2021.12.31
On December 9, 2021, Haichang Ocean Park Holdings Ltd. (stock code: 2255.HK, “Haichang Ocean Park”) convened an extraordinary general meeting at which proposals pertaining to the sale of major assets, including the proposal titled the ‘Proposed Extremely Material Sale of Subsidiaries’ were considered and approved. Accordingly, Haichang Ocean Park sold by agreement 100% of the equity interest held by it in each of four theme park companies (Wuhan, Chengdu, Tianjin and Qingdao) and 66% equity interest in a Zhengzhou project company to a subsidiary of MBK Partners for a consideration of RMB 6.53 billion. Recently, Haichang Ocean Park announced that all conditions precedent to the closing of the four theme parks had been satisfied or waived, and the closing was completed on December 23, 2021.
This project represents the biggest M&A deal of 2021 in the theme park sector. Upon the completion of this project, Haichang Ocean Park will operate six theme parks and other theme park related business, such as property development and investment, hotel operation, and operation consulting and management, in five core cities (Shanghai, Sanya, Chongqing, Dalian and Yantai), and gradually achieve a strategic transformation to an asset-light model.
JunHe, as the Chinese legal counsel to Haichang Ocean Park, provided full-stage legal services to the client by participating in the design and determination of the scheme and the transaction structure for this project. The team conducted domestic legal due diligence and provided replies on relevant matters. They drafted, reviewed, negotiated, finalized and provided assistance in the conclusion of a full set of transaction documents regarding this project, and made transitional business arrangements for both parties in connection with the sale of the theme parks. JunHe’s team made arrangements for the licensing of the theme park brands and trademarks and satisfied the conditions precedent to the closing and carried out other related work. JunHe was highly recognized by the client and the other participants with its professional, efficient, and meticulous legal services.
The leading partner of this project was ZHOU, Hui (Nelson) . The main contractor partners were XU, Chumeng (Jessica) and YUAN, Yifeng (Vincent) .
