At the 49th meeting of CSRC Public Company M&A and Restructuring Review Committee, Anhui Saunaking Co., Ltd.’s plan of acquiring 100% stake in Shenzhen Josesauna Co., Ltd. via payment of cash and offering of shares gained approval in its No. [2014] 1111 notice issued on October 30, 2014.
Anhui Saunaking Co., Ltd. (“Saunaking”, stock code: 300247) is a leading household infrared healthcare facilities manufacturer which had its IPO and listing on the GEM board in July 2011. The transaction in question— a horizontal merge between two leading businesses in their respective niche markets—would supplement each other in technology, products and markets and improve the bargaining power and market share of infrared healthcare facilities in and outside China.
As of December 15, 2014, Saunaking has completed transference of the subject matter, supporting fund raising, offering of new shares and increase of registered capital.
Guoyuan Securities acted as independent finance adviser for Saunaking, HPTJ CPA as auditor and Zhongyuanzhishui Asset Appraisal Co., Ltd. as asset evaluation agency. A Dacheng team composed of Beijing-based partner Fang Liguang, associates Zhao Weichang and Li Wenjuan provided comprehensive legal counsel for the issuer.
The team conducted due diligence, assisted the issuer in mapping out the transaction plan, drafted and reviewed all legal documents regarding the transaction and participated in CSRC’s approval meeting.
Their quality and effective service guaranteed the smooth execution of the transaction and won recognition from the client and other intermediaries.
Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 50 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including Hong Kong SAR, China. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.
