A few days ago, Lanzhou Minbai (600738) issued an announcement that it had completed the closing of transfer of the equity of its wholly-owned subsidiary Shanghai Yongling and was actively proceeding with the transfer of the equity of Shanghai Qianpeng. Lanzhou Minbai, through the above-mentioned equity transaction mode, disposed of Shanghai Square located at No. 138 Middle Huaihai Road, Shanghai, and Fudu Commercial Building located within the area of City God Temple, Shanghai, with an estimated total property value of over RMB3bn. As the legal advisor of Lanzhou Minbai, JT&N formed a lawyer team led by Senior Partner Lelei Ye and consisting of senior lawyers such as Wei Zhou and Qing Liu to provide legal services for the disposal of the above assets.
On May 17, 2018, Lanzhou Minbai Shareholding (Group) Co., Ltd. (stock abbreviation: Lanzhou Minbai; securities code: 600738) issued an announcement that it decided to transfer 90% of equity of its wholly-owned subsidiary Shanghai Yongling Development Co., Ltd. (Shanghai Yongling, which holds the property Shanghai Square), and 100% of equity of Shanghai Qianpeng Property Co., Ltd. (Shanghai Qianpeng, which holds the property Fudu Commercial Building), with an estimated total property value of over RMB3bn and an equity transaction amount of more than RMB2.4bn.
On September 29, 2018, Lanzhou Minbai issued a progress announcement that the closing of the equity of Shanghai Yongling had been completed and it had received a consideration of about RMB1.8bn; and that the closing of the equity of Shanghai Qianpeng was in progress and it had received a consideration of RMB120mn and was proceeding with the subsequent matters in an orderly manner.
JT&N, as the legal adviser of Lanzhou Minbai, participated in the whole course of the project. JT&N’s lawyer team worked closely with Lanzhou Minbai’s management team to select the counterparties, finalize the framework agreement, and conduct the business negotiations over formal transaction documents until the formal transaction documents were concluded. After several rounds of bidding, Lanzhou Minbai finally selected a luxurious consortium composed of BU, Sunac China Holdings Limited (01918.HK), Metro Holdings (M01.SGX) and Hualing Holdings Limited to take over the property Shanghai Square, while BU was selected to take over the property Fudu Commercial Building. After the official transaction documents came into effect, JT&N’s lawyer team will continue to provide Lanzhou Minbai with professional legal services (such as services for rent clearance, employee settlement and other agreed matters) until the contractual obligations are fully fulfilled.
During implementation of the project, JT&N lawyers always provided the clients with high-quality legal services in a professional and diligent manner, and successively presided over and participated in dozens of business negotiations, and drafted and reviewed hundreds of transaction documents. Its professional spirits and dedications have enabled JT&N to eventually win the recognition of the clients and respect from the counterparties.
Over the years, JT&N has won praise from its clients for providing customized, comprehensive, strategic and professional legal advisory services in each legal field of China. Having committed itself to the capital market for a long time, the lawyer team led by Lelei Ye can provide enterprises with all-round and high-quality legal services including establishment and compliance, capital management, private placement fund, asset securitization, capital operation, IPO, etc.