Appleby acted as Cayman counsel for China Binary New Fintech Group ("China Binary", together with its subsidiaries, the "Group") in respect of the privatisation by way of Cayman court sanctioned scheme of arrangement ("Scheme").
The Appleby Hong Kong Corporate team was led by Partner Chris Cheng and assisted by Legal Executive Connie Wu. The team was also supported by Appleby Cayman Dispute Resolution team, led by Partner Tony Heaver-Wren and assisted by Paralegal Sharon Bailey.
The Scheme provides that each Scheme Shareholder is entitled to receive the cancellation price of HKD0.1 in cash for each Scheme Share cancelled, totalling an aggregated payment over HKD21 million.
China Binary was listed on GEM of the Hong Kong stock exchange. The Group is engaged in the provision of online transaction services, software technology services and financial services.
Data King Limited, the offeror, intends to maintain the existing business of the Group, and not to introduce any major changes to the business and/or assets of the Group, or to redeploy its major fixed assets or discontinue the employment of employees of the Group.
Our team regularly works with companies around the globe to help them deploy strategic growth and restructuring initiatives whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.