Global law firm Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised Hoi Tung Marine Machinery Suppliers Limited ("HK Hoi Tung") on the formation of a joint venture with Schulte Maritime Services Pte. Ltd. ("Schulte Maritime"), as part of the company's mixed ownership restructuring, whereby Schulte as a strategic investor acquired approximately one-third of Hoi Tung's shares. Through this joint venture, the parties will endeavor to further deepen the resource integration, grow the marine equipment business, and contribute to the transformation and upgrading of Hoi Tung.
HK Hoi Tung is one of the biggest marine product suppliers in China, with business activities that include providing import/export services for marine products such as vessel/port-related machinery and parts; communication and navigation equipment and accessories; and some other materials for ship owners, shipyards and ports in Mainland China. The company is a wholly owned subsidiary of China Merchants Group Limited.
Schulte Maritime is the Singaporean affiliate of the Schulte Group, which engages in ship owning, ship management, maritime software development, newbuilding supervision and other maritime services.
The deal team, comprising lawyers from Baker McKenzie and FenXun, was led by Partner Jeff Xu of FenXun, with support from Partner Ian Chen of FenXun as well as lawyers from Baker McKenzie's Corporate Practice and M&A teams.
Commenting on the deal, Jeff said, "We are very pleased to have advised Hoi Tung Marine Machinery Suppliers on this complex restructuring deal. Through the joint operation platform, we were able to offer our client a seamless experience and integrated legal services covering both PRC and international law."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals, with over 65% of its deals being multijurisdictional. The teams are a hybrid of "local" and "global," combining money-market sophistication with local excellence.
HK Hoi Tung is one of the biggest marine product suppliers in China, with business activities that include providing import/export services for marine products such as vessel/port-related machinery and parts; communication and navigation equipment and accessories; and some other materials for ship owners, shipyards and ports in Mainland China. The company is a wholly owned subsidiary of China Merchants Group Limited.
Schulte Maritime is the Singaporean affiliate of the Schulte Group, which engages in ship owning, ship management, maritime software development, newbuilding supervision and other maritime services.
The deal team, comprising lawyers from Baker McKenzie and FenXun, was led by Partner Jeff Xu of FenXun, with support from Partner Ian Chen of FenXun as well as lawyers from Baker McKenzie's Corporate Practice and M&A teams.
Commenting on the deal, Jeff said, "We are very pleased to have advised Hoi Tung Marine Machinery Suppliers on this complex restructuring deal. Through the joint operation platform, we were able to offer our client a seamless experience and integrated legal services covering both PRC and international law."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 45 jurisdictions offering pragmatic counsel in the areas most critical for clients. The Firm excels in complex transactions and cross-border deals, with over 65% of its deals being multijurisdictional. The teams are a hybrid of "local" and "global," combining money-market sophistication with local excellence.
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