Davis Polk is advising China Yongda Automobiles Services Holdings Limited in connection with its proposed acquisition of the entire issued shares of Inchcape Asia Pacific Limited from a wholly owned subsidiary of Inchcape Plc. The consideration of the acquisition is the GBP equivalent of RMB830 million in cash (approximately US$116 million), subject to customary adjustments at and post-completion. The completion of the transaction is subject to a number of conditions, including PRC anti-trust clearance.
China Yongda Automobiles Services Holdings Limited, whose shares are listed on the Stock Exchange of Hong Kong, is a leading passenger vehicle retailer and comprehensive service provider in the PRC focusing on luxury and ultra-luxury brands. Inchcape Asia Pacific Limited, through its subsidiaries, operates three dealerships of luxury automobile brands in Jiangxi Province and Zhejiang Province in China. Inchcape Plc is a global distribution and retail leader for leading OEM partners in the automotive sector, and its shares are listed on the London Stock Exchange.
The Davis Polk team includes partners Bonnie Y. Chan and Yang Chu, registered foreign lawyer Xi Shi and associate Tonny Yu. Counsel Stephenie Fung is providing compliance advice relating to Hong Kong listing rules. All members of the Davis Polk team are based in the Hong Kong office.