Baker & McKenzie is advising Guangzhou-based Yue Xiu Group on its proposed $1.5 billion purchase of a majority stake in Hong Kong’s Chong Hing Bank Ltd.
The municipality-owned Yue Xiu, which operates in the real estate, infrastructure and transportation, and finance and securities sectors, is acquiring a 75 percent stake in family-owned Chong Hing through a Hong Kong subsidiary.
In a joint statement outlining the deal, Yue Xiu said the increase in financial services transactions between the mainland and Hong Kong was the driver for the deal, adding that the company was hoping to boost its brand and business throughout southern China.
