Sabrina Fung

Partner | Corporate Finance

sabrina.fung@deacons.com

+852 2825 9478

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Sabrina has over 20 years’ of experience in the legal and commercial field and her practice involves both corporate finance and securities work as well as private and public mergers and acquisitions and private equity transactions. Sabrina also advises on regulatory compliance.

Sabrina has rich experience advising issuers and sponsors and underwriters on over 40 initial public offerings, covering a diverse range of industries from healthcare services, pharmaceutical, medical device, financial services, digital entertainment content provider, advertising, printing services, manufacturing, electronic manufacturing services, sales and distribution, supply chain management, food and beverage, engineering services, construction to property development and investment. She also advises on pre-IPO investment.

Highlights

Sabrina has advised on:

• the following listings on the Hong Kong Stock Exchange:
  • Superland Group Holdings Limited
  • Jiu Zun Digital Interactive Entertainment Group Holdings Limited
  • Huijing Holdings Company Limited       
  • Wise Ally International Holdings Limited
  • Kwan Yong Holdings Limited
  • Medialink Group Limited
  • China Tianrui Automotive Interiors Co., Ltd
  • Prosperous Industrial (Holdings) Limited
  • ST International Holdings Company Limited
  • Tree Holdings Limited
  • Taste · Gourmet Group Limited
  • Sun Hing Printing Holdings Limited
  • Kiddieland International Limited
  • Hang Chi Holdings Limited
  • CPM Group Limited
  • Pine Care Group Limited
  • Star Properties Group (Cayman Islands) Limited
  • Hypebeast Limited
  • Human Health Holdings Limited
  • Beijing Chunlizhengda Medical Instruments Co., Ltd.
  • SiS Mobile Holdings Limited
  • Austar Lifesciences Limited
  • Huisheng International Holdings Limited
  • eprint Group Limited
  • Grand Ming Group Holdings Limited
  • Pine Care Group
  • KVB Kunlun Financial Group Limited
  • Oi Wah Pawnshop Credit Holdings Limited
  • Silverman Holdings Limited
  • Fine Holdings Limited
  • Lansen Pharmaceutical Holdings Limited
  • Enric Energy Equipment Holdings Limited
  • China Metal International Holdings Inc.
  • Sandmartin International Holdings Limited
  • Moiselle International Holdings Limited
  • New Spring Holdings Limited
  • Northeast Tiger Pharmaceutical Company Limited
  • Sau San Tong Holdings Limited
  • Rainbow International Holdings Limited
  • Inworld Group Limited
  • Computech Holdings Limited;
• the initial public offering of International Healthway Corporation Limited on the Catalist of the Singapore Stock Exchange in relation to Hong Kong law aspects;
• China Overseas Land & Investment Limited on the spin-off listing of China State Construction International Holdings Limited; and
• the transfer of listing from GEM to Main Board of the Hong Kong Stock Exchange.

Sabrina’s other experience on capital markets includes advising:

• Huajin Securities (International) Limited in relation to the HK$1.04 billion placing of shares of Jiayuan International Group Limited;
• SEAVI Advent Private Equity and DBS Private Equity as selling shareholders in the HK$1.455 billion initial public offering of Jintian Pharmaceutical Group;
• Shougang Concord Grand (Group) Limited in relation to (a) its HK$583 million fund-raising exercise involving subscription of new shares and the placing of new shares; (b) capital injection arrangements; and (c) a master facilities agreement for an aggregate principal amount of RMB80 billion;
• numerous companies in relation to the placing of shares and convertible bonds, which include:
  • Ban Loong Holdings Limited
  • Brockman Mining Limited
  • Xingda International Holdings Limited
  • Sinolink Worldwide Holdings Limited
  • Zhongda International Holdings Limited
  • China Mining Resources Group Limited
  • GOME Electrical Appliances Holding Limited
  • Kowloon Development Company Limited
  • Shougang Concord International Enterprises Company Limited
  • Guorun Holdings Limited
  • Lerado Group (Holding) Company Limited;
• Huatai Financial Holdings (Hong Kong) Limited in relation to the HK$349.8 million placing of new H Shares of AVIC International Holdings Limited;
• Huatai Financial Holdings (Hong Kong) Limited in relation to the HK$540 million top-up placing of shares in AVIC International Holding (HK) Limited;
• CCB International Capital Limited in relation to the placing of H-rights shares of China CITIC Bank Corporation Limited held by China Construction Bank;
• CCB International Capital Limited in relation to the HK$470.5 million placing of convertible notes of ITC Properties Group Limited;
• CCB International Capital Limited in relation to the HK$197 million placing of shares of Sino Oil and Gas Holdings Limited;
• rights issue, warrant issue and open offer of shares by Star Properties Group (Cayman Islands) Limited, Enerchina Holdings Limited, City Telecom (H.K.) Limited, Sing Pao Media Enterprises Limited, Pacific Challenge Holdings Limited, Polytec Asset Holdings Limited, Capital Prosper Limited, Yau Lee Holdings Limited and eForce Holdings Limited.

Sabrina also has experience advising on Takeover Code related matters including advising on the following:

• SMBC Nikko Securities (Hong Kong) Limited, an indirectly wholly owned subsidiary of its ultimate parent Sumitomo Mitsui Financial Group, Inc., in relation to setting up of internal procedures relating to disclosure of dealings under Rule 22 of the Takeovers Code, the application of exempted principal trader and exempted fund manager under the Takeovers Code;
• takeovers of companies including:
  • Pine Care Group
  • KVB Kunlun Financial Group Limited
  • Brockman Resources Limited
  • Sing Tao Holdings Limited
  • G-Prop (Holdings) Limited
  • Tem Fat Hing Fung (Holdings) Limited
  • Kim Eng Holdings (Hong Kong) Limited
  • Applied (China) Limited
  • Haier-CCT Holdings Limited
  • Leefung-Asco Printers Holdings Limited
  • China Paradise Electronics Retail Limited            
  • Top Form International Limited
  • OSK Asia Corporation Limited
  • KTP Holdings Limited
  • GOME Electrical Appliances Holding Limited
  • Ananda Wing On Travel (Holdings) Limited
  • 36.com Holdings Limited
  • China Development Corporation Limited
  • Daido Concrete (H.K.) Limited;

Sabrina’s experience on debt markets include advising:

• Chong Hing Bank Limited in relation to its establishment of    HK$10,000,000,000 certificate of deposit programme;
• Chong Hing Bank Limited in its redemption and the subsequent withdrawal of listing of US$125,000,000 floating rate subordinated notes;
• Chong Hing Bank Limited in relation to its issue of Hong Kong listed US$225 million subordinated notes;
• Tingyi (Cayman Islands) Holding Corp. on its issue of Luxembourg-listed convertible bonds.

Sabrina’s experience on major mergers and acquisitions include advising:

• Gold Eagle Development Limited, the controlling shareholder of HyalRoute Communication Group Limited, a telecom infrastructure firm which operates in the Asia region, in relation to the issue of US$30 million exchangeable notes, to AASCFII Hyalroute (Sub) Limited;
• Sino Polymer New Materials Company Limited in relation to US$1.4 billion acquisition of its interests by China Lumena New Materials Corp.;
• the vendors including IDG Capital Partners in relation to their HK$4 billion disposal of interests in a solar panel equipment manufacturer to RBI Holdings Limited;
• Shougang Holding (Hong Kong) Limited in relation to its HK$2 billion acquisition of shares in Fushan International Energy Group Limited;
• Chengtian Entertainment Group in relation to its HK$202 million acquisition of shares in and convertible notes of Golden Harvest Entertainment (Holdings) Limited;
• Cheung Kong (Holdings) Limited in relation to its joint venture with Hutchison Whampoa Limited and the acquisition of land interests in Shanghai, PRC at a total investment of RMB1,740 million;
• Dynamic Holdings Limited in relation to its acquisition of properties from Eton Group for HK$728 million;
• China Mining Resources Group Limited in relation to its HK$812 million acquisition of interests in PRC based  mining companies;
• the vendors in relation to their HK$360 million disposal of interests in  Elegant Watch and Jewellery Company Limited to Xinyu Hengdeli Holdings Limited;
• GOME Electrical Appliances Holding Limited in its HK$8.3 billion acquisition of interests in 65% equity interest in GOME Appliance Company Limited.

Sabrina has also advised on corporate restructurings including CCT Tech International Limited, Wireless InterNetworks Limited, capital and debt restructuring of G-Prop (Holdings) Limited and Tem Fat Hing Fung (Holdings) Limited, privatisation of The Kwong Sang Hong International Limited, and capital reorganisations for numerous Hong Kong listed companies.

Sabrina also advises private equity funds on cross-border mergers and acquisitions, including:

• Dragon Capital in relation to the US$10 million subscription of Series A preference shares in Suning Sports Group Limited, which holds interests in broadcasting rights in 2017-2020 Asian Football Confederation events;
• Ping An of China Asset Management in relation to the HK$195 million subscription of convertible redeemable preference shares of a company which is engaged in exploration and exploitation of coal seam gas;
• Components and Materials M&A Private Equity Fund, the private equity arm of Korea Development Bank in relation to the US$15 million subscription of warrants issued by China Precious Metal Resources Holdings Company Limited;
• SEAVI Advent Private Equity in its US$15 million investment in a PRC based confectionery chain;
• DBS Private Equity in its US$20 million investment in a PRC based solar panel manufacturer;
• Kayzna Capital Management JSC (a sovereign wealth fund of the Republic of Kazakhstan) in relation to its sponsorship of the CITIC Kazyna Investment Fund, with a capital size of US$200 million, which focuses on infrastructure projects with growth potential and non-energy investment opportunities in Kazakhstan and China;
• DBS Private Equity in its US$15 million investment by way of subscription of preference shares of a company which is engaged in pharmaceutical retail chain business in the PRC;
• Components and Materials M&A Private Equity Fund, the private equity arm of Korea Development Bank in relation to its HK$155 million acquisition of interest in a PRC based ceramics manufacturer;
• SEAVI Advent Private Equity in its proposed investment in wind farm projects in the PRC;
• China Energy Conservation Fund on its establishment and its cooperation arrangements with China Energy Conversation Investment Corporation;
• a US-based private equity fund on their investment in a company engaged in mining business in the PRC;
• a US-based private equity fund in relation to its proposed subscription of preference shares in a company engaged in coal mining business in the PRC;
• a US-based private equity fund in relation to its proposed acquisition of interest in a company engaged in production and sales of chemicals in the PRC and the extension of a term loan facility in the principal amount of US$40 million;
• a US-based private equity fund in relation to its proposed acquisition of interest in a company engaged in finance business in the PRC.

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