Foreign owner sells stake in PRC smartphone supplier
February 22, 2011 | BY
clpstaff &clp articlesData Dreamland Holding (Data Dreamland), a British Virgin Islands-based company, has sold a 7.14% stake in China Wireless Technologies (China Wireless)…
Data Dreamland Holding (Data Dreamland), a British Virgin Islands-based company, has sold a 7.14% stake in China Wireless Technologies (China Wireless) to undisclosed investors for HK$682.5 million (US$87.7 million).
China Wireless is a PRC-based wireless solution and equipment provider, and is engaged in the manufacture and sales of smartphones. It is listed on the Hong Kong Stock Exchange. Data Dreamland is the controlling shareholder in China Wireless, and after this sale, its stake will be reduced to 32.4% from 39.54%. UBS was the placing agent.
UBS was advised by a Hong Kong-based Hogan Lovells team, led by Terence Lau and Lee Man Chiu, on Hong Kong and US law aspects. DLA Piper acted for China Wireless.
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