Allbright represents Yongfeng Group and Ningbo Taihong to acquire the control right of listed company Fulin Transportation (002357)2018-12-266322
Recently, on behalf of Yongfeng Group Co., Ltd. (“Yongfeng Group”) and Ningbo Taihong Enterprise Management Co., Ltd. (“Ningbo Taihong”), Allbright provided full legal services for its acquisition of the control right of Sichuan Fulin Transportation Group Co.,Ltd. (“Fulin Transportation” or “Listed Company”, securities code: 002357).
Fulin Transportation has been listed on Shenzhen Stock Exchange since February, 2010, and it is the largest passenger transport service enterprise in Sichuan Province, ranking 14th among the top 100 honest enterprises in China’s road transport industry (2017). The company has about 12,000 employees, 36 passenger stations, 5,130 vehicles and 848 domestic lines. The total assets of the company amount to RMB 2.71 billion, and the total profit in 2017 is about RMB 130 million.
Yongfeng Group is a large private enterprise group in Shandong Province, with total assets of nearly RMB 25 billion. In 2017, it achieved revenue of nearly RMB 24 billion yuan and net profit of RMB 2.97 billion yuan. It has more than 20 subsidiaries, including Shandong Laigang Yongfeng Steel Corp. and Steel Group Yongfeng Zibo Co., Ltd., which are mainly engaged in iron and steel metallurgy, real estate, municipal services, financial investment, foreign trade, cultural tourism, etc. Among them, the main industry of steel is the largest production base of building materials in Shandong, with a capacity of 8 million tons.
In this transaction, Ningbo Taijhong acquired 14.5428% of the shares of the Listed Company held by Sichuan Fulin Enterprise Group Co., Ltd. (hereinafter referred to as “Fulin Group”), and Yongfeng Group acquired 15.3572% of the shares of the Listed Company held by Fulin group and Zhifu An. In total, Ningbo Taihong and Yongfeng Group held 29.9% of the shares of the Listed Company, making the actual controller of Ningbo Taihong and Yongfeng Group , Mr. Liu Feng, the actual controller of the Listed Company.
The project team entrusted to provide full legal services for the acquisition project includes AllBright Senior Partner Carl Li, Partner Summer Sheng, Associate Levana Wang.