Dacheng Advises Nasdaq-listed Linong International on Privatization

A Dacheng team recently advised acquirers of China Linong International Limited (“Linong International”), including Sequoia Capital and chairman and board of directors of Linong International, in relation to the privatization of the company. Linong International is a leading greenhouse vegetable producer in China. It was launched in the Global Select Market of Nasdaq on October 29, 2010. 

The privatization involved multiple parties engaged in share acquisition and debt financing, such as Linong International, the acquirers and banks providing loans. It therefore took half a year and more to close the deal. As the PRC legal counsel, the attorneys conducted due diligence over entities of Linong International operating in China, reviewed and revised documents related to the acquisition and financing with foreign attorneys, analyzed and explained Chinese law-related issues, filed with and disclosed information to SEC about the transaction and assisted in the delivery of the transaction. In December 2014, the privatization of Linong International was fully materialized. 

The Dacheng team was composed of Fuzhou-based partner Hou Li, attorney Sun Zhongkai and paralegal Guo Li. Hou and Sun has advised Linong International on the Nasdaq listing in October 2010 and has been serving as its PRC legal counsel since.