Baker McKenzie in collaboration with its Joint Operation partner, FenXun Partners, recently advised HengTen Networks Group Limited ("HengTen Networks") on the acquisition of the entire issued share capital in Virtual Cinema Entertainment Limited for HKD 7.2 billion.
HengTen Networks is listed on the Hong Kong Stock Exchange. Its controlling shareholder is China Evergrande Group, a Fortune 500 company.
Through the acquisition, HengTen Networks will be able to invest in the production of films and television series and tap into the development of online streaming platforms.
Baker McKenzie fielded a cross-practice team, led by Partner Christina Lee, assisted by Special Counsel Brian Wong and Associate Karen Wong, who are all based in Hong Kong. They were supported by Senior Counsel Cherrie Shi and Associates Kelly Han and Tingting Gao of FenXun Partners advising on PRC laws and TMT-related issues, as well as lawyers from the IP, Finance & Projects and Employment practices who advised on other aspects of the deal.
Commenting on the deal, Christina said: "We are very pleased to be able to bring our seamless service to the table and bring this strategic transaction to fruition for our long-term client. We look forward to continuing supporting our client as they further grow their businesses to provide more diversified, convenient and enhanced internet community services in China."