CMB counsel says financing terms a challenge on ChinaEdu deal

The lead counsel for China Merchants Bank (Hong Kong) said matching acquisition financing terms for the Nasdaq-listed ChinaEdu Corporation was a big challenge for his legal team on this particular privatisation.

“Since [ChinaEdu] was delisted from Nasdaq and it is a Cayman company, we had to comply with both Nasdaq listing rules and the Cayman procedure for this merger to happen,” Kingsley Ong, a Hong Kong-based partner at Eversheds, told China Business Law Journal.