International law firm Freshfields Bruckhaus Deringer has advised China Development Bank Capital Corporation Ltd (“CDB Capital”) on its HK$768m public takeover of New Capital International Investment Limited (“New Capital”) , an investment company listed on Hong Kong Stock Exchange, pursuant to Chapter 21 of the Listing Rules.

Upon completion on 21 March 2012, CDB Capital, through its nominee, successfully subscribed for 1.92 million new shares, an equivalent of a 66.16% equity stake in New Capital. 

CDB Capital was established as the only investment arm of China Development Bank Corporation and it currently manages capital investments of approximately RMB100 billion . It intends to use New Capital as an overseas investment platform. The Freshfields team was also asked to advise CDB Capital on its future business plan enquiry, with the Hong Kong Stock Exchange, and its strategic alliance with private equity firm, KKR. 

Freshfields’ Beijing-based corporate partner Richard Wang commented: “We are delighted to have assisted CDB Capital on this unique deal which involves Chapter 21 of the Listing Rules and we look forward to supporting the company in its plan for overseas investments.” 

The Freshfields team was led by corporate partner Richard Wang. He was assisted by corporate associates Alan Zhang, Amplosia Liu and legal consultant Will Wang.