Member Firm News
08 Jun 2018

DaHui Lawyers advises China International Capital Corporation Limited (“CICC”) on Latvia acquisition

MSI's China law member DaHui Lawyers acted as CICC’s lead counsel advising the corporation on its investment in Latvian cosmetic producer Stenders.

The Sixth Summit of Heads of Government of China and Central and Eastern European Countries (“CEEC”), held in Budapest at the end of 2017,  was attended by Premier Li Keqiang of the People’s Republic of China and 16 CEEC State leaders. As one of the transactional achievements between China and the CEECs, in the presence of Premier Li Keqiang and other leaders, China International Capital Corporation Limited (“CICC”) signed an agreement regarding its investment in Latvian cosmetic producer Stenders. Established in 2001, Stenders produces and sells bath and body care products and other cosmetics in 27 countries. The deal was structured in 2 stages – an offshore stage for expedited closing, and a follow-up PRC stage for further financing. DaHui Lawyers acted as CICC’s lead counsel on this deal, advising on all aspects of the transaction, including financing, deal structure, debt repayments, escrow arrangement and closing, and coordinating the work of both Latvian and Hong Kong counsel. DaHui Assists Client to Win First Ever Expedited ICC Arbitration in Asia-Pacific DaHui Lawyers recently received a landmark winning arbitral award for its client under the new Expedited Procedure Provisions (“EPP”) introduced by the ICC Court of International Arbitration in its 2017 Arbitration Rules.  According to the ICC, this is the first arbitration ever completed in the Asia-Pacific region under the EPP. Under the ICC EPP, the entire arbitration, from the constitution of the Tribunal to the publication of the Award, is to be completed in only 6 months (as compared to a standard arbitration which commonly lasts 1-2 years or more). While the expedited timetable provides obvious commercial benefits to the parties to have the case resolved quickly, it presents unique challenges for counsel. In this arbitration, without any precedent to rely on, DaHui designed and convinced the Tribunal to adopt a procedural timetable which consolidated all key procedures into this tight time frame. Despite the new challenges presented by the EPP, DaHui was able to effectively represent its client to achieve a favorable award.  

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