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On 2 March 2017, Shanghai Chinafortune Co. Ltd.’s (stock code: 600621, short name: Chinafortune) major asset restructuring got unconditionally passed by M&A and restructuring committee of China Securities Regulatory Commission.

Guantao lawyers Sheng Leiming, Zhang Wenliang, Wang Wei, Chen Shiyi and Su Bo provided legal services for major asset restructuring of Chinafortune throughout the whole transaction.

This project is made up of three parts: major asset replacement, asset purchasing by share issuance and counterpart funds raising. Listed company Chinafortune Co., Ltd. takes over 66% equity of China Fortune Securities Co. Ltd. through asset replacement with its controlling shareholder INESA and non-public issuance of shares. Chinafortune purchases 24% and 2% equity of Chinafortune held by Feilo Acoustics Co., Ltd. Shanghai and Shanghai Belling Co., Ltd. Chinafortune totally purchases 92% equity of China Fortune Securities evaluated RMB 4.9265 billion and completed non-public issuance of shares in amount of RMB 1.272 billion counterpart funds.

After the transaction, Shanghai Chinafortune Co., Ltd. holds 100% equity of China Fortune Securities and changes its main business from real estate development to securities. The controlling shareholder is still INESA.