DeHeng Advised Weifang Financial Holding

on Acquiring Tongda Island New Materials

2021-09-30

On September 29, 2021, Shandong Tongda Island New Materials Co., Ltd. (stock code: 300321) issued an announcement, disclosing that its controlling shareholder was changed from Shandong Tongda Group Co., Ltd. to Weifang Financial Holding Group Co., Ltd., and de facto controller to the Investment and Financing Management Center of Weifang Municipal Government.

Considering the restrictions on the transfer of the shares held by Tongda Group, Weifang Financial Holding acquired part of the shares of Tongda Island New Materials held by the latter, and obtained 29.99% of its voting rights by accepting the entrustment of some voting rights of the other shares held by Tongda Group, hence realizing the control over Tongda Island New Materials.

As the special legal counsel for the acquirer, Weifang Financial Holding, the DeHeng team was led by partners Sang Shidong and Hao Tiansheng, with primary support from lawyers and paralegals such as Zhang Mengqi, Jin Xiaolong, Pan Yalei and Liu Songzi’an. They provided comprehensive, professional, efficient and high-quality legal services for the deal, including transaction structure design, due diligence, drafting of transaction documents, issuance of legal opinions, and assisting the acquirer in obtaining approval from regulatory authorities, delivery and transaction execution.

About the partners: