HONG KONG – Global law firm Reed Smith has advised China ZhengTong Auto Services Holdings Ltd on the placing of new shares, raising gross proceeds of HK$58.83 million.

Related Professionals: Denise Jong Gilbert Mok Michelle Law

This was one of the first placings completed after the “Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies” promulgated by the China Securities Regulatory Commission, which took effect in March 2023.

China ZhengTong Auto Services Holdings Ltd, the subsidiary of Xiamen International Trade Holding Group Co., Ltd., is a China-based investment holding company principally engaged in the sales of passenger motor vehicles, including luxury and ultra-luxury branded automobiles.

The Reed Smith team was led by partner Denise Jong, with support from associates Gilbert Mok and Michelle Law.