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Guantao advises BSAM on acquiring 85.01% equity interest in CSS

Beijing State-owned Assets Management Co., Ltd. ("BSAM") announced on June 24, 2024 that it had entered into an agreement with UBS AG ("UBS") and Founder Securities Co., Ltd. ("Founder Securities") for the acquisition of 85.01% of the equity interest in Credit Suisse Securities (China) Limited ("CSS"). BSAM purchased 36.01% of the equity interest in CSS held by UBS for US $91.35 million (approximately RMB650.5 million) and purchased 49% of the equity interest in CSS held by Founder Securities for US $124 million (approximately RMB712.201 million) respectively. 

The transaction has undergone a full bidding process.  The closing of the transaction is subject to necessary regulatory approvals and satisfaction of customary closing conditions. After the closing of the transaction, BSAM and UBS will hold 85.01% and 14.99% of the equity interest in CSS, respectively. 

Guantao acted as the legal counsel of BSAM in the transaction and provided legal services for BSAM in the entire process of the transaction, including conducting the legal due diligence, designing the transaction structure, drafting, amending and negotiating the  transaction document. Guantao leading partners in the transaction were Mr. LI Xiaohao and Ms. WANG Min. The team members also included Ms. XIE Zhiyun, Ms. LI Xiang, Ms. GUO Lixin, Mr. XU Yifu and Ms. Ma Lisha.