Co., Ltd. acquired a 74.51% equity stake in Luen Thai Holdings Ltd. (SEHK:311) from a group of shareholders for HK$1.936 billion (US$249.6 million).
  • Ko Chun Hay Kelvin acquired a 12.5% equity stake in Super Strong Holdings Limited (SEHK:8262) from Best Brian Investment Limited for HK$33.5 million (US$4.3 million).

MARCH

  • HNA Ecotech (HK) Co. Limited acquired a 30.26% stake in Advanced Card Systems Holdings Limited (SEHK:2086) for HK$257.21 million (US$33 million).
  • China Mengniu Dairy Company Limited (SEHK:2319) acquired an equity stake in China Modern Dairy Holdings Ltd. (SEHK:1117) from CDH Investments and KKR & Co. L.P. (NYSE:KKR) for HK$1.884 billion (US$241.5 million).
  • Hao Tian Development Group Limited (SEHK:475) acquired a further equity stake in Clear Lift Holdings Limited (nka: Hao Tian International Construction Investment Group Limited) (SEHK:1341) for HK$45.78 million (US$6 million).
  • HNA Group Co., Ltd., Shanghai AJ Trust & Investment Co., Ltd., and Shanghai Yihang Enterprises Management Partnership Limited, L.P. acquired an equity stake in Jia Yao Holdings Limited (SEHK:1626) for an undisclosed sum.
  • Investor(s) acquired a 4.25% equity stake in ICO Group Limited (SEHK:1460) from Cloud Gear Limited for HK$34 million (US$4.4 million).
  • China Boan Group Co., Ltd. (SZSE:000009) acquired a 14.98% equity stake in IPE Group Limited (SEHK:929) from a group of 15 sellers including Tottenhill Ltd. for HK$839.85 million (US$108 million).
  • Investor(s) acquired an equity stake in Kwan On Holdings Limited (SEHK:1559) for HK$74.58 million (US$9.6 million).
  • Morning Star Resources Limited acquired a 10.78% equity stake in MOBI Development Co., Ltd. (SEHK:947) from SOFTBANK Asia Infrastructure Fund managed by SAIF Partners for an undisclosed sum.
  • Power View Group Limited acquired a 1.68% equity stake in Odella Leather Holdings Limited (SEHK:8093) from public shareholders for HK$7.84 million (US$1 million).
  • Steel Dust Limited acquired an equity stake in Pak Wing Group (Holdings) Limited (SEHK:8316) for HK$324.06 million (US$41.74 million).
  • Investor(s) acquired an equity stake in Winto Group (Holdings) Limited (SEHK:8238) for HK$42.31 million (US$5.5 million).

APRIL

  • Jade Leader International Investment Limited, Ever Star International Investment Limited and Yang Lijun acquired a 27.8% equity stake in Ceneric (Holdings) Limited (SEHK:542) from VMS Investment Group Limited and others for HK$281.24 million (US$36.2 million).
  • Shanghai Wuniu Network Technology Company Limited and Tiantu Investments International Limited acquired a 19.56% equity stake in China Netcom Technology Holdings Limited (SEHK:8071) from Leung Ngai Man for HK$66.14 million (US$8.5 million).
  • Rentian Technology Holdings Limited (SEHK:885) acquired an equity stake in Enterprise Development Holdings Limited (SEHK:1808) for HK$260.98 million (US$33.5 million).
  • Zhang Qiang acquired a 55% equity stake in Feishang Non-Metal Materials Technology Limited (SEHK:8331) from Feishang Group Co., Ltd. for HK$192.5 million (US$25 million).
  • Investor(s) acquired a 29.3% equity stake in Future Bright Mining Holdings Limited (SEHK:2212) from Easy Flourish Limited for HK$148.29 million (US$19 million).
  • Investor(s) acquired a 2.5% equity stake in ICO Group Limited (SEHK:1460) from Friends True Limited for an undisclosed sum.
  • FountainVest Partners and China Media Capital acquired an equity stake in IMAX China Holding, Inc. (SEHK:1970) for HK$835.6 million (US$107.54 million).
  • Investor(s) acquired an equity stake in Golden Meditech Holdings Limited (SEHK:801) from Atlantis Investment Management (Hong Kong) Ltd. for HK$1.21 billion (US$156 million).
  • Investor(s) acquired a 14.58% equity stake in Kwan On Holdings Limited (SEHK:1559) from Twilight Treasure Limited and Fortune Decade Investments Limited for HK$158.17 million (US$20.4 million).
  • An undisclosed fund, existing substantial shareholder and an independent purchaser acquired a 14.5% equity stake in Lee's Pharmaceutical Holdings Limited (SEHK:950) from Sigma Tau Fianziaria S.p.A. for HK$579.58 million (US$74.6 million).
  • Mega Real Limited acquired an equity stake in Lifestyle Properties Development Limited (SEHK:2183) from Lifestyle International Holdings Limited (SEHK:1212) for HK$1.292 billion (US$166 million).
  • Wang LiangHi acquired a 42.04% equity stake in Millennium Pacific Group Holdings Limited (SEHK:8147) from CPIT Investments Limited and Seize Minute Limited for HK$142.27 million (US$19 million).
  • Martford Limited acquired an equity stake in Millennium Pacific Group Holdings Limited (SEHK:8147) for HK$33.45 million (US$4.3 million).
  • Investor(s) acquired an equity stake in Yestar Healthcare Holdings Company Limited (SEHK:2393) for an undisclosed sum.

MAY

  • Ever Star International Investment Limited, Jade Leader International Investment Limited and Yang Lijun acquired a 45.2% equity stake in Ceneric (Holdings) Limited (SEHK:542) from Star Advance International Limited for HK$602.79 million (US$77.4 million).
  • United Financial Holdings Group acquired an equity stake in Fraser Holdings Limited (SEHK:8366) from National Honour Investments Limited for HK$270.08 million (US$35 million).
  • China Baoan Group Co., Ltd. (SZZSE:000009) acquired a further equity stake in IPE Group Limited (SEHK:929) for HK$45.93 million (US$6 million).
  • CCOOP Group Co., Ltd. (SZSE:000564) acquired an equity stake in China Shun Ke Long Holdings Limited (SEHK:974) for HK$759.41 million (US$98 million).
  • Qiangda Limited acquired a 4.6% equity stake in Citychamp Watch & Jewellery Group Limited (SEHK:256) from Hon Kwok Lung for HK$350 million (US$45 million).
  • Steel Dust Limited acquired an equity stake in Pak Wing Group (Holdings) Limited (SEHK:8316) for HK$37.26 million (US$5 million).
  • Xiao Hua (HK) Company Limited acquired a 3.62% equity stake in Xiao Nan Guo Restaurants Holdings Limited (SEHK:3666) for HK$32.84 million (US$4.2 million).
  • PAG Asia Capital acquired the remaining 99.31% stake in Yingde Gases Group Company Limited ( SEHK:2168) from Brandes Investment Partners, L.P., Aberdeen Asset Management Limited, Equity Trustees Ltd., Asset Management Arm, Rongton Investments Limited, Ultra Growth Management Limited and Baslow Technology Limited for HK$23.690 billion (US$3.050 million).

JUNE

  • Investor(s) acquired an equity stake in China LNG Group Limited (SEHK:931) for HK$1.08 million (US$140 million).
  • CCOOP Group Co., Ltd. (SZSE:000564) acquired a further equity stake in China Shun Ke Long Holdings Limited (SEHK:974) for HK$293.98 million (US$37.7 million).
  • Jardine Strategic Holdings Limited (SGX:J37) acquired an equity stake in Greatview Aseptic Packaging Company Limited (SEHK:468) for approximately US$190 million.
  • 500.com Limited (NYSE:WBAI) acquired an equity stake in MelcoLotLimited (SEHK:8198) from Melco International Development Limited ( (SEHK:8198) from Melco International Development Limited (SEHK:200) for HK$322.24 million (US$41.34 million).
  • Shang Ying Financial Holding Co., Limited acquired an equity stake in S. Culture International Holdings Limited (SEHK:1255) for HK$672.34 million (US$86.5 million).
  • Investor(s) acquired a 18.48% equity stake in Shuanghua Holdings Limited (SEHK:1241) from Lai Yongzhong and Double Joy Enterprise Limited for HK$72.1 million (US$9.25 million).
  • e-Kong Group Limited acquired an equity stake in SingAsia Holdings Limited (SEHK:8293) from e-Kong Group Limited ( (SEHK:8293) from e-Kong Group Limited (SEHK:524) for HK$26.51 million (US$3.4 million).
  • China First Capital Group Limited (SEHK:1269) acquired an equity stake in Virscend Education Company Limited (SEHK:1565) for HK$808.76 million (US$104 million).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Richard Hall
Christopher W.H. Bickley
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Emails

From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

*** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.