Global Sources Limited

Global Sources Limited

Description

We acted as the sole financial adviser to Global Sources Limited on its acquisition of 10% of HC International and call option on a further 35% which brought together Global Sources, a B2B media company, and HC International, a PRC-based e-commerce and business information services provider.

Our Role

  • overall project management

  • assistance with due diligence

  • advice on terms, structure and pricing of the acquisition

  • valuation

  • negotiation

  • stress-testing target financial projections

  • drafting and submission of public announcements

Key Issues

  • regulatory implications of Nasdaq listed bidder and GEM listed target

  • structure of the call options

  • valuation discussions against a background of volatile earnings and forecasts

  • compliance with Hong Kong Takeovers Code, in particular that a general offer would not be required upon acquisition