Clifford Chance advises NWS Holdings Limited on sale of interest in Taifook Securities

Hong Kong- LawFuel.com – Legal Newswire – Leading international law firm Clifford Chance has advised NWS Holdings Limited on its sale of a controlling interest in Taifook Securities Group Limited to Hai Tong (HK) Financial Holdings Limited for HK$1.82 billion.

NWS Holdings agreed to dispose of a 52.86 per cent interest in Taifook, which upon completion will trigger a mandatory general offer for Taifook’s remaining shares under the requirements of the Hong Kong Takeovers Code.

NWS Holdings Limited is a subsidiary of New World Development Company Limited, a major Hong Kong conglomerate with core businesses in property and hotels, infrastructure, services, and department stores in Hong Kong, Macau and mainland China. New World Development, NWS Holdings and Taifook are all listed on the main board of the Hong Kong Stock Exchange.

The buyer is a subsidiary of Haitong Securities Co., Ltd., a company listed on the Shanghai Stock Exchange. This is believed to be one of the first takeovers of a Hong Kong securities company by a Mainland securities company.

Hong Kong partner Cherry Chan advised NWS Holdings on the transaction, assisted by senior associate Virginia Lee and associate Bryan Koo.

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