We acted as the sole financial adviser to Global Sources Limited on its acquisition of 10% of HC International and call option on a further 35% which brought together Global Sources, a B2B media company, and HC International, a PRC-based e-commerce and business information services provider.

• overall project management
• assistance with due diligence
• advice on terms, structure and pricing of the acquisition
• valuation
• negotiation
• stress-testing target financial projections
• drafting and submission of public announcements

• regulatory implications of Nasdaq listed bidder and GEM listed target
• structure of the call options
• valuation discussions against a background of volatile earnings and forecasts
• compliance with Hong Kong Takeovers Code, in particular that a general offer would not be required upon acquisition