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Zhong Lun Advised on PDSTI’s Acquisition of ASTI’s Wholly-owned Subsidiary 2018-04-03

On March 30, 2018, Shanghai Pudong Science and Technology Investment Co., Ltd (the “PDSTI” or “Purchaser”) entered into a conditional sale and purchase agreement with ASTI Holdings Limited (the “ASTI”), in relation to the proposed purchase by PDSTI of 100% of the entire issued and paid-up capital of ASTI’s wholly-owned subsidiary, STI SG (the “Transaction”). It is a condition precedent to the Transaction that the ownership of each of STI Msia, STI Phils, STI TW and STI Korea be transferred from ASTI to STI SG such that STI SG will own 100% of the issued share capital of each of STI Msia, STI Phils, STI TW and STI Korea.

 

ASTI is an SGX-mainboard listed company providing integrated range of services comprising Backend Equipment Solutions & Technologies and Services in the semiconductor industry. PDSTI, established in 1999, is a Shanghai-based investment company specializing in domestic and oversea investments in the high-tech industries. Well-known for its mergers and acquisitions strategy in the semiconductor space, PDSTI has recently led the launch of a 10 billion RMB investment fund with primary focus on semiconductor manufacturing equipment and material. The fund sets out strategy to invest in global opportunities, as well as help optimize the business and enhance the value of its portfolio companies in the Chinese semiconductor market.

 

Zhong Lun Law Firm acted as the leading counsel for the Purchaser with respect to conducting the legal due diligence (assisted by local counsel Eversheds Harry Elias LLP), drafting and negotiating the transaction documents and will provide assistance to the Purchaser in the Closing process. Zhong Lun team is led by Vincent CHEN and Xiaoming SONG and also includes Na ZHAO, Haoyuan SONG, Yun LU and Mingkai WANG.