China Customer Relations Centers Inc.’s Going Private Transaction

Harneys acted as British Virgin Islands (BVI) counsel to Taiying Group Ltd in relation to its merger with China Customer Relations Centers Inc (CCRC). Commerce & Finance Law Offices is serving as legal counsel to the Buyer Group. Houlihan Lokey (China) Limited is serving as financial advisor to the Special Committee; Hogan Lovells is serving as U.S. legal counsel to the Special Committee. King & Wood Mallesons advised China Merchants Bank Co., Ltd. as the lender.

As a result, CCRC is now a wholly-owned subsidiary of Taiying Group Ltd and has ceased to trade publicly on the NASDAQ Stock Market.

China Merchants Bank Co., Ltd. acted as  lender on a secured term loan facility provided to Taiying Group Ltd. for financing the going-private transaction of China Customer Relations Centers, Inc. (CCRC, NASDAQ: CCRC).

China Customer Relations Centers, Inc. (Nasdaq: CCRC) is a leading e-commerce and business services outsourcing specialist in the People’s Republic of China, focusing primarily on complex, voice-based and internet-based segments of customer care services, providing comprehensive outsourcing services for e-commerce platforms, call centres, marketing services, back-office operations and enterprise cloud customer services.

The Harneys team was a cross-jurisdiction collaboration between BVI-based Partner George Weston (Picture) and Shanghai-based corporate specialist Jessie Xu. The merger was undertaken pursuant to, and taking advantage of, the flexible merger provisions in the BVI Business Companies Act.

Hogan Lovells’ Head of private equity in Greater China Stephanie Tang led the team with assistance by Yang Li and Michelle Ye in Hong Kong. 

The KWM team was led by partners Jessica Zhou in Hong Kong, Stanley Zhou and Chunlong Xu in Shanghai, and Eli Han in New York and Tom Shoesmith in Silicon Valley, with support from Bryan Lo, Candice Chan, Zhongyun Yi, Ariel Shi and Chuyi Sheng.

Involved fees earner: George Weston – Harneys; Jessie Xu – Harneys; Yang Li – Hogan Lovells; Stephanie Tang – Hogan Lovells; Candice Chan – King & Wood Mallesons; Eli Han – King & Wood Mallesons; Bryan Lo – King & Wood Mallesons; Chuyi Sheng – King & Wood Mallesons; Ariel Shi – King & Wood Mallesons; Thomas Shoesmith – King & Wood Mallesons; Xu Chunlong – King & Wood Mallesons; Zhongyun Yi – King & Wood Mallesons; Stanley Zhou – King & Wood Mallesons; Jessica Zhou – King & Wood Mallesons;

Law Firms: Harneys; Hogan Lovells; King & Wood Mallesons;

Clients: China Customer Relations Centers, Inc. – Special Committee; China Merchants Bank; Taiying Group Ltd.;

Sonia Carcano

Author: Sonia Carcano