Advised Mingfa Group (International) Company Limited on the disposal

Recently, Chungs Lawyers in association with DeHeng Law Offices advised Mingfa Group (International) Company Limited (“Mingfa”, together with its subsidiaries “Mingfa Group”) on the disposal of 20% of the issued share capital of Superb Land Limited (“Target Company”) and sale loans at a total consideration of HK$625 million (“Disposal”). The principal business of the Target Company is investment holding of a company which directly holds a property development project in Shouson Hill, which is known as the ‘‘No. 15 SHOUSON’’. No. 15 SHOUSON is a luxury residential property development project which offers 15 detached houses with a total gross floor area of approximately 87,200 square feet.

The Disposal constituted a major transaction under Chapter 14 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”). The Disposal was approved by way of a written shareholders’ approval in lieu of holding a general meeting pursuant to Rule 14.44 of the Listing Rules.

Mingfa is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 846). Mingfa Group is one of the leading developers of integrated mixed-use commercial complexes and large-scale mixed-use residential properties in the PRC. Mingfa Group also develops hotels and industrial properties such as logistics centres and research and development centres.

The deal is led by lead partners Ernest Chung and Stephen Kei of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, and supported by the team members including Adrian Mak, Edwin Wong, Fiona Kam, Jacky Lam, Alex Tsoi and Daniel Ting.

Advised CNNC on the Resumption of Trading on the Stock Exchange

Chungs Lawyers (in association with DeHeng Law Offices) has advised CNNC International Limited (the “Company”, together with its subsidiaries, the “Group”) to successfully resume trading of its shares (“Shares”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Company is a member of China National Nuclear Corporation (中国核工业集团有限公司) and its Shares are listed on the Stock Exchange (Stock Code: 2302). The Group is currently principally engaged in the uranium trading business and the uranium resources development business. Trading in its Shares had been suspended with effect from 30th April, 2021. Pursuant to Rule 6.01A (1) of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the Company, the 18-month period will expire on 29th October, 2022.

Pursuant to the resumption guidance (“Resumption Guidance”) imposed by the Stock Exchange, the Company should satisfy the following resumption conditions before 29th October, 2022:

(1) conduct an appropriate independent review into the issues, assess the impact on the Company’s business operation and financial position, announce the findings and take appropriate remedial actions;

(2) conduct an independent internal control review and demonstrate that the Company has in place adequate internal controls and procedures to meet the obligations under the Listing Rules;

(3) publish all outstanding financial results required under the Listing Rules and address any audit modifications;

(4) demonstrate the Company’s compliance with Rule 13.24 regarding sufficient operations and assets to warrant the continued listing of its Shares; and

(5) inform the market of all material information for the Company’s shareholders and investors to appraise the Company’s position.

Chungs Lawyers worked closely with the Company's directors and senior management and advised on the resumption strategies. In particular, Chungs Lawyers took lead responsibility, together with the Company’s financial adviser, China Galaxy International Securities (Hong Kong) Co., Limited, for overseeing the process of various independent investigations on relevant issues, advising on the direction of investigation, advising on compliance with the Listing Rules in relation to the Company’s business operations, and handling the legal and regulatory aspects of the resumption process. Additionally, the team cooperated with auditors and financial adviser to the Company in terms of financial statements and auditors’ opinions, and was responsible for ongoing communications with the Stock Exchange.

As all the resumption conditions have been satisfied, the Company has been approved by the Stock Exchange for the resumption of trading in the Shares. The Shares has resumed trading on the Stock Exchange with effect from 9:00 a.m. on 18 October 2022.

Advised the Managers on the issuance of U.S.$62,000,000 listed bonds

Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, being the legal advisers to the Managers, advised Tongren Energy Investment Group Limited (铜仁市能源投资集团有限公司) (the “Issuer”, together with its subsidiaries, the “Group”) on its issuance of U.S.$62,000,000 6.0% bonds due 2023, and listed on the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange").

Established in 2012, the Group is substantially controlled by the Tongren City SASAC (铜仁市国有资产监督管理局) and is one of the predominant investment groups in Guizhou Province, with a focus on construction, sales of natural gas, charging piles and supply of electricity in Tongren City, Guizhou Province. Leveraging on the development of Tongren City and Guizhou Province, strong shareholder’s support and an experienced management team of the Group, the Group has participated in most of Tongren City’s key construction projects.

Listing of the bonds on the Hong Kong Stock Exchange commenced on 19 September 2022 (Stock code: 5537).

The Partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang, Liz Tang, and Vince Chan.