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Acted for Guangzhou New Hi-tech Industry Group Co. Ltd., Tianhe Science and Technology Park Management Committee of Guangzhou New Hi-tech Industrial Development Zone, Guangzhou Tianhe Software Park Gaotang New District Management Committee in a case of disputes over company separation filed by Guangzhou Gaojin Technology Industry Group Co. Ltd.

Time:2020-07-06 10:25:36Browse:

Guangzhou New Hi-tech Industry Group Co. Ltd. used to be a real estate project company established by State-owned enterprise shareholders and private equity shareholders. Later it was separated into two companies, one named Xingaoxin and the other one was wholly owned by the private equity shareholders; the land intended to be developed under the original cooperation structure was transferred to be owned by Xingaoxin, and the funds originally contributed by the private equity shareholders were transformed into investment in the replacement land. Later, because the private company failed to obtain the right to the use of the replacement land, the relevant agreement at issue failed to be performed. The private company filed a lawsuit against the State-owned enterprise and the two Management Committees claiming for compensation of more than RMB100 million.

The case involved complicated historical issues on the part of the State-owned enterprise and the Management Committees. After accepting clients’ instruction, we assisted clients in reviewing and restoring the factual scenarios by searching archives and then formulated and improved defence strategies. Eventually the State-owned enterprise was only requested by the court to return the paid-in investment and interest to the private company, thus substantially reduced compensation compared to the claimed amount of RMB100 million. Furthermore, it also helped clients resolve the historical issues pending for many years and achieved a final conclusion of the case in terms of administrative management, state-owned asset supervision and management and financial audit.

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