During the selection of China Business Law Journal’s 2016 Deals of the Year, the project undertaken by Chance Bridge Partners regarding the SAM Group acquisition of Wolf Petroleum was selected as the winning entry. This project was headed up by the managing partner Ms Ning Zhu, together with partners Ms Klaudia Chen and Mr Guangzhe Xu, and other members of Chance Bridge Partners, with details regarding the winning entry subsequently released in the China Business Law Journal.
SAM Group is a fast-growing conglomerate whose growth has been aided by China’s reform. It is involved in a wide range of industries, such as energy, capital management and international trade, among others. By contrast, the acquired company, Wolf Petroleum is an Australian-listed company, whose key assets include three oilfields in Mongolia. Chance Bridge Partners served as legal counsel to SAM Group, and was responsible for the acquisition of Wolf Petroleum.
Throughout this project, Chance Bridge Partners took full advantage of its cross-border expertise and collaborated with many foreign institutions. In addition, Chance Bridge Partners did not merely provide services as an external lawyer, but also as anin-house legal counsel, working closely with corporate governance on a decision making level.
Upon completion, the project consisted of a preliminary selection of external institutions, pricing and commercial negotiations as well as the application of listing rules. Traditionally, it is very rare for a Chinese firm in the private sector to acquire an overseas listed company, and therefore the deal represents a good example for the further development of private companies in China.
The China Business Law Journal has a comprehensive analysis mechanism which it uses to select the recipient of “the Deals of the Year” award, including extensive analysis regarding the statistics of relevant transactions in 2016 and interviews with professors in both the legal and commerce fields. The selection results are therefore widely recognised by all sectors.