For media enquiries, please contact email@example.com
Conyers Dill & Pearman provided BVI and Cayman legal advice to China Resources Enterprise, Limited (“CRE”) in relation to the establishment of a joint venture company incorporated in the BVI (the “Joint Venture”) between CRE and Tesco Plc (“Tesco”) and their respective group companies to create a multi-format retailer in China.
CRE is a company listed on the Main Board of the Hong Kong Stock Exchange focusing on consumer businesses, including retail, food and beverage in China. Tesco is a company listed on the Main Market of the London Stock Exchange and is a major retailer focusing on groceries and other retail products in various countries.
The Joint Venture involves, inter alia, (1) the injection by Tesco of its China based retail assets into the Joint Venture in return for a 20% shareholding in the Joint Venture, and (2) the licensing to the Joint Venture of certain intellectual property and know-how.
Richard Hall and Angie Chu of Conyers’ Hong Kong office advised on the matter, working alongside Reed Smith Richards Butler and Freshfields Bruckhaus Deringer LLP.