On December 31, 2024, S&C client DCP Capital entered into a sale and purchase agreement with certain Alibaba Group Holding Limited entities (NYSE: BABA; HKEX: 9988), pursuant to which DCP Capital conditionally agreed to acquire from Alibaba 78.7% shares of Sun Art Retail Group Limited (HKEX: 6808). Following completion of the acquisition, DCP Capital will be required to make a mandatory cash offer for Sun Art. The aggregate maximum consideration payable by DCP Capital in respect of the acquisition and mandatory offer amount to approximately HK$15.1 billion (approximately $2 billion). The S&C team acted as legal advisers to DCP Capital on the transaction.
DCP Capital is a leading international private equity firm. Sun Art is principally engaged in the operation of brick-and-mortar stores and online sales channels under brands such as RT-Mart, with coverage of more than 200 cities nationwide in the PRC.
The S&C team is led by Kay Ian Ng, the managing partner of the S&C Hong Kong office, and the core team consists of Rosana Tse, Samantha Li and trainee solicitor Kelly Ma.