Slaughter and May is advising China International Capital Corporation Hong Kong Securities Limited (CICC) as financial adviser to Broad Gongga Investment Pte. Ltd. (the Offeror), an investment holding company ultimately controlled by Boyu Group, LLC (Boyu), on its possible mandatory unconditional general cash offer (the Offer) for Jinke Smart Services Group Co., Ltd. (Jinke Smart Services), a company incorporated in the PRC and listed on the Hong Kong Stock Exchange. The deal was announced on 28 April 2025.
The Offer may be triggered on the completion of the further acquisition by Boyu group through a public auction of approximately 18.05% shares in Jinke Smart Services (in whose issued share capital Boyu group already held approximately 37.86% as at the date of the above announcement) as part of the PRC bankruptcy proceedings of the substantial shareholder of Jinke Smart Services. Upon completion of the transfer of the auction shares, the Offeror and its concert parties will hold approximately 55.91% of the total issued share capital of Jinke Smart Services, thus triggering a mandatory unconditional general cash offer.
Subject to completion of the transfer of the auction shares, the Offer will be made at a cash consideration of HK$6.67 per share. The maximum amount of aggregate cash consideration to be paid to shareholders for all the offer shares under the Offer would be approximately HK$1,786 million (US$230 million).
Slaughter and May had also advised CICC as financial adviser to Boyu on its voluntary general offer for Jinke Smart Services in 2022.
Founded in 2011, the Boyu group is an alternative asset management company with a comprehensive collaborative platform, focusing on private equity investment, listed company investment, venture capital investment and real estate and special opportunity investment. Using a theme-driven and long-term oriented approach, the Boyu group provides growth and transformational capital to leading companies in sectors including high technology, healthcare, consumer and business services.
Jinke Smart Services is a joint stock company incorporated in the PRC with limited liability. Its group is principally engaged in the provision of space property management services, community value-added services, local catering services and smart living technology solutions in the PRC.
Benita Yu, senior partner and lead partner for the transaction, comments: “We are excited to continue to advise CICC in Boyu’s further investment in Jinke Smart Services, having previously been involved in Boyu’s voluntary general offer for Jinke Smart Services. This transaction further demonstrates Slaughter and May’s capabilities in PE funds’ takeovers of Hong Kong listed companies.”
Thomas Wong / Trainee