DeHeng Advised Da Heng Qin on Acquiring 

the Listed Company WorldUnion 

2020-09-24

Recently, Shenzhen WorldUnion Corporation (stock code: 002285) announced that Zhuhai Da Heng Qin Company Limited ("Da Heng Qin") acquired 15.9% of its shares, and obtained 14% of its voting rights entrusted by WorldUnion China, thus becoming its biggest-voting and controlling shareholder. The actual control of WorldUnion has changed into the hands of the State-owned Assets Supervision and Administration Commission of Hengqin Area of Zhuhai. Da Heng Qin first acquired the shares of the former biggest and then second largest shareholder of WorldUnion, and accepted the entrustment of voting rights from the former largest shareholder. DeHeng provided whole-process legal services for the deal – the acquisition of a listed company by state-owned capital.

Da Heng Qin is a key state-owned enterprise in Hengqin Area, and positioned as a "city operator + industry developer". WorldUnion is a leading and one of the largest comprehensive real-estate service providers in China. After the deal, WorldUnion, as the first domestic listed platform of Da Heng Qin, will assist Hengqin, in more respects, in building a demonstration zone for Guangdong-Hong Kong-Macao in-depth cooperation. 

As the legal counsel for the deal, DeHeng's Zhuhai and Shenzhen Offices formed a joint team, led by partners Tang Yongsheng and Chen Jian, with primary support from lawyers Han Xue and Zhang Wendong as well as trainee lawyers Li Lele, Peng Xingyuan, He Jing and Cheng Yahui. They provided whole-process legal services including deal negotiations, drafting and reviewing of documents, legal due diligence, and providing legal opinions and suggestions on issues such as control transfer, voting rights entrustment, and persons acting in concert.