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Guangdong Rising and Yuexiu Group held a signing ceremony for the transfer of Guangdong Rising Expressway Asset Package (hereinafter “Asset Package”) for a consideration of over 15 billion yuan in the presence of the directors of the Guangdong provincial and Guangzhou municipal State-owned Assets Supervision and Administration Commission on December 28, 2018. Xu Guang. Chairman of Guangdong Rising, said that this would become a new model for the reform of state-owned enterprises in Guangdong Province, and play an exemplary role. Zhang Zhaoxing, chairman of Yuexiu Group, said that the transfer of this asset package is of great significance for Yuexiu Group to develop its main business of transportation. The Guangdong Rising Expressway asset package under this deal has a controlling power over 200 kilometers of expressway.
The Guangdong Rising Expressway asset package transferred under this agreement involves three expressways. After years of operation, the toll fee has been growing steadily, with a long remaining toll duration. Moreover, it has significant geographical advantages. In terms of the economic situation of the region where the roads are located, the road project under Guangdong Rising Expressway asset package is located in eastern Hubei Province which is the gathering place of economy and population in Hubei Province. It will benefit from the increase in cargo flow and passenger flow thanks to the steady growth of population and economy in the region. Of the three expressways, two expressways are the exit passages leading out of Wuhan City, which benefit from the radiation effect of Wuhan City and have obvious advantages. Another expressway is one of the longitudinal components of the national expressway network plan approved by the State Council, namely the longitudinal part of “71118” network. Guangdong Rising Expressway Asset Package is expected to see a period of rapid growth around 2022, and the future toll revenue is expected to continue to grow.
Hylands Guangzhou Office (formerly team of Guangdong Kunlun Law Firm), as the legal counsel, advised Yuexiu Group on negotiating with transaction counterparties, demonstrated acquisition plans, led the drafting and revision of the full set of transaction documents, fully participated in the negotiation on the terms of all transaction documents, and conducted due diligence on Guangdong Rising’s 15 billion yuan “asset package”. Lasting a period of 15 months, this project involved the transfer of state-owned assets between enterprises under the provincial government and those under the municipal government. By coordinating personnel and resources, Hylands ultimately assisted in bringing about strategic cooperation between Guangdong Rising and Yuexiu Group.
Partner Xu Yuxiang is in charge of this project. The key members of the working group are Yue Wenjun, Yan Zhe, Zhong Meiling, and Zhong Xuewu.