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Guantao Law Firm

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Guantao advises Tidetime Sun (00307.HK) on its acquisition involving three coal mines in Xinjiang wi

November 2010

On 22 September 2010, Tidetime Sun (Group) Limited (00307.HK) (“Tidetime Sun”) released an announcement, under which Tidetime Sun intends to acquire no less than approximately 88.14% of the issued share capital of UP Energy Investment (China) LTD (“UP China”).

The maximum consideration is HK$7.8 billion, which shall be satisfied by Tidetime Sun by a combination of cash (up to HK$1.5 billion but no less than HK$1.0 billion) and the issue of convertible notes (up to a principal amount of HK$6.8 billion but no less than HK$6.3 billion).  

As at the date of the announcement, UP China holds directly or indirectly at least 70% shares of five enterprises registered in Xinjiang Uygur Autonomous Region, two of which holds three coal mines in Xinjiang (being Xiaohuangshan Mine, Quanshuigou Mine and Shizhuanggou Mine), and the other three of which respectively engage in coal washing, coking and recycled water businesses. Tidetime Sun is a company incorporated in Bermuda and listed on the Stock Exchange of Hong Kong Limited. It is principally engaged in the media-related businesses.

Tidetime Sun expects that the acquisition would allow it to expand into coal mining, coking coal process and sale business in the PRC. Guantao acts as the PRC legal advisor to Tidetime Sun in connection with this acquisition. Guantao team is led by partners Mr. Xiao Hongming and Ms. Xu Ling , assisted by associate Ms. Su Yusong and legal assistants Ms. Xiao Chunxu and Ms. Lin Jing. Other law firms engaged in providing legal services relating to this transaction include: Freshfields Bruckhaus Deringer, Skadden, Arps, Slate, Meagher & Flom, Baker & McKenzie, K&L Gates LLP, and Commerce & Finance Law Offices.

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