DLA Piper has advised Good Million Investments Limited on its HK$292 million sale of the entire issued share capital in China Technology Solar Power Holdings Limited to China Technology Solar Power Limited (formerly known as Soluteck Holdings Limited) (HKSE: 8111). The DLA Piper team in this transaction was led by Esther Leung, Partner and Co-head of Capital Markets in Asia. Team members included lawyers Phil Lam and Yeti Ho.

Good Million Investments Limited was the privately-held owner of China Technology Solar Power Holdings Limited, operator of a solar power plant project. The aggregate consideration of HK$292 million for the deal comprised HK$62.4 million in cash, the issuing of shares worth HK$66.5 million and convertible bonds with the principal amount of HK$163.1 million. 

“This M&A deal required a strong understanding of capital markets practice in Hong Kong including shares and debts aspects and also involved listed as well as privately-owned companies incorporated in mainland China and Hong Kong,” said Esther Leung. “Our international team is experienced in handling domestic as well as cross borders and cross jurisdictions transactions. We can support clients wherever they may be to manage the legal and business issues which can arise during transaction process.

“The renewable energy market in China is one of the fastest growing sectors in terms of M&A activity as investors locally and from around the world are supporting alternative energy solutions in view of the ever increasing oil prices. Sustainable solutions developments in China is also backed by strong government support as well as the availability of financing, we will expect the market remains to be active for this sector.”