In February 2012, Ancheng Property & Casualty Insurance Co., Ltd. (“ACIC”) and International Finance Corporation (“IFC”) signed the Share Subscription Agreement whereby IFC would sell all of its shares held in ACIC to Chongqing City Construction Investment Corporation (“CCCIC”) for more than RMB 500 million.
After being entrusted by CCCIC, ZHH provided full legal services for this project, including issuing formal Legal Opinions on the legal effect and legality of transaction documents such as the Share Option Sale Agreement contained in this project; drafting, reviewing and revising the Share Transfer Agreement and other transaction documents, and participating in negotiations with IFC on behalf of CCCIC; assisting CCCIC in completing procedures for such share transfer to be applied to competent approval, filing and registration authorities, including but not limited to CIRC approval, filing at Chongqing Municipal Commission of Commerce, change registration at Chongqing Administration for Industry and Commerce, change registration at Chongqing Share Transfer Center, funds exit procedures, etc. As CCCIC is a large company in Chongqing and IFC is a well-known international organization, the legal handling of this project can protect the legitimate interests of CCCIC while IFC's legal and successful exit can set a good role for maintaining the positive image of a good foreign investment business environment in Chongqing and protecting the legitimate interests of foreign-funded enterprises.
This project was led by Partners YANG Qing and WU Hongxia’s Team.