Yeebo (International Holdings) (Yeebo) announced that its subsidiary, Billion Power Investment, agreed to sell 20.02 percent equity interest in Nantong Jianghai Capacitor (Nantong Jianghai), a Shenzhen Stock Exchange-listed company, to Zhejiang Construction Investment Group Company for RMB 3.2 billion ($450 million). Following the sale, Yeebo and its subsidiaries will retain 8.81 percent interest in Nantong Jianghai. The Disposal constitutes a very substantial disposal for Yeebo under Chapter 14 of the Hong Kong Listing Rules.
Yeebo is principally engaged in the manufacture and sales of liquid crystal displays and related products. Yeebo will record a significant gain on its equity investment in Nantong Jianghai and will use the net proceeds from the Disposal to further develop its business.
The S&C team advising Yeebo on Hong Kong law was led by Kay Ian Ng, and consisted of Samantha Li, Bella Wang, as well as trainee solicitor Vanessa Kwang.