Reorganization of major assets of Along Tibet Co., Ltd. PLC was conditionally approved by the China Securities Regulatory Commission (CSRC) on September 25, 2009.
According to the reorganization plan, Along Tibet Co., Ltd. PLC. will sell its entire assets and liabilities to a Shenzhen-based investment company. The Company will also issue up to 400 million A share of common stock at a price of RMB 2.92 per share to State-owned Assets Supervision and Administration Commission of Shanghai Zhabei District (SASAC of Shanghai Zhabei District) so as to acquire a 100% stake in a Shanghai-based urban development investment company, held by SASAC of Shanghai Zhabei District.
Zhong Lun Law Firm acted as legal counsel for SASAC of Shanghai Zhabei District. Professionals included Ren Lifeng, Wu Chuanjiao, Pang Xiaochun and Xie Shan. Orient Securities Co., Ltd. acted as the reorganization’s independent financial advisor.
Along Tibet Co., Ltd. PLC was founded and got listed in 1996, mainly specializing in the production and sale of pharmaceuticals and agricultural chemical products. After the reorganization, the company will shift its focus to real estate development.