Announcement

Eric Chow & Co. in Association with Commerce & Finance Law Offices (“TSHK”) advised Tomorrow Education Technology Limited (“Tomorrow Education”) in an acquisition of approximately 75% of the issued shares in CTEH INC. (HKEX: 1620), a listed company of the Main Board of The Stock Exchange of Hong Kong Limited, for a consideration of HK$273 million, which triggered the requirement to make a mandatory unconditional general offer (the “General Offer”) under the Hong Kong Takeovers Code.

The General Offer was completed at approximately HK$0.2278 per share of CTEH INC., valuing at HK$273 million of its total issued share capital. CTEH INC. is principally engaged in providing travel products and services in Canada and in the United States. CCB International Capital Limited acted as the financial adviser of Tomorrow Education.

TSHK led the legal due diligence process of the acquisition, as well as the negotiations, preparation and the execution of transaction documents for the acquisition and the General Offer. The team was led by Eric Chow (Managing Partner) and Priscilla Lee (Partner), assisted by Brandon Chow (Counsel) and Kathleen Liu (Trainee Solicitor).

Commerce & Finance Law Offices ("Tongshang") represented Ling Yue Services Group Limited (HKEX:2165) (Ling Yue Services) as PRC counsel in its HK$293.3 million (US$37.8 million) listing on the Main Board of the Stock Exchange of Hong Kong (HKEX).

Ling Yue Services Group Limited is a reputable property management company rooted in Sichuan Province with a well-established position in Western China and a presence across China.

Tongshang has in recent years advised on 24 Hong Kong IPOs in property management industry, including Yuexiu Services Group Limited (HKEX: 6626); New Hope Service Holdings Limited (HKEX: 3658); and Zhong Ao Home Group Limited (HKEX:1538). Commerce & Finance Law Offices IPO practice continues to be one of the leaders in the Hong Kong IPO market. According to latest data from Ryanben Capital, Tongshang was the no. 1 legal adviser to PRC law in the Hong Kong IPO league table by deal volume in the past 6 months (January – June 2021).

Commerce & Finance Law Offices ("Tongshang") represented the joint sponsors and underwriters in the successful listing of Keymed Biosciences Inc. (HKEX:2162) (KEYMED BIO-B) on the Main Board of the Stock Exchange of Hong Kong (HKEX), which raised approximately HK$3.1 billion (US$398 million).

Morgan Stanley Asia Limited, China International Capital Corporation Hong Kong Securities Limited and Huatai Financial Holdings (Hong Kong) Limited were the joint sponsors for the IPO. Morgan Stanley Asia Limited, China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited and China Everbright Securities (HK) Limited acted as the Hong Kong underwriters.

Keymed Biosciences Inc. is a biotechnology company focused on the in-house discovery and development of innovative biological therapies in the autoimmune and oncology therapeutic areas.

Tongshang IPO practice continues to be one of the leaders in the Hong Kong IPO market. According to latest data from Ryanben Capital, Tongshang was the no. 1 legal adviser to PRC law in the Hong Kong IPO league table by deal volume in the past 6 months (January – June 2021).

Commerce & Finance Law Offices (“Tongshang”), together with Eric Chow & Co., its Hong Kong associated law firm (“Tongshang Hong Kong”) jointly represented E-star Commercial Management Company Limited (“E-Star Commercial”) in its listing on the Main Board of the Hong Kong Stock Exchange (“HKEx”) (Stock Code: 06668.HK) on 26 January 2021. Not being affected by the COVID-19 impact and market trend, the Hong Kong Public Offering of E-Star Commercial recorded approximately 756 times over-subscription. E-Star Commercial’s listing is yet another project collaborated and completed by Tongshang and Tongshang Hong Kong, in which we proudly provided a “one-stop shop” and comprehensive PRC and Hong Kong legal services to the issuer E-Star Commercial and the Joint Sponsors.
Tongshang and Tongshang Hong Kong acted as the PRC and Hong Kong legal advisors to the Joint Sponsors, CCB International Capital Limited and China Securities (International) Corporate Finance Company Limited, and the underwriters for this listing. Since kickoff, we have been highly involved in the entire listing process and we have provided a full range and high-quality legal services to the clients. Our outstanding work attitude and professionalism have been recognized by E-Star Commercial, the Joint Sponsors and other professional parties.