We acted as the financial adviser to INAX Corporation, a Japanese company and wholly-owned subsidiary of JS Group Corporation which is listed on the Tokyo Stock Exchange, to takeover A-S China Plumbing Products Limited (“ASPPL”), a GEM listed company in Hong Kong.

• overall tactics regarding the takeover offer
• coordination of working parties in different countries
• valuation analysis
• advice on regulatory implications
• extensive discussions with the SFC regarding complications over acceptances and application of “squeeze out” provision

• the first formula offer subject to a minimum price to accommodate adjustments for closing accounts and working capitalthe
• valuation of ASPPL
• satisfying the SFC that certain transitional arrangements did not constitute a special deal under the Codes on Takeovers and Mergers in Hong Kong
• the offer consideration denominated in euro (€) with right to elect to receive Hong Kong dollars, resulting in further explanation to regulators and minority shareholders
• technical difficulties due to a certain holding being held by a custodian that was in liquidation