CHTC Fong's Industries Co., Ltd. (CHTC Fong's), based in China, has sold its 30% stake in Foshan East Asia Co., Ltd. to Hengtian Real Estate Co., Ltd. (Hengtian) for a US$24.3 million consideration.
Foshan East Asia Co., Ltd. is a sino-foreign equity enterprise incorporated in the PRC. It is principally engaged in the manufacture of color woven fabrics.
Hengtian, incorporated in the PRC, is beneficially owned as to 47.35% by China Hi-Tech Group Corporation, the controlling shareholder of CHTC's Fong's.
CHTC Fong's is principally engaged in the manufacture and sale of dyeing and finishing machines, trading of stainless steel supplies and the manufacture and sale of stainless street casting products.
Oaklins' team in Hong Kong acted as independent financial advisor to CHTC Fong's in this transaction.
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