Advised on Yanchang Petroleum International's HK$280 million share issue

2023-01-16

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Yanchang Petroleum International Limited (“Yanchang Petroleum International”) (Stock Code: 346) on its issue of new shares under general mandate for cash consideration of HK$280 million. 

Yanchang Petroleum International engages in both the upstream and downstream sectors of the oil and gas Industry and is an important platform to develop the overseas business of the Yanchang Petroleum Group, being the majority shareholder of Yanchang Petroleum International. Yanchang Petroleum Group is among the top four state-owned oil and gas enterprises in China, which ranked No. 234 in the Fortune Global 500 in 2021.  Chang An Huitong Co., Ltd.* (長安匯通有限責任公司), being the only provincial-level state-owned capital management enterprise in Shaanxi Province established with the approval of Shaanxi Province State-owned Assets Supervision and Administration Commission* (陝西省人民政府國有資產監督管理委員會), subscribed for the new shares issued by Yanchang Petroleum International through its Hong Kong subsidiary.

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Yanchang Petroleum International on the negotiation and drafting of the subscription agreement and relevant transaction documents as well as the application for exemption in respect of connected transactions from The Stock Exchange of Hong Kong Limited. Comprehensive, efficient and professional legal services were provided to the client. The deal was led by lead partner Howard Lau and supported by associate Alaida Au and trainee solicitor Alex Tsoi.