Shandong Fengxiang Co., Ltd. (“Fengxiang”) is China’s largest exporter of white-feathered broilers and a leading chicken meat retail company. Established on December 17, 2010, Fengxiang was listed on the Main Board of the Hong Kong Stock Exchange on July 16, 2020 (Stock Code: 9977). To serve Fengxiang’s long-term interests and to provide its shareholders with an opportunity to exit their investment at a premium, PAG (Pacific Alliance Group), through its wholly owned onshore subsidiary, privatized Fengxiang by way of a merger by absorption. Fengxiang’s listing status on the Hong Kong Stock Exchange was officially withdrawn at 4 p.m. on July 31, 2025.

Fangda’s Hong Kong capital markets team and PRC team acted as Fengxiang’s legal counsel in Hong Kong SAR and mainland China, respectively. They fully participated throughout the privatization transaction. The teams assisted Fengxiang in completing all necessary onshore and offshore regulatory approvals and reporting procedures, demonstrating Fangda’s strong cross-office collaboration and integrated legal services. From Fengxiang’s IPO and listing application on the Hong Kong Stock Exchange to its privatization, Fangda has accompanied Fengxiang every step of the way, witnessing yet another milestone in its growth.

The privatization transaction was led by Fangda Hong Kong Capital Markets and Contentious Regulatory partner Christina Fu. PRC legal services were provided by Capital Markets partner Yvette Liu, and Real Estate partner Frank Fan. Team members included counsel Hu Shuwen and associates Emma Zhang, Josie Zheng and Hayden Chiu.