China: Ogier Advise On Acquisition Creating The First Effectively US Publicly Listed Finance Business In Western China
Last Updated: 22 July 2016

Ogier lawyers based in three offices have acted as BVI counsel on an acquisition that has created, in effect, the first US publicly listed finance business in Western China.

Lawyers in Ogier's BVI, Hong Kong and Jersey offices advised NASDAQ-listed DT Asia Investments Limited on its acquisition of Adrie Global Holdings Limited, which was valued at over US$200 million.

The acquisition work was led by partner Michael Killourhy in Ogier's BVI office, supported by partner Simon Schilder (based in Jersey). Nathan Powell of Ogier's HK office advised on aspects of an equity private placement simultaneous with the acquisition.

Michael said: "We are absolutely delighted to have advised DT Asia from its IPO now through to its business combination.

"Not only does this reflect Ogier's capabilities as the BVI's leading SPAC practice, but also underlines the continuing confidence in BVI vehicles as both listing and acquisition vehicles.

"Our expertise in the SPAC market, and also our ability to offer advice on BVI law across time zones is generating significant interest in this area of business."

Adrie is the parent company of the China Lending Group, a non-bank direct lending business set up in 2009 to lend to micro, small and medium-sized businesses in China that are currently underserved by commercial banks.

The acquisition means that, through its acquisition by DT Asia, China Lending has, in effect, become the first US publicly listed finance business in Western China – a move that they say will enable them to access more funds, expand in their core market and access new territories.

Ogier has advised DT Asia Investments Limited since its IPO on Nasdaq in October 2014.

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